10x Banking has surpassed 10 million live accounts on its platform, while annual recurring revenue has risen by more than 30% over the past 12 months.
The London-based banking technology provider became EBITDA-positive in the fourth quarter of 2025 and expects to remain profitable through 2026. Over the past year, it has onboarded more than 10 new clients across Asia-Pacific, North America, the Middle East and the UK.
The update offers a snapshot of demand for core banking system upgrades as lenders face pressure to replace ageing infrastructure. Research commissioned by 10x found that only 30% of banks and financial services firms are using AI at the core, while one in three institutions risks losing customers if it fails to modernise.
Founded in 2016 by former Barclays Chief Executive Antony Jenkins, 10x sells a cloud-native core banking platform used by clients including Westpac, Chase UK and Old Mutual. It operates from London and has an office in Sydney.
Growth push
Alongside the financial update, 10x disclosed two strategic partnerships tied to core migration work: one with HassemPrag, an African digital banking and orchestration platform, and another with Tweezr, which uses deterministic AI to interpret legacy systems and reduce migration risk.
The group also announced its 100th platform release, marking a decade of near-monthly software updates. Version 10.0 forms part of a product roadmap that includes mortgage lifecycle management, real-time reporting and liquidity tools.
It also outlined changes in its commercial team. Following the departure of chief revenue officer Tom Bentley, Olly Richards has moved into the role of SVP, head of commercial and strategy, after joining the company in 2020 as client director.
10x plans to almost double its quota-carrying commercial team across Asia-Pacific, Europe, the Middle East, and Africa in the second half of the year. The hiring plan signals a broader sales push, aiming to build on new customer wins across multiple regions.
Modernisation market
Banks have spent years grappling with the cost and risk of replacing core systems at the centre of account processing, payments and product management. Suppliers in the sector argue that the shift to digital banking, rising customer expectations and the emergence of AI tools are increasing pressure to update those systems.
For vendors such as 10x, which have created opportunities to win projects from both large incumbent banks and newer institutions. The latest period reflects growing urgency among banks to address gaps in their technology estates.
The company also signalled more implementation work ahead across several markets. Product launches, migrations and customer go-lives are due in New Zealand, Australia, South Africa and Thailand in the second half, including a further 500,000 customer accounts scheduled for migration across multiple clients.
While 10x did not disclose the absolute size of its annual recurring revenue base, growth of more than 30% suggests continued expansion from both existing and newly signed customers. Reaching profitability on an EBITDA basis may also ease pressure to rely on external funding as software companies face closer scrutiny over cash generation.
Investors, including BlackRock and J.P. Morgan, back 10x. It is also certified as a B Corp.
Jenkins described the recent figures as one of the company's strongest periods since launch.
"After reaching EBITDA-positive in Q4 2025, the last 12 months have been one of the strongest periods in 10x Banking's history. Crossing 10 million accounts on the platform, growing ARR by more than 30%, and striking up a number of new partnerships reflect the growing demand from banks for modern, cloud-native core banking platforms fit for an AI-first future. As we celebrate our tenth anniversary this year, 10x Banking is well placed for its next phase of growth," the CEO said.