AshGrove backs 10x Banking | PE Hub
- 10x’s API-first platform aids banks in processing and recording transactions in real time
- The investment is in the form of structured capital
- AshGrove specializes in bespoke funding for B2B software and services businesses
AshGrove has completed a structured capital investment in 10x Banking, a cloud-native core banking platform founded by former Barclays Group CEO.
10x Banking provides technology that enables financial institutions to modernize legacy infrastructure and build new propositions at pace. Its API-first platform aids leading banks in processing and recording transactions in real time.
As financial institutions deploy AI across customer service, operations and product development, real-time systems such as 10x Banking will become increasingly important, according to a press statement.
“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,” said Phil Fretwell, managing partner at AshGrove, in a statement. “If anything, they’re becoming more important as AI accelerates the pace of change.
