AshGrove, the €1bn European investment firm, has completed a £40m investment in 10x Banking, the London FinTech founded by former Barclays CEO Antony Jenkins.
Jenkins founded 10x Banking in 2016 to make banking ten times better. It now has more than 10 million live accounts on its fourth-generation core banking platform.
The investment will support the continued expansion of 10x Banking’s sales and go-to-market capabilities.
10x Banking provides cloud-native core banking technology that enables financial institutions to modernise legacy infrastructure and build new propositions at pace.
The API-first platform powers leading banks, processing and recording transactions in real time. It gives banks the ability to compete in a market being reshaped by digital-first banking and unlock the capabilities of AI.
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The investment comes as AshGrove continues to strengthen its structured capital offering.
The firm has appointed John Hunt, formerly a partner and chief investment officer at Abry Partners, as strategic partner.
His appointment follows that of Simon Turner as non-executive chair.
Ben Gibson, partner at AshGrove, said: “We are delighted to be partnering with the 10x Banking team. Artificial intelligence is accelerating the pace of change across B2B software, but its impact will not be uniform.
“10x Banking is a strong example of a highly resilient business that operates as a critical system of record. We expect AI to increase the importance of the trusted infrastructure on which banks rely.”
Antony Jenkins CBE, founder, chair and CEO of 10x Banking, said: “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, serve customers in real time and compete more effectively. Our platform is now proving its value at significant scale.
“AshGrove’s investment is a strong endorsement of the progress we have made and will help us meet growing demand from banks around the world.”