10x Banking has raised £40 million (US$53.7 million) in funding from AshGrove Capital after reaching EBITDA profitability.

AshGrove Capital joins 10x Banking as a new investor. The firm focuses on business-to-business software and services companies across Europe.

The core banking technology provider will use the investment to expand its sales and go-to-market capabilities.

Over the past 12 months, 10x Banking surpassed 10 million live accounts, onboarded more than 10 financial institutions and increased annual recurring revenue by more than 30%.

The company provides core banking technology to financial institutions including Westpac and Chase UK.

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.”

Nadir Guessoum, Chief Financial Officer, 10x Banking, said,

“We are thrilled to partner with AshGrove, with their investment strengthening our balance sheet and supporting our strategic growth priorities.

Achieving EBITDA profitability while continuing to grow ARR demonstrates the commercial progress we have made, and AshGrove’s investment reinforces confidence in the business and our strategy.”

Featured image: Edited by Fintech News Singapore, based on image by Who is Danny via Magnific