Agricultural banking specialist Oxbury has acquired IT partner Naqoda.

Naqoda, founded in 2011, provides a low-code development platform.

Oxbury has worked with Naqoda since 2018 to develop and maintain its cloud banking platform.

In addition, the bank announced it has provided British farmers with over £150 million in completed loan facilities and that it has made a further £250 million in committed lending offers, which are currently in the process of completion.

Oxbury said it intended to break even as a result by the end of Q4 2022.

“We enjoy providing the funding to farmers across the country to accelerate their investment in the next stage of their businesses’ future,” said James Farrar, chief executive officer and co-founder at Oxbury Bank. “We are also excited by our recent acquisition of Naqoda.

“This not only brings our nimble IT platform fully under the Oxbury umbrella, but also creates additional revenue potential for the business, as other organisations in other countries realise the benefits of having a robust, cloud native, API centric and data-driven infrastructure at the heart of their operations. As the only UK bank 100 per cent dedicated to serving farmers, we remain sharply aligned to the challenges facing our customers.”

He added: “We will continue to develop and invest in our market-defining tech-driven products and redouble our efforts to be the sustainable lender of choice for British farmers.”

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