By Aisling Finn on Thursday 7 May 2020
The digital bank has raised $770m to date, including $230m from this latest round.
Australian digital challenger Judo Bank has closed its latest round of funding and earned its unicorn status–in Australian dollars–now being valued at well over $1bn (~£522m).
David Hornery, co-founder and co-CEO of Judo Bank, said the global economic uncertainty caused by the ongoing coronavirus pandemic meant that only existing investors could take part in the latest capital raise.
Investors included Bain Capital Credit, who have invested in the likes of Jet.com and LinkedIn, Abu Dhabi Capital Group, Tikehau Capital, Ironbridge and Myer Family Investments.
Following the most recent $230m raise, the total raised by the fintech is $770m.
Outside of the capital raised so far, Judo Bank also received a $500m injection from the Australian government to bolster its SME lending facilities.
On the latest raise, Hornery said: "The support we’ve received for our third round, at an increased valuation to our second round capital raise last year, underscores the confidence and commitment our existing investors have in Judo, particularly at a time of extreme volatility in global markets, that has impacted all bank valuations,"
"We intend on rapidly growing our national footprint, and expanding the products and services we offer to thousands of Australian SMEs, whose needs have long been ignored by the major banks," he added.
Judo Bank has now dished out over $1.6bn in SME loans and taken more than $1.5bn in deposits.
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