Finance Breaking news Challenger bank Oxbury to launch following £15 million funding round last financial news
Breaking-Finance.Com - Agricultural challenger bank Oxbury has raised £15 million in a third round of funding as it prepares for launch later this month.
Breaking-Finance.Com - Agricultural challenger bank Oxbury has raised £15 million in a third round of funding as it prepares for launch later this month. The startup - - led by CEO and co-founder James Farrar, who also set up ClearBank in 2015 - received its banking licence in February last year and had originally scheduled a 2020 launch.Oxbury's USP is to provide farmers with seasonal cashflow services, smoothing out the dips and uplifts in income before and after harvests. Savings accounts for businesses and the general public will round out the product suite.
. Previous backers include crop protection group Hutchinsons and grain supplier Frontier Agriculture.The cloud-native bank is targeting a five percent lending market share within five years of launch in a market where 70% of lending is still controlled by the big four banks.The Bank's board of directors include ex-head of business banking at HSBC Huw Morgan and former Bank of England adviser Tim Fitzpatrick.
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