Australian challenger bank has reportedly reached a $1.6bn valuation after the close of a $140m funding round.
The investors were not named, but 60% of the funds came from new major institutional investors, according to a report from IBS Intelligence.
Judo Bank reached the unicorn status earlier in 2020, after closing a $230m funding round from Bain Capital Credit, Myer Family Investments, Ironbridge and the Abu Dhabi Capital Group.
The FinTech offers a mobile banking platform for SMEs in Australia. Its services include business loan, line of credit, equipment loan, finance lease, personal term deposit and more.
Judo co-founder and co-CEO David Hornery told IBS Intelligence, ?We are delighted with the strength and consistency of support received from the investment community with this latest $280m capital raise,p>
?This year alone, we have raised over half a billion dollars in funding across two rounds in the most challenging market conditions in living memory, with funding coming from some of the best-known and most widely respected private and institutional investors in the world.p>
A handful of challenger banks have sprouted in Australia over the past couple of years. With trust levels low among consumers and traditional financial institutions, digital banks have been poised for strong growth.
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