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Oxbury, ClearBank partner to provide banking solutions to British farmers

Wednesday 1 July 2020 11:18 CET | News

UK-based fintech Oxbury has selected ClearBank’s cloud-based banking platform to gain full access to the UK payment schemes.

Oxbury gained its UK bank licence in early 2020 and is in its final mobilisation stages with invitation-only customers before launching fully to the wider market later in 2020. The bank is targeting a 5% lending market share within five years of launch in a market where 70% of lending is still controlled by Barclays, HSBC, Lloyds, and the Royal Bank of Scotland, according to the official press release.

Oxbury will combine its agriculture and fintech expertise to provide farm business with purpose-built lending and savings products, delivered through its proprietary Oxbury Bank Platform ‘OxP’. Oxbury Farm Credit’s financial dashboard and payments platform will provide farm businesses with a revolving credit account, enabling them to manage and spread the cost of all their inputs to suit their cashflow. ClearBank’s API and technology platform are designed to offer real-time access to Banking-as-a-Service solutions.

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Keywords: Oxbury, ClearBank, banking, banking license, cloud banking platform, fintech, payments, lending, Barclays, HSBC, Lloyds, Royal Bank of Scotland, farm business, Oxbury Bank Platform, API, OxP, Oxbury Farm Credit
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: United Kingdom
This article is part of category

Banking & Fintech