£40M Boost For 10x Banking
Hey Digital Banking Fanatic!
10x Banking just raised £40M and is on track for profitability 🤯
Ashgrove Capital is backing the cloud-native core banking platform with fresh capital as 10x Banking pushes toward a major financial milestone.
Core banking replacement is one of the hardest sells in financial services. Legacy systems are deeply embedded, migrations are expensive, and the risk of getting it wrong is existential. Yet 10x Banking keeps attracting capital, which tells you the market is starting to believe the old infrastructure really does need to go.
Banks running on decades-old mainframes can't move at the speed modern customers expect. And 10x's cloud-native architecture promises to change that, and with profitability now in sight, investors like Ashgrove Capital are clearly buying the thesis.
Scroll down for more Digital Banking news 👇
See you tomorrow!
Cheers,
NEWS
🇬🇧 10x Banking raises £40M from AshGrove Capital after reaching EBITDA profitability and surpassing 10 million live accounts. ARR grew over 30% in the past 12 months as the core banking platform expands its global go-to-market activity.
🇬🇧 Metro Bank posts its highest half-year profit on record, reporting £60.7M pre-tax profit, up 41% YoY. Core target lending grew 43% to £6.2B as the bank continues its pivot toward SME and specialist lending.
🇬🇧 Revolut's Chief Banking Officer Sid Jajodia joins the Group Board as Executive Director, subject to regulatory approvals. The appointment reflects expanding banking operations across the UK, Mexico and Australia, plus a pending US national bank charter application.
🇬🇧 HSBC to sell its Egyptian retail banking business to Emirates NBD, marking an exit from one of its longest-standing African markets. Read more.
🇺🇸 Maximum launches with a $30M seed round to replace legacy bank cores with an agentic AI operating system. Founder Randy Fernando and backer CRV are targeting an industry where Fiserv, Jack Henry and FIS hold core contracts with 76% of surveyed U.S. banks.
🇳🇬 PalmPay weighs a Hong Kong IPO after reaching a $1 billion valuation, according to reports. The Nigeria-based mobile payments company is exploring a public listing as it expands across Africa.
🇮🇱 Israeli digital bank One Zero connects its AI agent to ChatGPT, letting customers query their account activity through natural-language conversation via the MCP protocol. Investment house IBI and platform Fair have launched similar integrations, raising cybersecurity questions about financial data shared with external AI models.
🇮🇳 Mintoak acquires UAE-based ICC Loyalty to add rewards and engagement capabilities to its banking platform. The deal expands Mintoak's presence across the Middle East, Africa and Southeast Asia, evolving it into a payments and engagement OS for banks.
🇺🇸 US Treasury fines UBS Financial Services $125M for bank secrecy violations, according to Reuters. The penalty relates to secrecy violations at the firm.
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