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04 DECEMBER 2023
Grosvenor Food & AgTech has expanded its investment into portfolio company Oxbury Bank, the leading agricultural bank and software provider that is enabling British farmers to manage their finances more efficiently and effectively, helping them to become more productive and sustainable.
The investment from Grosvenor, part of a series that included new and existing shareholders, follows Oxbury’s recent agreement of a £100m loan guarantee with the British Business Bank, providing more lending power to benefit agricultural businesses.
Oxbury, which was launched in 2021, is establishing itself as one of the most capital-efficient and fastest-growing neobanks – banks that operate exclusively online – that the UK has ever produced.
Through the use of its bespoke software and specialist agricultural lending teams, Oxbury is able to make rapid lending decisions so producers and growers can spend their time on the farm and invest in growing their businesses.
Its New Gen lending program is fostering new entrants into the industry by removing major barriers such as access to finance for everything from purchasing land to livestock as well as providing expert farm business advice.
In 2023, Oxbury launched instant access savings products and the provision of asset finance lending, alongside existing loan, working capital, and savings products, enabling UK farmers to invest in their productivity and decarbonisation of their activities.
This year, the bank demonstrated its commitment to the environment as well as UK agriculture’s transition to net zero by 2040 with the publication of its first natural capital report.
Grosvenor Food & AgTech helped launch Oxbury Bank, the UK’s first dedicated agricultural bank in nearly 100 years, providing greater flexibility to the UK’s farm businesses.
The business has broken even just two years from its launch and is on target for a full year of profitability in 2023 with hopes to exceed £1bn in lending by 2024.
Anthony James, Managing Partner, Grosvenor Food & AgTech, said: “We are excited to continue our partnership with Oxbury Bank as it enters the next stage of its growth and works towards an ambitious set of 2024 lending targets, enabling British farmers to become more productive and sustainable.
“This year Oxbury Bank has solidified its position as a leading agricultural banking and software provider, delivering exceptional growth and becoming established as the bank of choice for UK farmers.”
Managing Partner, Grosvenor Food & AgTech
+44 207 3122 781