10x Banking banks £40M in debt and equity raise

The UK fintech founded by a former Barclays bank CEO, which provides banking technology for JP Morgan's UK digital bank, has secured £40m in new funding.

10x Banking, founded by former Barclays CEO Antony Jenkins, provides core, cloud banking software for banks and financial institutions. Its clients include Chase UK, Westpac and Old Mutual. 10x has received the funding, a mix of equity and debt, from AshGrove Capital, a pan-European B2B software investor.

10x, which Jenkins founded in 2015, a year after he left Barclays, declined to disclose what valuation the funding was raised at. The fintech said it will use the new funding to finance its go-to-market offering.

The new funding marks the challenger’s first fundraise since 2024, when it raised around £34m, led by existing investors BlackRock and JP Morgan.

10x said that in the last 12 months it has onboarded more than 10 new financial institutions, but did not disclose their names.

Jenkins, founder, chair and CEO of 10x, said: ”Financial institutions have a clear ambition to innovate, but many remain constrained by infrastructure that was not built for real-time, digital banking. We created 10x to remove those constraints, enabling financial institutions to launch products faster, serve customers in real time and compete more effectively. Our platform is now proving its value at significant scale. AshGrove’s investment is a strong endorsement of the progress we have made and will help us meet growing demand from banks around the world.”