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 An...
10x Banking, founded by former Barclays CEO Antony Jenkins, has secured £40 million in new funding. The fintech provides banking technology to JP Morgan's UK digital bank and clients such as Chase UK, Westpac, and Old Mutual. AshGrove Capital, a pan-European B2B software investor, led the investment, which is a mix of debt and equity.
Jenkins, who founded 10x in 2015, disclosed that the funding's valuation is undisclosed. The fintech aims to use the new funding to expand its go-to-market offering. This marks the company's first fundraise since 2024, when it raised around £34 million led by BlackRock and JP Morgan. Since 2024, 10x has onboarded more than 10 new financial institutions, though the company did not disclose their names.
Jenkins emphasized that financial institutions aim to innovate but are constrained by outdated infrastructure. He added that 10x's platform enables faster product launches, real-time customer service, and more effective competition. AshGrove's investment underscores the progress made by 10x and will aid the fintech in meeting increasing demand from banks globally.
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