British AgTech bank Oxbury has achieved profitability just two years after its launch and is on track to reach £1 billion in lending by next year.
The bank currently has total committed and in-progress lending exceeding £850 million, indicating a full year of profitability is expected in 2023. Oxbury’s growth is attributed to long-term lending facilitated by a team of on-farm relationship managers and working capital provided through principal distributors across the UK.
The challenger bank has developed a proprietary core banking platform, Oxbury Earth, which allows for rapid product development aimed at helping farmers and the food supply chain enhance sustainability, provenance, and productivity.
CEO James Farrar stated, “Oxbury’s personal relationship-led approach, supported by our Oxbury Earth banking platform, is essential in serving the needs of Britain’s rural economy.”