Oxbury Secures £25 Million as It Approaches Breakeven Point
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Oxbury Secures £25 Million as It Approaches Breakeven Point

Agricultural challenger bank Oxbury has secured £25 million in Tier 2 capital funding as it anticipates reaching breakeven by the end of the year.

The latest capital increase comes from British Business Investments, a commercial subsidiary wholly owned by the British Business Bank. This follows a £20 million funding round last month and brings the total capital raised to £93 million since the bank’s inception in January 2020.

The Tier 2 Capital facility will enable Oxbury Bank to support an additional £250 million in lending to small and medium-sized British businesses throughout the remainder of 2022 and into 2023.

Positioning itself as the UK’s only AgTech bank, Oxbury has completed or has in progress £650 million in lending over the past 16 months, with a target of reaching £1 billion by 2024.

Tim Coates, co-founder and chief customer officer at Oxbury Bank, stated, “Additional funding from British Business Investments will help accelerate Oxbury’s support for the rural economy and assist farmers and food producers in addressing the dual challenges of food security and the transition to low-carbon, nature-friendly production. Our relationship-led approach, driven by our proprietary Oxbury Earth Agtech banking platform, is essential for meeting the needs of the small and medium businesses that are vital to this crucial part of the British economy.”