Core banking technology provider 10x Banking has secured £40 million in fresh funding from new investor Ashgrove Capital, marking a significant milestone after achieving sustained profitability. The injection comes as the fintech infrastructure firm strengthens its position in the competitive banking-as-a-service sector.
The London-based company, which provides cloud-native core banking platforms to financial institutions, has attracted investment on the back of consistent profitable performance rather than growth-at-all-costs metrics that characterized earlier fintech funding rounds. This represents a notable shift in investor appetite toward proven revenue models in the financial technology space.
The capital will likely support 10x Banking’s expansion efforts as traditional banks and challengers increasingly seek modern infrastructure to replace legacy systems. Financial institutions partnering with or evaluating 10x Banking can expect accelerated product development and potentially broader service offerings.
FXnCO Insight
Profitable fintech infrastructure plays are drawing premium capital in this environment—brokers and institutions should prioritize vendors demonstrating clear unit economics over purely venture-backed growth stories when selecting technology partners.
Source: Finextra