Banks across the world are under growing pressure to modernise decades old technology infrastructure as customer expectations increasingly shift toward real time, digital first financial services. While many financial institutions have invested heavily in digital channels, outdated core banking systems continue to limit innovation, slow product launches, and increase operational complexity. As a result, demand for cloud native banking platforms capable of supporting modern financial services continues to rise. UK fintech company 10x Banking is helping banks address this challenge by providing next generation core banking technology, and the company has now secured fresh funding to support its continued global expansion.
London based 10x Banking has raised £40 million in new funding to accelerate the growth of its cloud native banking technology platform.
The financing, comprising a combination of equity and debt, was provided by AshGrove Capital, a pan European investor specialising in business to business software companies.
The latest investment will strengthen the company’s commercial expansion while supporting growing demand from financial institutions seeking to modernise their banking infrastructure.
Modernising Core Banking Systems
Founded in 2015 by former Barclays Chief Executive Antony Jenkins, 10x Banking develops cloud based core banking software designed to help banks deliver modern digital financial services.
The platform enables financial institutions to replace legacy infrastructure with technology capable of supporting real time banking operations, faster product development, and improved customer experiences.
By providing a flexible cloud native architecture, the company helps banks introduce new products more efficiently while improving operational agility and reducing the complexity associated with traditional banking systems.
Its technology has been adopted by major financial institutions, including Chase UK, Westpac, and Old Mutual.
Supporting Digital First Banking
The financial services industry continues to experience rapid digital transformation as customers increasingly expect seamless, always available banking experiences.
Traditional banking platforms were often built decades ago and were not designed to support today’s digital operating models or rapidly evolving customer expectations.
10x Banking’s platform enables banks to process transactions in real time while delivering greater flexibility for launching new products and responding to changing market demands.
This approach allows financial institutions to compete more effectively in an increasingly technology driven financial landscape.
Expanding Global Customer Adoption
The company reports strong commercial momentum over the past year, adding more than ten new financial institution customers during the previous twelve months.
While the identities of these organisations have not been publicly disclosed, the continued customer growth reflects increasing demand for cloud based banking infrastructure among established financial institutions.
Banks across multiple regions are investing in modern core banking platforms as they seek to improve operational efficiency, strengthen customer engagement, and accelerate digital innovation.
The latest funding is expected to support additional customer acquisition as demand for cloud native banking technology continues to expand internationally.
Funding Future Growth
The newly secured capital will primarily be used to strengthen the company’s go to market strategy as it expands its global presence.
Investment will support commercial operations while enabling 10x Banking to scale its technology platform and meet increasing demand from banks modernising their digital infrastructure.
The funding follows the company’s previous investment round completed in 2024, which was supported by existing investors including BlackRock and JP Morgan.
The latest financing further strengthens the company’s financial position as it continues expanding within the competitive financial technology sector.
Building the Next Generation of Banking Infrastructure
Financial institutions are increasingly recognising that modern banking requires technology platforms capable of supporting continuous innovation, real time services, and rapidly changing customer expectations.
Cloud native core banking systems are becoming a central component of this transformation, allowing banks to replace ageing infrastructure with more scalable and flexible technology.
With fresh funding, expanding customer adoption, and a growing international presence, 10x Banking is positioning itself as a key technology partner for financial institutions undertaking large scale digital transformation. By helping banks modernise their core systems, accelerate product innovation, and deliver real time financial services, the company aims to play an important role in shaping the future of global banking infrastructure.
