Oxbury, UK’s bank for farming and food and latest SME-focussed fintech, has selected ClearBank cloud-based banking platform as its provider for clearing and payments.
Oxbury was granted a banking license in early 2020 and is planning on offering bespoke lending products aimed at an agricultural audience.
Its first flagship product is called Oxbury Farm Credit, will offer a competitive alternative to traditional banks’ overdrafts or trade finance. It solves the problem of farm businesses having to fund their inputs many months or years before receiving income from the sale of the produced goods, tying up valuable cash in the production cycle, and holding back the growth of food production.
Charles McManus, CEO of ClearBank said, “As the only specialist agricultural bank in the UK, Oxbury is fulfilling a vital need, providing the agricultural community with a focussed and trusted banking provider. We’re really pleased to have been selected by Oxbury and look forward to a long-term relationship, helping to support the needs of British farmers and the rural economy.”
James Farrar, CEO of Oxbury said, “Today’s news marks another step towards the launch of Oxbury to the wider market. Through ClearBank’s next-generation banking solutions we can now access the UK payment schemes which are another step in us realizing our goal of becoming the go-to bank for farmers, food producers, and the rural economy.”
