Summary
10x Banking, a cloud-native core banking platform provider whose technology underpins major institutions such as Westpac and Chase UK, has secured £40 million in new capital from AshGrove Capital. The investment comes as 10x continues to build on strong growth, providing the cloud-native core banking infrastructure that enables banks and fintechs to run modern, scalable banking operations. The raise reflects continued investor confidence in cloud-native core banking as banks modernize their legacy systems.
Key Facts
- Secured £40M from AshGrove Capital
- Cloud-native core banking platform provider
- Technology underpins Westpac and Chase UK
- Continues to build on strong growth
- Investment to scale platform and support growth
- Part of trend of banks and fintechs modernizing legacy core banking systems
- 10x founded by Antony Jenkins (former Barclays CEO)
Why It Matters
10x Banking's £40M raise from AshGrove Capital underscores continued investor confidence in cloud-native core banking as a replacement for legacy systems. As banks face pressure to modernize — driven by AI, real-time payments, and competitive fintech challengers — cloud-native core platforms offer a path away from the aging, batch-processing systems that dominate the industry. The investment comes against the backdrop of a broader trend (seen this week with Maximum's $30M AI-native core raise) toward new-generation core banking infrastructure. For the fintech sector, 10x's continued growth — underpinning major institutions like Westpac and Chase UK — validates that cloud-native core banking has moved from startup experiment to enterprise-grade infrastructure. The raise positions 10x to compete for more bank modernization contracts as the core banking market opens up.