Judo Bank, an Australian fintech, has become a unicorn after raising $148mn in fresh equity at a post-money valuation of $1bn.
The raise, the result of a Series C round of funding, is the latest in a flurry of funding activity for the Australian challenger bank, which focuses on small and medium-sized enterprise lending.
For example, it comes only 10 months after the startup raised a $261.6mn Series B funding round and a few short weeks after the bank secured $322mn in government funding for its small business loans.
The latter was provided to assist the company distribute loans to small businesses that are being impacted by the COVID-19 pandemic.
The latest round of funding has made Judo Bank a unicorn (in Australian dollars), pushing its valuation over $1bn.
It was reported that the company’s existing backers, including Bain Capital and Ironbridge Capital, contributed to the round.
Co-CEO and Co-Founder, David Hornery, told Startupdaily: “We now have one of the strongest capitalised tier-1 ratios in the country and 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.”
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