Agricultural bank Oxbury picks Naqoda for core banking
Oxbury Bank, a challenger bank for British farmers, is the first cloud-based core banking customer for compatriot supplier Naqoda.
According to Nextgen Core Banking Solutions, the challenger originally looked at Mambu and other cloud providers.
It wanted to avoid expenses at scale and choose a platform that supported its unique product offering.
Naqoda is the brainchild of former Callataÿ & Wouters man Erik Bogaerts, and originally provided systems for reporting withheld tax.
Oxbury nabbed a licence from UK regulators in February and plans a release before the end of the year.
It offers lending products specifically tailored to British farmers, as well as savings accounts to other businesses.
The firm says its platform aims to solve the cash flow problem faced by farmers. It’s connected to UK payment schemes through a tie-up with Clear Bank.
The neobank’s board of directors includes ex-head of business banking at HSBC Huw Morgan and former Bank of England adviser Tim Fitzpatrick.