“AgTech bank” Oxbury Bank has raised an additional £20 million bringing its total raised to £68 million.
Investors include Frontier Agriculture and Hutchinsons Group as well as existing tech investors Hambro Perks and Grosvenor Food & AgTech.
Launching in February 2021, Oxbury reports having completed approximately £500 million in lending to British farmers. The bank expects to hit break-even by the end of this year.
James Farrar, Oxbury’s co-founder and CEO commented on the funding round:
“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. They are critical to food production and we support them at a very practical level with a team grounded in the sector. This latest capital round makes it very clear that investors also see the benefit of combining the best people with the technology to be quick and nimble while reflecting our customers’ needs. Oxbury is the UK’s first and only AgTech bank and we’ve been thrilled by customers’ reaction to our arrival in the farming and food ecosystem since we launched. This additional funding gives us huge confidence in our ability to grow both the bank and our new AgTech banking platform, Oxbury Earth.”
Oxbury has combined a proprietary Fintech platform with experience in both banking and farming. The firm states that for years banks have been “reducing critical working capital” for farmers which need a more tailored financing product.
Oxbury Bank Plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority.