Oxbury Bank — the UK’s only dedicated AgTech bank — has announced a major growth milestone by breaking even in December 2022 after rapid growth during the past year.
In Brief:
Oxbury’s strong performance since launch, with total committed and in progress lending now exceeding £850m, means the AgTech bank is now forecast for a full year of profitability in 2023 with a target of a £1bn balance sheet by 2024
Oxbury has been lending to SMEs in the rural economy since March 2021. In its first 21 months the bank’s strong performance has underlined the depth of demand for a true alternative to the incumbent banks in the farming and food sector
To continue its growth plans, Oxbury has launched a new Asset Finance product. The rapid deployment has been made possible by the Oxbury Earth core banking platform. The platform drives substantial future revenue growth via embedded finance opportunities in the UK food supply chain as well as overseas enquires focussed on the platform’s software-as-a-service capabilities
What does this mean?
James Farrar, Chief Executive Officer at Oxbury Bank said: “We are delighted to have broken even at the tail end of 2022 and are excited for the next 12 months...With the launch of our Asset Finance proposition, innovations in embedded finance solutions in the UK food supply chain and opportunities to deploy the Earth platform in overseas territories, we are confident that Oxbury’s growth and profitability will accelerate even further in 2023 and beyond.”
