10x Banking Raises £40M for Core Banking
10x Banking raised £40M in debt and equity to expand its cloud-native core banking platform.
Core banking is one of the least glamorous but most important layers in fintech.
What happened
10x Banking raised £40 million through a mix of debt and equity. The UK fintech builds cloud-native core banking software for financial institutions, with customers including Chase UK, Westpac and Old Mutual.
Core banking systems sit behind deposits, accounts, payments and customer records. They are difficult to replace because they touch regulated, mission-critical infrastructure.
10x is trying to help banks modernise that foundation without building everything internally.
Why it matters
Many banks still run on old systems that make product launches slower, data harder to use and customer experiences more fragmented. Modern core banking platforms promise faster change, better integration and more flexible product development.
The challenge is trust. Banks do not replace core systems casually. Any provider in this layer needs reliability, regulatory readiness and long sales cycles.
That makes 10x’s continued funding relevant: it suggests there is still investor confidence in infrastructure fintech, even when consumer fintech narratives are more volatile.
The bigger picture
Fintech’s next phase is less about shiny apps and more about rebuilding the rails underneath financial services.
AI will make that even more important. Banks need cleaner data, more flexible systems and faster product infrastructure before advanced automation can work safely. Core banking modernisation is slow, but if it succeeds, it becomes extremely sticky.