Aussie challenger Judo raises $400 million

Aussie challenger Judo raises $400 million

Australian SME challenger bank Judo has raised $400 million, double the $200 million fundraising target set by the bank.

Judo’s latest funding comes from new institutional investors, including Bain Capital Credit and Tikehau Capital, as well as existing investors including OPTrust, the Abu Dhabi Capital Group, Ironbridge and SPF Investment Management.

Launched in 2018, and co-founded by two former NAB executives, Judo secured its full authorised deposit-taking institution (ADI) licence in April, when it re-branded from Judo Capital to Judo Bank.

Taking a relationship-based approach to its lending operations, and operating on a Temenos cloud platform, the bank is currently on track to have lent $1 billion by the end of the calendar year.

Judo Bank’s co-founder and co-CEO, David Hornery, says the company’s first and second funding rounds - worth a combined $540 million - equate to the largest amount of private investment raised by an Australian start-up.

“The enormous support we have received from investors will further underpin our mission to transform SME lending in Australia,” says Hornery. “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."

The new round gives the startup a valuation approaching $2 billion.

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