Oxbury Bank Achieves Profitability For The First Time Since Its Launch

Oxbury has revealed its financial report for 2023. The fintech firm recorded annual profit for the first time since its launch. It received more than £3 million in earnings before taxes.

Launched in 2021, Oxbury is the first British fintech firm fully committed to offering farming services. It holds a full banking license in the United States. The firm offers enhanced AgTech solutions and aims to support the agricultural industry’s vital transition to net zero. The company revealed plans to provide funds for farming and food production.

Oxbury Reveals First Annual Profit Since Its Launch

Since Oxbury was introduced, it has quickly gained popularity with food and farming businesses across the United Kingdom’s agriculture finance market, worth £21 billion. It utilizes its unique blend of experience across agriculture, finance, and technology. The fintech firm said its credit customers reached 3000, and deposits within its network increased by 240% to £1.06 billion.

The fintechs firm saw significant gains after its launch three years back. Due to this, it has become one of the fastest in the United Kingdom to receive full annual profits.

According to the update, many large financial institutions in the United Kingdom continue to move away from the farm sector. However, Oxbury continued to grow its efforts to provide improved and flexible finance to about 200,000 farm businesses in the United Kingdom.

Oxbury aims to reach a millstone of £1 billion in total lending. It wants to achieve this in the coming months. The loan amount will represent 5% of the total loans to the agriculture finance market.

The Fintech Firm Has Unveiled A New Banking Platform Called Oxbury Earth

Adding to its lending offer, the challenger company created a core banking platform called Oxbury Earth. This platform combines Oxbury’s farm loan product into the systems of its clients and agriculture distributors.

The fintech company is also expanding its global strategy. It plans to introduce the Oxbury model in other agricultural markets like the United States. Several firms are keen on partnering with Oxbury to unveil its specialized technology abroad.

Last year, Oxbury received £24 million in fresh investment from new and current investors in a competitive funding market. At the end of the year, the company had raised over £100 million in total capital to date. It used the funds to offer complete banking services and advanced AgTech solutions, increasing its financial strength and expanding further.

The Chief Executive Officer of Oxbury, James Farrar, spoke about the latest announcement. He said last year was profitable for the company. He added that Oxbury has increased its customers by 200%, deposits, and enhanced its lending by 75%.