Launched in 2018, Judo Bank just closed a A$400m ($270.62m) round, bringing the total amount invested into the neobank to A$540m ($365.34m).
The challenger bank initially aimed to raise A$200m ($135.32m) but ended up raising the double amount instead, which it claims is the biggest private funding round ever injected into an Australian startup.
The round was backed by several existing investors. That included the Canadian private equity investor OPTrust Private Markets Group, the Abu Dhabi emiri family’s angel investor company the Abu Dhabi Capital Group, venture capital firm Ironbridge and SPF Investment, the investment management company.
New investors included Bain Capital Credit, the asset management firm, and Tikehau Capital, the VC firm.
David Hornery, co-founder and co-CEO said, “The enormous support we have received from investors will further underpin our mission to transform SME lending in Australia. The strength of this latest funding round clearly demonstrates the investment community’s understanding of and support for Judo Bank’s truly relationship-focused offering to small and medium sized businesses – a proposition that has been materially lacking in the market for many years.
he added, “When combined with the wholesale debt lines secured from Credit Suisse and Goldman Sachs, and the strength of our recently launched deposit business, it adds further and substantial depth to Judo Bank’s provision of funding to Australia’s small and medium-sized businesses.”
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