10x Banking Raises £40 Million from AshGrove Capital
10x Banking, a SaaS core banking platform, has raised £40 million ($53.8 million) from AshGrove Capital. This funding is earmarked for enhancing the UK's fintech sales and go-to-market strategies, coinciding with the company's recent achievement of being EBITDA-positive and surpassing 10 million live accounts.
In the past year, 10x Banking has successfully onboarded over 10 new financial institutions, marking significant progress as it expands its presence in the competitive core banking sector. The substantial investment from AshGrove Capital is expected to bolster 10x’s growth trajectory as it continues to innovate within the fintech landscape.
Key takeaways
- ▸10x Banking raised £40 million from AshGrove Capital to support growth initiatives.
- ▸The company has reached EBITDA-positive status and 10 million live accounts.
- ▸In the last year, 10x Banking onboarded over 10 new financial institutions.
- ▸The funding will bolster 10x Banking's sales and go-to-market strategies in the UK.
Why this matters
This funding round positions 10x Banking to solidify its market presence and compete effectively against other fintech platforms. With its recent growth in accounts and financial backing, it could attract more partnerships and customers, potentially reshaping the core banking landscape.