Banks may have some of the most sophisticated technology in the world. Their core systems, in many cases, tell a different story.

That is the problem 10x Banking has spent years trying to solve.

The London fintech has raised £40 million from AshGrove Capital to expand its cloud-native core banking platform, which is already being used by major financial institutions including Westpac and Chase UK.

The timing is interesting.

Banks are under pressure to launch products faster, offer real-time services and make better use of data, while many are still operating on infrastructure designed long before smartphones and AI became part of everyday banking.

10x Banking is effectively selling the plumbing behind the bank rather than another customer-facing app.

And there is evidence that the strategy is gaining traction.

Over the past year, the company says it became EBITDA-positive, passed 10 million live accounts, added more than ten financial institutions and increased annual recurring revenue by more than 30%.

For a founder, those numbers tell a more interesting story than the £40m headline.

Enterprise fintech is notoriously difficult. Banks don't casually replace systems that sit at the heart of their operations. The risks are too high, the integrations are painful and the consequences of failure can be enormous.

So getting banks to commit is one thing.

Getting them to stay is another.

10x says its customers are continuing to extend their commitments to the platform, suggesting the company isn't simply winning pilots and hoping they turn into contracts.

Founded in 2016 by former Barclays CEO Antony Jenkins, the company has previously attracted backing from BlackRock and J.P. Morgan.

Now AshGrove Capital is joining the investor base, with its funding earmarked partly for sales and go-to-market expansion.

That's an important shift.

The technology may have been the difficult part at the beginning. At this stage, the challenge is turning proven technology into a larger commercial business.

And banking isn't exactly an easy market to scale into.

Regulation, procurement cycles and customer expectations can slow even the best companies down.

But if 10x can keep proving that modern infrastructure is worth the pain of replacing legacy systems, the opportunity is enormous.

Banks don't replace their foundations often.

When they do, the companies providing the new foundations can become very difficult to displace.

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Would you trust a newer fintech platform to power your bank, or would the risk of replacing legacy infrastructure concern you?