Agriculture-focused challenger bank Oxbury has secured £15m in new funding as it is preparing to officially launch later in January.
The Duke of Westminster’s Wheatsheaf Group supplied the backing, according to the Telegraph. Hutchinsons and Frontier Agriculture have previously backed Oxbury financially.
Oxbury received its banking licence in February last year and had originally scheduled a 2020 launch.
Contrary to more commercial neobanks such as Revolut, Starling Bank and Monzo, Oxbury’s focus is on providing farmers with seasonal cashflow services. Although it will also provide savings accounts for businesses and individuals, it will in other words operate in a similar fashion to OakNorth.
For a long time, OakNorth was the only challenger bank in the UK that had managed to balance its finances.
However, at the end of last year both Revolut and Starling Bank reported that they had become profitable.
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