Oxbury Bank has reported its financial results for 2023, achieving annual profitability for the first time, with over £3m of pre-tax profit.

Oxbury is Britain’s first and only fintech 100% dedicated to farming, with a full UK banking licence and powerful AgTech proposition supporting agriculture’s critical transition to net zero.

Launched in 2021, Oxbury’s mission is to help finance food production and farming and to support the sector’s drive towards a more productive and sustainable rural economy.

Since its launch, Oxbury has rapidly gained traction with farming and food businesses across the UK’s £21bn agriculture finance market, leveraging its unique combination of experience across finance, agriculture and technology.

Achieving profitability in less than three years since opening for lending makes it one of the UK’s fast ever fintechs to reach full annual profitability

2023 saw significant growth and a strong financial performance for Oxbury. With substantial growth driven by robust customer demand. Total drawn lending grew by 74% to £606m and customer deposits increased 240% to £1.06bn.

Oxbury is fast approaching £1bn in total lending, a milestone set to be reached in the coming months, and which would represent a 5% share of the stock of loans to the agriculture finance market.

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Oxbury raised £24m of new equity capital in 2023 from new and existing investors in a highly competitive funding market. At the end of 2023, the firm’s total capital raised to date was over a £100m, having delivered a full-service banking and AgTech proposition, with capacity to drive additional balance sheet growth and further expansion.

James Farrar, Chief Executive Officer, said: “2023 was an incredible year for Oxbury. We’ve doubled our customer numbers, more than doubled deposits and grown our lending by 75%.

“There is great demand in agriculture for Oxbury’s offer, customer-focused, tech-driven financing, with better products, supported by an experienced team of relationship managers, that can help farmers take on the current challenges they face, including productivity, land changes and the transition to net zero.

“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.

“As Britain’s first and only agricultural-focused fintech, we remain committed to serving food and farming businesses and helping our customers achieve their goals.”