Oxbury Bank lands £20m in additional funding
Oxbury Bank, a UK-based start-up bank focused on the agriculture sector, has raised £20 million in equity from new and existing investors.
Oxbury Bank raises £20m
The round featured participation from founder investors Frontier Agriculture and Hutchinsons Group as well as existing technology investors Hambro Perks and Grosvenor Food and AgTech.
It comes just three months after Oxbury Bank raised £31 million in a Series C round, while also acquiring its core software provider, Naqoda.
The new cash injection takes the firm’s total capital raised to £68 million.
The latest funds will be put towards the development of its Oxbury Earth core banking platform which, the bank says, will support funding British farmers.
In its first 15 months since launch, Oxbury claims it has “already disrupted the incumbent banks” with £500 million worth of lending completed or in progress. The bank says it is forecast to break even by the end of the year.
“For decades farmers have had a very limited choice between very similar incumbent banks, and we appreciate how many farmers now want to be part of Oxbury,” says James Farrar, co-founder and CEO of Oxbury.
“They are critical to food production and we support them at a very practical level with a team grounded in the sector.”
Oxbury’s fintech platform offers financing and data solutions to help farmers deliver “improved sustainability, provenance and productivity across the farming and food supply chain”.
The bank claims that converting the initial £500 million of business will help its customers invest in their farms, support them in short-term cashflow funding and help them invest in climate-positive projects.
