10x Banking Raises £40M: Inside the Debt-Equity Deal Powering Antony Jenkins' Core Banking Push

The Deal at a Glance

On 4 August 2026, London-based fintech 10x Banking announced a £40 million (approximately $53.8 million) funding round from AshGrove Capital, a pan-European credit manager specializing in B2B software investments . The capital was structured as a mix of debt and equity, described as "structured capital" — a financing approach that allows the company to strengthen its balance sheet without setting a public valuation .

Neither 10x Banking nor AshGrove disclosed the valuation or the exact split between debt and equity .

Who Founded 10x and What Does It Do?

10x Banking was founded in 2015 (some sources cite 2016) by Antony Jenkins CBE, the former CEO of Barclays, who serves as the company's Founder, Chair, and CEO . The company provides a cloud-native, fourth-generation core banking platform designed to replace legacy banking infrastructure with real-time, AI-ready systems .

Its platform powers digital banking operations for some of the world's largest financial institutions, including JPMorgan Chase's UK digital bank (Chase UK) and Westpac .

Key Financial Metrics Behind the Raise

This funding round came after a period of strong operational performance:

• EBITDA profitability: 10x Banking reached EBITDA-positive status in the 12 months leading up to the raise .
• Annual Recurring Revenue (ARR) growth: ARR grew by more than 30% in the same period .
• Live account milestone: The platform now supports more than 10 million live accounts .

What the Funds Will Be Used For

The fresh capital is earmarked for global expansion and increased go-to-market activity, including expanding sales operations and product development . AshGrove's investment will support the company's commercial push as demand for modern core banking infrastructure accelerates, particularly as AI adoption pressures banks to modernize legacy systems .

Context: The Previous 2024 Fundraise

This is 10x Banking's first external capital raise since January 2024, when it closed a Series C round (sometimes labeled Series D in reports) of approximately $45–50 million . That round was led by existing investors including JPMorgan Chase and BlackRock, with participation from Nationwide Building Society and others .

The Timing: A Convertible Note Maturity

The £40 million round arrived shortly after a £25 million convertible loan note reached its maturity in June 2026 . The note carried conversion rights and a warrant for 15% of fully diluted capital. The public record does not make clear whether AshGrove's investment served to repay, refinance, or replace that note .

What the Founder and Investor Say

Antony Jenkins, Founder, Chair, and CEO of 10x Banking:

"Financial institutions have a clear ambition to innovate, but many remain constrained by infrastructure that was not built for real-time, digital banking. We created 10x to remove those constraints, enabling financial institutions to launch products faster and operate more efficiently. This investment from AshGrove Capital is a testament to the strength of our technology and the growing demand for modern core banking infrastructure."

On LinkedIn, Jenkins added that the raise supports the company's work to "remove the infrastructure limitations faced by financial institutions" and that "what comes next is applied AI" .

Phil Fretwell, Co-Founder and Managing Partner of AshGrove Capital:

"10x Banking has built one of the most compelling technology platforms in core banking today. Delivering a cloud-native platform at enterprise scale is exceptionally difficult, yet 10x has already proven its capabilities across millions of live accounts and with some of the world's leading financial institutions. We believe the company is well positioned to help financial institutions navigate the generational shift from legacy to modern infrastructure."

Why Structured Capital Matters

According to analysis from fintech commentators, the choice of structured capital (a mix of debt and equity) rather than a pure equity round with a disclosed valuation is notable . One industry observer noted that a company that wants a headline valuation would price an equity round; a company that suspects the market might mark it below its last valuation takes structured capital and keeps the number private . This suggests 10x Banking is prioritizing financial discipline and balance sheet strength over a valuation headline.

Bottom Line

10x Banking's £40 million raise from AshGrove Capital marks a significant milestone: it is the company's first external funding since 2024, it follows a return to EBITDA profitability, and it provides capital for global expansion at a time when AI and real-time banking are driving banks to modernize their core infrastructure. The deal's structure — debt and equity without a disclosed valuation — reflects a mature, disciplined approach to growth financing.