Oxbury Bank, a UK-based agricultural bank, is reportedly set to launch its banking platform. The banking group is notably planning to launch its platform after securing £15 million from the Duke of Westminister’s Wheatsheaf Group.
Founded in 2018, Oxbury claims it is building the UK’s specialist agricultural bank, the only bank with a singular focus on British farmers. The platform will provide farmers with the specialized lending they need to run their farms, and provide savings accounts to any individuals or business that want to support British farmers and UK agriculture.
“We have a deep understanding of the agricultural sector and the challenges that farmers face because we talk to farmers about their business every day. We use our industry knowledge and purpose built technology platform to make quick and appropriate decisions on credit facilities so that our customers can spend less time dealing with administration and spend more time on their farms and growing their business.”
According to AltFi, the upcoming launch comes less than a year after Oxbury received its banking license from the Bank of England’s Prudential Regulation Authority and Financial Conduct Authority (FCA). Oxbury further revealed its lending and savings accounts will be accessible 24 hours a day through its platform and mobile app. Oxbury added:
“Our dedicated relationship managers provide a wealth of agricultural experience and banking advice to support the needs of our customers.”
The platform will be launching in the near future.