Key facts
- 10x Banking has raised £40 million in new funding.
- The FinTech platform now has over 10 million live accounts.
- Annual Recurring Revenue (ARR) grew by over 30% in the year to May 2026.
- The company achieved EBITDA positive status in Q4 2025.
- 10x Banking was founded by former Barclays CEO Antony Jenkins in 2016.
FinTech firm 10x Banking, founded by former Barclays CEO Antony Jenkins, has announced a significant milestone of over 10 million live accounts on its platform. This achievement coincides with the company raising £40 million in fresh funding, led by existing investors BlackRock and J.P. Morgan.
In the 12 months leading up to May 2026, 10x Banking experienced substantial growth, with its Annual Recurring Revenue (ARR) increasing by more than 30%. The company also reached a key financial milestone by becoming EBITDA positive in the fourth quarter of 2025, positioning itself for continued profitability.
Founded in 2016 with the aim of revolutionizing the banking industry through cloud-native core banking solutions, 10x Banking has been instrumental in powering major banking organizations like Westpac and Chase UK. The company has also expanded its reach, onboarding over 10 new clients across APAC, North America, the Middle East, and the UK in the past year.
Antony Jenkins highlighted the growing demand for modern, cloud-native core banking platforms, especially in an AI-first future, as banks face increasing pressure to modernize their legacy systems. Research commissioned by 10x Banking indicates that only 30% of banks are utilizing AI at their core, and a third risk losing customers if they do not modernize.
Looking ahead, 10x Banking is set to launch new products and migrate additional customer accounts in the second half of 2026 across New Zealand, Australia, South Africa, and Thailand. The company has also seen strategic appointments, including Matt Mills as SVP, Head of Commercial & Strategy, and Will Dale as Regional VP in APAC, to support its global growth and expansion efforts.