10x Banking raises £40M from AshGrove Capital to expand its cloud-native core banking platform

10x Banking, the cloud-native core banking platform provider whose technology underpins major institutions including Westpac and Chase UK, has secured £40 million in new funding. The investment was led by AshGrove Capital. The company intends to use the capital to accelerate product development, scale its go-to-market operations, and expand its international footprint. 10x operates a platform designed to run a bank’s core ledger, current accounts, deposits, and lending products. Its client roster spans traditional retail banks, customer-owned mutuals, asset managers, and non-bank lenders pursuing embedded finance. The fresh funding arrives as banks worldwide face pressure to replace legacy mainframe systems with real-time, cloud-native infrastructure. 10x competes with a cluster of next-generation core providers including Thought Machine and Mambu, each targeting the growing pipeline of institutions undertaking full-stack digital overhauls or launching greenfield digital offerings. In a sector where implementation timelines are measured in years, the company’s existing reference cases—handling Chase UK’s award-winning retail launch and West Brom Building Society’s member platform—give it tangible proof points. AshGrove Capital’s backing signals continued investor appetite for infrastructure-grade fintech companies that have moved beyond early pilots into live, regulated banking workloads.