UK challenger Oxbury Bank announces first full year of profitability
UK agriculture-centric challenger Oxbury Bank has revealed that it has achieved profitability in under three years since its launch, positioning itself as one of the fastest fintechs in the UK to reach full annual profitability.
Oxbury Bank records £3m pre-tax profit for 2023
The challenger reportedly made a pre-tax profit of over £3 million in 2023. This was driven by a 240% increase in customer deposits, which rose to £1.06 billion from £441 million in FY22, and a 74% increase in total lending, which grew to £606 million from £349 million in FY22.
Oxbury’s strong financial performance in its first three years was backed by a £100 million ENABLE Guarantee from the British Business Bank last November and £24 million in new equity capital raised in 2023.
Speaking on the challenger’s results, CEO James Farrar states: “We’re incredibly proud of Oxbury’s progress in such a short space of time. We’ve delivered a growing, profitable business in only three years and built on our very own Oxbury Earth Tech platform – proving how Oxbury can become a new positive force in agriculture, not just in the UK, but potentially overseas.”
Oxbury Earth is the company’s proprietary AgTech solution which enables the bank to create an embedded finance offering for its customers.
Moreover, as hinted by Farrar, Oxbury is setting its sights on international markets, exploring opportunities to introduce the “Oxbury model” into other agricultural markets, including the US. The Chester-based bank claims that several enterprises are interested in partnering with the company to “roll out our sector focussed technology overseas”.
