According to reports, Oxbury received a £15 million investment from the Wheatsheaf group, part of the Duke Hugh Grosvenor’s estate. Duke Hugh Grosvenor and his family are estimated to be worth around £10.1 billion. Grosvenor studied countryside management at Newcastle University.
Read More: BitGo Announces $16 Billion in Assets Under Custody
Chester-based Oxbury landed its banking license in February 2020. The technology of the bank will be based on a “cloud-based API-first architecture”.
The bank offers lending solutions exclusively for British farmers. Some key ones being Oxbury Farm Credit plan, savings accounts, and other lending services.
The UK has around 220,000 farming businesses. Oxbury aims to nab around 8% of the farm lending market by 2025.
The board of directors of the bank includes ex-head of business banking at HSBC, Huw Morgan, and former Bank of England adviser, Tim Fitzpatrick.
Oxbury Bank has raised around £30 million since its founding in 2018.
Read More: Datasite Completes Agreement to be Acquired by CapVest
