Priya Jaiswal joins us today to dissect the tectonic shifts in global banking infrastructure. With her recognized authority in market analysis and international finance, she offers a unique lens on how 10x Banking is transforming the industry’s backbone. Our discussion explores the company’s recent £40 million funding round, their milestone of 10 million live accounts, and the urgent push for financial institutions to adopt real-time, AI-ready platforms.
How does a platform like 10x Banking manage the immense pressure of supporting 10 million live accounts while maintaining nearly perfect reliability?
Scaling to 10 million accounts isn’t just about volume; it’s about the underlying architecture’s resilience and its ability to breathe under pressure. When a system processes more than 10,000 transactions per second, every millisecond counts, and the 99.99% uptime 10x Banking maintains provides a sense of security that legacy systems simply cannot match. This fourth-generation core banking approach uses a microservices architecture that allows the platform to handle massive retail loads for giants like Westpac or Chase UK without breaking a sweat. By utilizing an API-first design, they’ve managed to turn the traditionally clunky banking experience into something that feels fluid, responsive, and invisible to the end user.
What is driving the sudden urgency for traditional banks to abandon their legacy systems for cloud-native alternatives?
We are seeing a massive shift where financial institutions realize that their old infrastructure is essentially a cage preventing them from competing in a digital-first world. In the last year alone, 10x Banking has onboarded more than 10 new financial institutions because these organizations are desperate for the data flexibility required to support AI-enabled banking. There is a palpable tension in boardrooms as executives realize they cannot launch hyper-personalized products if their data is trapped in silos built decades ago. The managed core model allows these banks to configure new offerings rather than rebuilding from scratch, which is a total game-changer for their agility. This surge in demand is reflected in the company’s annual recurring revenue, which has jumped by more than 30% as banks scramble to modernize before they become obsolete.
Reaching EBITDA-positivity is a rare feat in the current fintech landscape; what does this tell us about the company’s trajectory following their recent £40 million funding?
Securing £40 million from AshGrove Capital at a time when many fintechs are struggling to survive sends a powerful message to the global market about the company’s stability. Becoming EBITDA-positive is a graduation of sorts, signaling that the business model is not just a high-growth experiment but a sustainable, profit-generating machine. This capital, which translates to roughly $53.8 million, is being funneled directly into go-to-market activities to capture the growing global demand for core banking overhauls. It is a massive endorsement of the vision shared by Antony Jenkins and Phil Fretwell that the constraints of old banking can be removed profitably. When a company can prove its value at such a significant scale while simultaneously improving its bottom line, it creates a gravitational pull for even the most conservative global banks.
The ability to launch a cards business in just 12 weeks seems almost impossible by traditional standards; how is this changing the competitive landscape?
The traditional timeline for launching a full-stack cards business used to be measured in years, often accompanied by massive budget overruns and technical headaches. With the 10x SuperCore Cards solution, financial institutions can move from a concept to a functional, enterprise-grade business in as little as 12 weeks using the intuitive Bank Manager interface. This speed effectively democratizes the ability to innovate, allowing banks to respond to market trends before the window of opportunity slams shut. It empowers teams to build card propositions in minutes rather than months, shifting the focus from technical survival to creative customer service. For a bank, the emotional relief of moving that fast—without the fear of system failure—is what truly defines the next generation of financial services.
What is your forecast for the future of core banking platforms?
I believe we are entering an era of invisible infrastructure where the platform becomes so efficient that banks no longer have to worry about the technical plumbing and can focus entirely on customer experience. In the coming years, I expect more institutions to follow the lead of 10x Banking, pushing for even higher transaction volumes and deeper AI integration to stay relevant. We will see a consolidation where only platforms that offer real-time data screening and hyper-personalization at scale will survive. Banks that fail to migrate to these cloud-native systems within the next five years will likely find themselves unable to participate in the AI-driven economy. The success of 10x Banking is just the tip of the iceberg for a total global overhaul of the financial sector.
