AshGrove Capital has provided 10x Banking with £40 million of structured capital, a mix of debt and equity. The parties announced the financing on 4 August 2026.
10x said the money will support sales and go-to-market activity as it expands internationally. AshGrove described the transaction as a structured capital investment. 10x said AshGrove is joining as a new investor.
10x Banking makes core banking software. The London company was founded in 2016 by former Barclays chief executive Antony Jenkins, who is founder, chair and chief executive, and has a presence in Sydney. Banks using the platform include Chase UK, Westpac and Old Mutual. 10x said it became EBITDA-positive in the past 12 months, that annual recurring revenue rose by more than 30 per cent, that it onboarded more than 10 financial institutions, and that more than 10 million live customer accounts now run on the platform.
AshGrove is a European firm that finances B2B software and services companies. It manages about €1 billion across two funds and has offices in London and Copenhagen.
Phil Fretwell, managing partner at AshGrove, said many software businesses continue to perform well but are increasingly reluctant to raise dilutive common-equity rounds, while investors are looking for greater resilience. "Our suite of funding solutions, including structured capital, bridges those needs," he said. "It gives management teams the flexibility to continue investing for growth, while offering investors contractual downside protection alongside participation in long-term value creation." Fretwell said AshGrove still looks for recurring revenues, mission-critical products and deeply embedded customer relationships.
Nadir Guessoum, chief financial officer of 10x, said the financing strengthens the company's balance sheet and supports its growth priorities. Jenkins said the capital will help the company meet demand from banks.
10x last raised about £34 million in January 2024, in a round led by existing investors BlackRock and JPMorgan. 10x announced that round on 15 January 2024. The AshGrove financing is the company's first since that raise.
AshGrove also appointed John Hunt, formerly partner and chief investment officer at Abry Partners, as a strategic partner. The appointment follows that of Simon Turner as non-executive chair. Fretwell said Hunt would strengthen the firm's ability to provide structured capital.