UK agriculture-focused challenger Oxbury Bank lands £100m from British Business Bank
Oxbury Bank, a UK-based challenger with a focus on agriculture, has entered a £100 million ENABLE Guarantee deal with British Business Bank.
British Business Bank in £100m ENABLE transaction with Oxbury Bank
Launched in February 2021 and based in Chester, Oxbury Bank provides flexible lending and asset finance solutions, specifically for farming businesses, through its digital banking platform.
In the last three years, it claims to have lent out £750 million in total committed and in-progress lending and garnered over £1 billion in deposits.
With the latest ENABLE transaction, the guarantee provides protection to an existing portfolio of lending, allowing the lender to originate around £45 million of additional lending to SME agricultural businesses.
Commenting on the deal, Reinald de Monchy, managing director, guarantee and wholesale solutions, British Business Bank, says that by enabling Oxbury to “seed the transaction with existing lending allows them to provide additional lending to small businesses more quickly”.
Oxbury has raised more than £120 million in investment since launching, with further capital-raising initiatives planned to support ongoing lending growth – including a £25 million Tier 2 capital facility from British Business Investments secured in August 2022.
