AshGrove Capital has provided 10x Banking with £40 million of structured capital, a mix of debt and equity, in a financing announced on 4 August 2026.
10x said AshGrove is joining as a new investor and that the proceeds will support sales and go-to-market activity as the company expands internationally.
Founded in London in 2016 by former Barclays Chief Executive Antony Jenkins, who is Founder, Chair and Chief Executive, 10x makes core banking software and also has a presence in Sydney. Banks using its platform include Chase UK, Westpac and Old Mutual.
10x said it became EBITDA-positive in the past 12 months, ARR rose more than 30 per cent, it onboarded more than 10 financial institutions, and more than 10 million live customer accounts now run on its platform.
Nadir Guessoum, Chief Financial Officer of 10x, said the financing strengthens the balance sheet and supports growth priorities. Jenkins said the capital will help meet demand from banks.
AshGrove, a European firm financing B2B software and services companies, manages about €1 billion across two funds and has offices in London and Copenhagen. Managing Partner Phil Fretwell said structured capital can help software companies keep investing for growth while limiting dilution and giving investors downside protection and long-term upside. He said AshGrove still looks for recurring revenues, mission-critical products and deeply embedded customer relationships.
The financing is 10x's first since it raised about £34 million in January 2024, led by existing investors BlackRock and JPMorgan.
AshGrove has also appointed John Hunt, formerly Partner and Chief Investment Officer at Abry Partners, as a strategic partner, following the appointment of Simon Turner as non-executive chair.