AshGrove backs 10x Banking with structured capital investment
AshGrove completes structured capital investment in 10x Banking, the cloud-native core banking platform founded by former Barclays Group CEO Antony Jenkins.
The investment reflects growing demand for flexible financing solutions across B2B software and tech-enabled services, accelerated by the ongoing transition to agentic AI
Former Abry Partners CIO John Hunt joins AshGrove as Strategic Partner[1], following the recent appointment of senior industry figure Simon Turner as Non-Executive Chair.
London, 4 August 2026 - AshGrove, the €1 billion European investment firm specialising in bespoke funding solutions for B2B software and services businesses, has completed a structured capital investment in 10x Banking, the 4th-generation core banking platform founded by former Barclays Group Chief Executive Antony Jenkins.
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 to unlock the capabilities of AI.
As financial institutions deploy AI across customer service, operations and product development, AshGrove believes trusted, real-time systems of record such as 10x Banking will become increasingly important. AI transformation ultimately relies on modern core infrastructure built to process vast amounts of data in real time and at scale. In AshGrove’s view, cloud-native platforms such as 10x Banking are uniquely positioned to enable that transformation.
The investment comes as AshGrove continues to strengthen its structured capital offering. The firm has appointed John Hunt, formerly Partner and Chief Investment Officer of Abry Partners, as Strategic Partner, bringing more than two decades of structured capital investing experience to the business. His appointment follows the recent appointment 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.”
Phil Fretwell, Managing Partner at AshGrove, said: "Many software businesses continue to perform well but are increasingly reluctant to raise dilutive common equity rounds. At the same time, investors are looking for greater resilience as outcomes become more differentiated. Our suite of funding solutions, including structured capital, bridges those needs. It gives management teams the flexibility to continue investing for growth, while offering investors contractual downside protection alongside participation in long-term value creation.
"The characteristics we've always looked for in software businesses - recurring revenues, mission-critical products and deeply embedded customer relationships – matter just as much today. If anything, they're becoming more important as AI accelerates the pace of change.
"We expect demand for flexible capital to continue growing as software markets evolve. We are also delighted that John Hunt has chosen to partner with AshGrove. John’s experience will further strengthen our ability to provide tailored structured capital solutions to high-quality businesses navigating that environment."
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.”
ENDS
About AshGrove
AshGrove is a pan-European investor providing tailored financing solutions to ambitious B2B software and services businesses. The firm focuses on companies with resilient, recurring revenue models and works alongside founders, management teams and private equity sponsors to support growth, strategic development and value creation.
AshGrove manages approximately €1 billion of capital across its strategies and has offices in London and Copenhagen.
Contact: ashgrove@burwaygroup.com
About 10x Banking
10x Banking (10x) is a cloud-native core banking platform built for financial institutions transforming to next-generation, 2040-ready technology. Whether migrating from monolithic, brownfield estates, pivoting from neo legacy or launching entirely new greenfield propositions, we believe 10x has been proven through transformational deployments including Chase UK, Old Mutual and Westpac.
The platform offers a fast, cost-effective and de-risked path to full modernisation and enables banks to scale without compromise - powering continuous, future-ready innovation. With its API-first architecture, financial institutions can launch new products, streamline operations, harness real-time data and integrate seamlessly across their technology ecosystems.
Founded in 2016 by former Barclays CEO Antony Jenkins, and engineered by technologists, 10x has continuously championed banking technology that promotes inclusion and equality. 10x is a B Corp certified company headquartered in London, with presence in Sydney, and backed by leading global investors including BlackRock and J.P. Morgan.
Disclaimer:
For Institutional Investors and Professional Clients only. Not for distribution to, or reliance by, retail clients.
[1]Mr Hunt serves as a Strategic Partner to AshGrove Capital LLP in an advisory capacity (as an independent contractor).