Research Note: 10x Banking (SuperCore/Meta Core)

Apr 11

Executive Summary

10x Banking is a leading cloud-native fintech company dedicated to revolutionizing core banking technology through its innovative "meta core" platform, which enables financial institutions to build and scale hyper-personalized products at high speed and low cost. The company's flagship offering, initially branded as SuperCore and now evolved into what they term the world's first "meta core" banking platform, leverages cloud-native architecture, microservices, and API-first design principles to provide banks with a flexible, scalable alternative to traditional legacy core banking systems. What technologically distinguishes 10x Banking is its unique abstraction approach that allows banks to focus development resources only on high-value code by abstracting away common product elements and core ledger functionality, reportedly requiring as little as 2,000 lines of code for a customized banking product—a claimed 10x reduction compared to traditional approaches. This comprehensive research note analyzes 10x Banking's market position, technical capabilities, strengths, limitations, and strategic direction to assist CIOs and technology leaders in evaluating its suitability for their banking technology modernization initiatives.

Corporate Overview

10x Banking was founded in 2016 by Antony Jenkins, the former Group CEO of Barclays, with a mission to make banking 10 times better for customers, banks, and society through transformative technology, and maintains its headquarters in London, United Kingdom. The company operates under the leadership of Jenkins as Chairman and co-founder and has assembled a leadership team with extensive banking and technology expertise to guide its product development and market strategy. 10x Banking has secured significant investment throughout its growth journey, including a $45 million funding round in January 2024 led by existing investors BlackRock and J.P. Morgan, bringing its total equity capital to approximately $297 million according to Crunchbase data, demonstrating substantial investor confidence in its approach to core banking modernization.

The company's financial status as a privately-held organization with substantial investment backing provides it with the resources to continue platform development while pursuing an ambitious growth strategy in a highly competitive market. 10x Banking has reported significant growth and momentum in 2024, with new product releases, global expansion, multiple new partnerships, and industry accolades, though specific revenue figures and profitability metrics are not publicly disclosed. The primary mission of 10x Banking is explicitly stated in its tagline "to make banking 10 times better for customers, banks and society," with a focus on delivering transformative technology that reduces cost, accelerates speed to market, and builds banks that are "10x smarter."

10x Banking has gained significant industry recognition, including being named a "Luminary" in Celent's Next-Generation Core Banking Report in February 2025 and a "Leader" in the 2024 IDC MarketScape for EMEA Digital Core Banking Platforms. The company has completed implementations with several notable financial institutions, including Chase UK (JPMorgan Chase's digital bank in the United Kingdom), Westpac (one of Australia's largest banks), and Old Mutual (Africa's second-largest financial services company), demonstrating its ability to serve both established global institutions and digital challengers. 10x Banking maintains strategic partnerships with major technology providers and consulting firms, including a recent strategic global collaboration with Zafin announced in August 2024, a strategic alliance with Deloitte announced in April 2024, and a longstanding partnership with AWS for cloud infrastructure, creating a robust ecosystem that enhances implementation capabilities and extends platform functionality.

Market Analysis

The global core banking software market was valued at approximately $10.89 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 9.3% through 2030, according to SDK.Finance, representing a substantial opportunity for innovative providers like 10x Banking. Within this market, 10x Banking positions itself in the growing segment of next-generation, cloud-native core banking platforms, which McKinsey identifies as including providers like Mambu, Thought Machine, and FinXact alongside offerings from traditional vendors. The company strategically differentiates itself through what it calls its "meta core" approach, which aims to solve the fundamental compromise between fast-to-market but inflexible "configuration" neo cores on one hand, and flexible but highly complex and costly "framework" neo cores on the other.

Several critical market trends align with 10x Banking's strategic direction, including the accelerating shift toward cloud adoption in banking, growing demand for modular architectures, increasing focus on rapid product innovation, and the need for more cost-effective approaches to core banking modernization. According to BCG's comparison of neo-core versus incumbent core banking systems, next-generation platforms like 10x Banking's offer significant advantages in terms of implementation speed, operational costs, and innovation capabilities. A survey of over 200 IT decision-makers in Tier I and Tier II banks across the UK, US, Australia, and South Africa revealed that 93% believe their company's future success depends on choosing the right core banking solution, highlighting the strategic importance of these decisions.

10x Banking's primary target customers include established banks seeking digital transformation, challenger banks, and financial institutions looking to launch new digital-first products and services. The company faces competitive pressure from both established core banking vendors enhancing their cloud capabilities (such as Temenos, FIS, and Finastra) as well as fellow next-generation core banking providers like Thought Machine, Mambu, and Tuum. 10x Banking has been particularly successful in securing high-profile clients like Chase UK, which gives it significant credibility in the market despite being a relatively recent entrant compared to traditional vendors with decades of market presence.

The core banking technology landscape continues to evolve rapidly, with cloud-native architectures increasingly becoming the preferred approach for new implementations and modernization initiatives. According to McKinsey, approximately 70% of banks globally are reviewing their core banking platforms, though only about 5% proceed with modernization each year due to the complexity, cost, and risk involved. 10x Banking's "meta core" approach specifically targets these concerns, aiming to reduce the complexity and risk associated with core banking transformations through its abstraction layers and modular architecture. The company's partnership with AWS enables it to leverage the cloud provider's global infrastructure and services, providing benefits in terms of scalability, resilience, and compliance across multiple regions.

Product Analysis

10x Banking's flagship offering is its cloud-native core banking platform, which the company rebranded and enhanced as the world's first "meta core" in July 2024, representing a significant evolution from its previous SuperCore platform. The platform employs a sophisticated microservices architecture, with components containerized for deployment flexibility, and a comprehensive API framework that enables seamless integration with both internal bank systems and external third-party services. According to 10x Banking, this architecture allows banks to build and scale hyper-personalized products at high speed and low cost, using a combination of configuration and coding to achieve unprecedented flexibility and efficiency in banking product development.

A key technological differentiator of 10x Banking's platform is its abstraction approach that allows banks to focus development resources only on high-value code by abstracting away common product elements as well as the core ledger itself. According to the company, this approach enables banks to create and maintain as little as 2,000 lines of code for a customized banking product, which they claim represents up to a 10x reduction compared to traditional approaches. This significant reduction in code complexity potentially translates to lower development costs, faster time-to-market, and reduced maintenance overhead for banking products. The platform's architecture is designed to support both established banks transitioning from legacy systems and new digital challengers building operations from scratch, with flexible deployment options to accommodate different organizational needs and regulatory requirements.

The "meta core" platform includes functionality for retail, SME, and corporate/commercial banking, supporting a wide range of banking products and services. In February 2023, 10x Banking announced the launch of SuperCore Cards, enabling banks to build a card proposition in minutes through its management interface, significantly reducing the typical 12-month timeframe for building and launching new card products. The platform provides comprehensive integration capabilities through its API layer, facilitating connections with both internal systems and third-party services to create a flexible banking ecosystem. This API-first approach aligns with the growing trend toward open banking and the need for financial institutions to quickly integrate with fintech partners and service providers.

10x Banking offers its platform on a Software-as-a-Service (SaaS) model, leveraging AWS infrastructure to provide scalability, resilience, and global reach. According to a case study on the AWS website, 10x Banking reduced operational costs by 50% while increasing performance by migrating from its legacy distributed SQL database to Amazon Aurora, demonstrating the efficiency benefits of its cloud-native approach. The platform's security framework includes comprehensive measures to protect sensitive financial data and transactions, though specific security certifications and compliance frameworks are not extensively detailed in public materials. The company's partnership with Deloitte announced in April 2024 includes the establishment of 10x Centers of Excellence in the US, UK, and India, suggesting a significant commitment to implementation capability and global expansion.

Recent enhancements to 10x Banking's platform, particularly the launch of its "meta core" in July 2024, focus on helping banks accelerate towards full transformation by simplifying the development and maintenance of customized banking products. The platform's modular architecture enables banks to implement changes incrementally rather than undertaking high-risk "big bang" transformations, an approach that aligns with the growing preference for phased modernization strategies in the banking sector. This modular approach allows banks to prioritize high-value functionality while establishing the foundation for future expansion, potentially reducing project risk while accelerating time-to-value realization.

Technical Architecture

10x Banking's platform is built on a modern, cloud-native architecture that utilizes microservices, containerization, and API-first design principles to create a flexible, scalable system capable of supporting mission-critical banking operations. According to the FStech whitepaper "Making sense of cloud-native core banking migration," 10x's platform runs on AWS and is "developed specifically to run in the cloud, built on a highly resilient microservices architecture designed to lower the total cost of ownership significantly." This architectural approach enables banks to benefit from cloud advantages including elasticity, scalability, and reduced infrastructure costs, while maintaining the performance and reliability required for core banking processing.

The platform's technical architecture is centered around its "meta core" approach, which abstracts away common product elements and core ledger functionality to allow banks to focus development resources on high-value, differentiating code. This abstraction layer represents a significant departure from traditional monolithic core banking systems, potentially reducing the complexity and risk associated with banking product development and maintenance. The architecture includes a comprehensive API framework that facilitates integration with both internal systems and external services, supporting open banking initiatives and ecosystem development. According to 10x Banking's developer documentation, the platform offers APIs for a wide range of banking functions, enabling banks to create customized customer experiences while maintaining a consistent core processing engine.

Security appears to be implemented as a comprehensive framework spanning multiple layers, though specific security measures and compliance certifications are not extensively detailed in public materials. The platform's cloud-native design leverages AWS infrastructure and services, potentially providing benefits in terms of security, compliance, and operational resilience. 10x Banking's implementation methodology emphasizes phased approaches to core banking migration, with a focus on ongoing reconciliation and coexistence between legacy and new systems during transition periods. This approach aims to reduce the risks associated with traditional "big bang" migrations, which have historically been a significant source of failure in core banking transformation projects.

The platform's data architecture supports both operational and analytical requirements, though specific capabilities around data management, reporting, and analytics are not extensively detailed in public materials. 10x Banking's partnership with Zafin announced in August 2024 suggests an emphasis on product and pricing capabilities, allowing banks to build and manage products and pricing in real-time to enhance customer experiences. The platform appears to support multiple channels through its service-oriented architecture, enabling consistent transaction processing and user experiences across different interaction points. This architectural approach allows financial institutions to deliver cohesive customer experiences regardless of channel, a critical capability in today's omnichannel banking environment.

10x Banking's implementation methodology emphasizes phased approaches to core banking transformation, with a focus on minimizing risk while delivering business value at each stage. In a blog post titled "Why a phased approach is key to a successful core banking migration," the company highlights the importance of ongoing reconciliation and coexistence between legacy and new systems during transition periods. This approach represents a significant departure from traditional "big bang" migrations, which have historically been a source of major failures in core banking transformation projects. The platform's modular architecture supports this incremental approach, allowing banks to modernize specific components while maintaining operational continuity across their business.

Strengths

10x Banking demonstrates exceptional strength in its cloud-native architecture designed specifically for modern banking requirements, providing inherent advantages in scalability, resilience, and operational efficiency compared to traditional core banking systems built on legacy technology stacks. The platform's "meta core" approach represents a significant innovation in core banking technology, allowing banks to focus development resources on high-value code by abstracting away common product elements and core ledger functionality, potentially reducing development complexity and maintenance overhead by up to 90% according to the company's claims. Implementation at high-profile clients including Chase UK, Westpac, and Old Mutual provides significant market validation and demonstrates the platform's ability to serve both established global financial institutions and digital challengers across multiple regions and regulatory environments.

The company's strong financial backing, with approximately $297 million in total equity capital from investors including BlackRock and J.P. Morgan, provides the resources necessary for continued platform development and market expansion, a critical consideration for banks making long-term technology decisions. 10x Banking's strategic partnerships with major technology providers, consulting firms, and systems integrators, including AWS, Deloitte, and Zafin, create a robust ecosystem that enhances implementation capabilities and extends platform functionality beyond its core offerings. The platform's API-first design facilitates seamless integration with both internal systems and external third-party services, supporting open banking initiatives and ecosystem development that are increasingly important in today's banking landscape.

10x Banking's SaaS delivery model eliminates the need for extensive infrastructure investments and ongoing maintenance, providing a more predictable cost structure and potentially lower total cost of ownership compared to traditional on-premises core banking systems. According to an AWS case study, 10x Banking reduced operational costs by 50% while increasing performance by migrating to Amazon Aurora, suggesting significant efficiency benefits from its cloud-native approach. The platform's modular architecture enables banks to implement changes incrementally rather than undertaking high-risk "big bang" transformations, an approach that aligns with the growing preference for phased modernization strategies in the banking sector.

The company's focus on rapid product development and deployment, exemplified by its SuperCore Cards capability that enables banks to build card propositions in minutes rather than months, addresses a critical need for financial institutions facing increasing competition and rapidly evolving customer expectations. 10x Banking's recognition as a "Luminary" in Celent's Next-Generation Core Banking Report and a "Leader" in the 2024 IDC MarketScape for EMEA Digital Core Banking Platforms validates its technological approach and market position among next-generation core banking providers. The platform's flexibility and customization capabilities allow banks to create differentiated products and services while maintaining operational efficiency, addressing the growing need for financial institutions to balance innovation with cost control and risk management.

Weaknesses

Despite its innovative approach and technological strengths, 10x Banking faces challenges as a relatively recent entrant (founded in 2016) in the core banking market compared to established vendors with decades of market presence and thousands of implementations globally. This limited track record may create perceived implementation risk for more conservative financial institutions despite its high-profile clients and substantial investment backing. The company's client base, while including prestigious names like Chase UK and Westpac, appears relatively limited in total number compared to established vendors, potentially raising questions about the platform's applicability across different banking types, sizes, and geographic regions.

Public information about specific technical capabilities, supported banking functions, and performance benchmarks is somewhat limited compared to more extensively documented competitors, making it challenging to fully assess the platform's capabilities in these critical areas. This documentation gap does not necessarily indicate weaknesses in the actual platform but may create perception challenges during evaluation processes, particularly for institutions with formal vendor assessment frameworks requiring detailed documentation. While 10x Banking emphasizes its cloud-native architecture and API capabilities, specific information about API standards, documentation, development tools, and ecosystem breadth appears limited, potentially raising questions about the maturity and depth of these capabilities compared to API-first competitors.

10x Banking's geographic presence and implementation experience appear stronger in the UK, Australia, and certain African markets than in North America and Asia, potentially limiting its ability to serve institutions with significant operations in these regions or those requiring deep expertise in specific regional banking regulations and market practices. Though the company has announced a strategic alliance with Deloitte in the US, its actual implementation experience in the US banking market appears limited based on publicly available information. The company's size and scale relative to industry giants like Temenos, FIS, and Finastra may create resource limitations affecting product development pace, specialized expertise availability, and implementation capacity, potentially impacting complex projects or those requiring extensive specialized knowledge.

While 10x Banking emphasizes the innovation and efficiency benefits of its "meta core" approach, this novel architecture may introduce unique challenges or limitations that are not yet fully apparent due to its relatively recent introduction and limited production implementation history. Financial institutions typically value proven, stable technology for mission-critical core banking functions, which may create adoption barriers for newer architectural approaches despite their potential advantages. The company's apparent focus on a SaaS delivery model, while offering significant operational benefits, may create challenges for financial institutions with strict data sovereignty requirements or regulatory constraints regarding cloud deployment, though these concerns are increasingly being addressed through flexible deployment options and compliance frameworks.

Client Voice

Financial institutions implementing 10x Banking's platform have reported significant operational and strategic benefits, though public client testimonials are somewhat limited compared to more established vendors with larger client bases. Chase UK, JPMorgan Chase's digital bank in the United Kingdom, has utilized 10x Banking's platform as the foundation for its digital banking operations, providing a high-profile validation of the platform's capabilities in a competitive market. According to 10x Banking's success story, the collaboration enabled Chase to create a "next-generation digital banking platform" that supports its market expansion and customer growth objectives, though specific performance metrics and business outcomes are not extensively detailed in public materials.

Westpac, one of Australia's largest banks, has implemented 10x Banking's platform as part of its digital transformation initiatives, demonstrating the platform's applicability beyond purely digital challenger banks to established financial institutions seeking modernization. Old Mutual, Africa's second-largest financial services company, has similarly adopted 10x Banking's technology, suggesting the platform's flexibility across different market contexts and regulatory environments. These implementations across multiple regions and institution types indicate the platform's versatility and adaptability to different banking requirements, though detailed client testimonials about implementation experiences and realized business benefits are limited in public materials.

In the IDC MarketScape for EMEA Digital Core Banking Platforms 2024, 10x Banking was recognized for its platform's scalability and ability to accommodate a large number of transactions per second, suggesting strong performance capabilities validated through client implementations. The company's designation as a "Luminary" in Celent's Next-Generation Core Banking Report further indicates positive client experiences and technical capabilities, with "top-tier client experience" specifically highlighted as a strength by Celent. While detailed case studies with specific metrics on implementation timeframes, cost savings, and operational improvements are not extensively available in public materials, these industry recognitions suggest strong client satisfaction with the platform's capabilities and performance.

The limited availability of detailed client testimonials and case studies in public materials makes it challenging to comprehensively assess client experiences with 10x Banking's platform, particularly regarding implementation challenges, realized business benefits, and ongoing operational experiences. This limitation is not uncommon for newer entrants in the core banking market, especially those serving a smaller number of large, high-profile clients who may be reluctant to share detailed information about their technology implementations. The establishment of 10x Centers of Excellence in partnership with Deloitte suggests a commitment to implementation capability development, which may address potential concerns about implementation resources and expertise as the company continues to expand its market presence.

Bottom Line

When evaluating 10x Banking, CIOs should carefully consider its innovative "meta core" architecture, cloud-native design, and prestigious client references against its relatively recent market entry and more limited implementation track record compared to established vendors. The platform represents a forward-looking approach to core banking technology, appropriate for financial institutions seeking to accelerate innovation, reduce development complexity, and leverage cloud capabilities while maintaining the flexibility to create differentiated banking products and services. 10x Banking positions its platform as a transformative solution for banks committed to digital transformation, making it particularly suitable for organizations with strong technology leadership, appetite for innovation, and desire to move away from traditional monolithic core banking systems.

The solution appears best suited for established banks launching digital initiatives, challenger banks, and financial institutions undertaking comprehensive digital transformation, particularly those prioritizing rapid product innovation, reduced development complexity, and cloud-native architecture. Organizations with highly conservative technology approaches, extensive customization requirements built into legacy systems, or immediate short-term priorities may find 10x Banking's transformative approach challenging despite its long-term benefits. 10x Banking has demonstrated success primarily in retail banking, with notable capabilities in cards and payment services, though its applicability to more specialized banking functions and complex commercial banking operations is less extensively documented in public materials.

For data center CIOs specifically, 10x Banking's cloud-native, SaaS-based approach offers compelling advantages in terms of reduced infrastructure requirements, operational efficiency, and scalability, though it represents a significant departure from traditional on-premises core banking systems. The platform's AWS foundation provides benefits in terms of global reach, resilience, and access to advanced cloud services, though it may create challenges for institutions with existing investments in alternative cloud providers or hybrid infrastructure strategies. The decision to select 10x Banking should be guided by the institution's digital transformation objectives, innovation priorities, cloud strategy, and risk appetite, with particular emphasis on the value placed on modern architecture and rapid product innovation versus established track records and extensive industry references.

The minimum viable commitment for meaningful business outcomes typically includes a phased implementation approach focusing initially on specific banking products or customer segments before expanding to broader transformation. 10x Banking's modular architecture facilitates this incremental approach, potentially reducing implementation risk while accelerating time-to-value compared to traditional "big bang" core replacements. For forward-thinking financial institutions with the leadership support and organizational capabilities to embrace technological innovation, 10x Banking's platform represents a compelling option for core banking modernization, particularly in the context of increasing competitive pressure from digital challengers and evolving customer expectations for personalized, real-time banking experiences.

Strategic Planning Assumptions

Because 10x Banking has demonstrated success with its "meta core" architecture that significantly reduces code complexity, by 2026 financial institutions implementing the platform will achieve a 70% reduction in time-to-market for new banking products compared to traditional core banking approaches, enabling more rapid innovation and competitive differentiation in an increasingly digital banking landscape. (Probability: 0.80)

Because cloud-native architectures provide inherent advantages in operational efficiency and scalability, by 2027 banks implementing 10x Banking's platform will reduce their total cost of ownership for core banking technology by 40% compared to traditional on-premises systems, primarily through eliminated infrastructure costs, reduced maintenance requirements, and more efficient resource utilization. (Probability: 0.75)
Because traditional banks face increasing competitive pressure from digital challengers, by 2026 at least 25% of the top 100 global banks will implement next-generation cloud-native core banking platforms for specific products or customer segments, with 10x Banking capturing at least 20% of this market due to its innovative "meta core" approach and high-profile client references. (Probability: 0.70)
Because phased implementation approaches reduce transformation risk, by 2027 over 60% of core banking modernization projects will utilize incremental strategies rather than "big bang" replacements, with 10x Banking's modular architecture and coexistence capabilities enabling banks to modernize specific components while maintaining operational continuity. (Probability: 0.85)
Because 10x Banking's platform facilitates rapid product development, by 2025 financial institutions implementing the technology will launch new banking products in an average of 2-3 weeks compared to the 6-12 months typical with traditional core banking systems, enabling more responsive adaptation to market opportunities and customer needs. (Probability: 0.80)

Because of the strategic importance of card issuance capabilities, by 2026 banks implementing 10x Banking's platform will reduce card proposition development and launch timelines by 80% through the platform's SuperCore Cards capability, enabling more rapid response to changing payment preferences and competitive offerings. (Probability: 0.75)
Because of 10x Banking's partnerships with major consulting firms like Deloitte, by 2025 the company will have certified implementation teams in all major global financial centers, significantly expanding its market reach and implementation capabilities beyond its current concentration in the UK, Australia, and select African markets. (Probability: 0.70)
Because banks increasingly prioritize developer experience and productivity, by 2027 financial institutions will place greater emphasis on core banking platforms that reduce development complexity, with 10x Banking's code reduction approach becoming a key differentiator in vendor selection processes against both traditional providers and other next-generation platforms. (Probability: 0.65)
Because the banking sector continues to shift toward cloud adoption, by 2026 over 70% of new core banking implementations will utilize cloud-native platforms, with 10x Banking's AWS-based architecture and SaaS delivery model positioning it well to capture growing market share in this segment. (Probability: 0.80)
Because traditional banks are increasingly establishing separate technology stacks for digital initiatives, by 2025 at least 40% of 10x Banking implementations will involve parallel operation alongside legacy core systems rather than complete replacements, creating a "two-speed IT" approach that enables innovation while minimizing disruption to established operations. (Probability: 0.75)

David Wright https://www.fourester.com