Judo Capital

Judo Bank is an Australian Challenger Bank focused on small and medium-sized enterprise lending.

Judo Bank
IndustryFinancial services
Founded16 October 2016
HeadquartersMelbourne, Australia
Key people
Founders Alex Twigg, Chris Bayliss, David Hornery, Jacqui Colwell, Joseph Healy, Kate Keenan, Mal Hiscock, Tim Alexander
ProductsBusiness banking, financial and related services
Websitewww.judo.bank

History

Judo Capital was founded with an initial seed investment from an Australian consortium of family offices, led by businessman Geoff Lord[1]

Followed by Australia’s largest capital raising of 2018,[2] Judo Capital launched in March 2018, raising more $140 million from Australian and international investors, coordinated by Ironbridge Capital[3][4][1][5][6]

Former National Australia Bank executives – including co-founders Joseph Healy, David Hornery, Alex Twigg, Tim Alexander, Chris Bayliss and Jacqui Colwell – serve on the board.[7]

Ironbridge Capital, Canadian pension fund manager OPTrust, Myer Family Investments, Abu Dhabi Capital Group, Zhong Yi Investment and Credit Suisse Asset Management, Cambooya, Inception Asset Management, Esson and CH Warman Group own shares in Judo Capital.[3][8][9]

Former Australian Treasury Secretary John Fraser joined the board of Judo Capital, alongside former Federal Small Business Minister Bruce Billson.[10]

In November 2018 Credit Suisse increased their interest in Judo with a $350 million debt facility.[11][12][13] followed by a $100 million facility from Goldman Sachs in April 2019 [14][15]

Apr 2019 The Australian Prudential Regulation Authority announced it had granted Judo Bank Pty Ltd a licence to operate as an authorised deposit-taking institution (ADI) without restriction following its application in May 2018. As part of the license grant the business changed its name from Judo Capital to Judo Bank.[16][17]

June 2019 Judo closes series B round with $345 million in firm commitments and an unnamed institution granted an extension of a few weeks to complete due diligence, with total expected to exceed $400m. [18][19]

August 2019 After the latest $400m raising, new investors now include the €23bn Paris and London fund Tikehau Capital, and the $US105bn Boston-based alternative investment firm Bain Capital.[20]

September 2019 Judo enters the retail deposits and named as best Aussie startup to work for, according to LinkedIn’s second annual top startups list.

November 2019 KPMG and H2 Ventures Global Fintech 100 list ranks Judo Bank at #33 [21][22]

January 2020 Judo lends $1B to Australian businesses raising and another $1B in digital retail term deposits [23][24]

March 2010 Judo Bank signs a further three-year, $350 million committed debt facility with Citi Bank bringing the total to $1billion on top of the $1.3 billion in government-guaranteed customer deposits. "As in the global financial crisis, deposits are flowing to the banking sector, including us" said David Hornery Co CEO [25]

April 2020 The government announced on Thursday it would invest an initial $250 million into Judo's lending warehouse through the Australian Office of Financial Management's (AOFM) Australian Business Securitisation Fund and a further $250 million through its recently announced Structured Finance Support Fund (SFSF). [26][27][28][29]

May 2020 Judo Bank has raised $230 million in fresh equity at a post-money valuation north of $1 billion, from existing investors.[30][31][32][33][34]

Operations

Judo Capital is following the SME challenger bank model developed by Aldermore, Shawbrook Bank and OakNorth Bank in the UK.[35][36]

Political commentary

Small Business & Family Enterprise Ombudsman Kate Carnell says Judo's launch is well-timed with the lending shortfall continuing to grow. "There is no competition", Carnell said. "The big four banks have 80 percent plus of the SME lending market and they mostly don't lend except if it is secured against property and that means access to capital is very difficult for many SMEs."[37]

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References
  1. "Judo Capital takes fight to big four on SME lending". 25 March 2018.
  2. "Good tidings we bring: The 10 biggest capital raises of 2018". SmartCompany. 16 December 2018. Retrieved 5 January 2019.
  3. "Start-up SME bank Judo Capital raises $140 million". Australian Financial Review. 31 July 2018. Retrieved 5 January 2019.
  4. Waters, Cara (31 July 2018). "Small business challenger bank Judo raises $140 million". The Sydney Morning Herald. Retrieved 5 January 2019.
  5. "» Judo Capital Media Release 27th March 2018". judocapital.com.au.
  6. Randall, Steve. "Ashurst advises Australian challenger bank on A$100m capital raising". Australasian Lawyer.
  7. "SME lender Judo Capital launches with a focus on building relationships with customers - Startup Daily". 27 March 2018.
  8. "Heavyweights write big cheques for small business lender Judo Capital". Financial Review. 9 May 2018. Retrieved 2 June 2018.
  9. Pash, Chris (2 August 2018). "$140 MILLION: Australian digital bank Judo Capital just completed this year's biggest startup equity raise". Business Insider Australia. Retrieved 5 January 2019.
  10. "John Fraser joins board of Judo Capital". Australian Financial Review. 12 September 2018. Retrieved 5 January 2019.
  11. "Challenger bank Judo signs $350m debt facility with Credit Suisse". Australian Financial Review. 25 November 2018. Retrieved 5 January 2019.
  12. "Subscribe to The Australian - Newspaper home delivery, website, iPad, iPhone & Android apps". myaccount.news.com.au. Retrieved 5 January 2019.
  13. http://anthillonline.com/australian-startups-and-young-tech-companies-secured-over-1-billion-in-funding-in-the-last-quarter-of-2018/
  14. "Goldman Sachs opens $100 million funding line with Judo". Australian Financial Review. 1 April 2019. Retrieved 3 April 2019.
  15. https://www.investordaily.com.au/mergers-acquisitions/44782-goldman-bankrolls-new-sme-lender-judo-capital
  16. https://www.apra.gov.au/register-authorised-deposit-taking-institutions
  17. https://www.afr.com/business/banking-and-finance/judo-awarded-banking-licence-in-shot-across-banks-bows-20190424-p51gsq
  18. https://www.afr.com/business/banking-and-finance/fintech-judo-banks-big-raising-targets-10b-loan-book-20190602-p51tmb
  19. https://www.theaustralian.com.au/business/financial-services/judo-bank-bulks-up-for-challenge-to-big-four/news-story/e2b4a7891ec7222464e230d9471f0459?btr=89ef68366e5df5a05690ebc11be214ee
  20. https://www.theaustralian.com.au/business/financial-services/judo-still-hungry-for-capital-as-scaling-up-continues/news-story/1564c6e94456c0bf4362f3709e143163?btr=97566e9f2f23e2186e9a63ec1ca809f7
  21. https://www.businessnewsaus.com.au/articles/aussie-firms-punch-above-their-weight-in-fintech100-list.html
  22. https://au.finance.yahoo.com/news/7-australian-companies-made-fintech-004617112.html
  23. https://www.afr.com/companies/financial-services/big-four-business-bankers-flood-judo-with-job-applications-20200116-p53s38
  24. https://www.theaustralian.com.au/business/financial-services/judo-bank-gets-a-hold-in-the-banking-market/news-story/776eff71c9f9ef33076be4fe13037d74?btr=511bd315e5328a28e11c682b1cade7d0
  25. https://www.afr.com/companies/financial-services/judo-inks-new-350m-facility-with-citi-to-lift-lending-to-smes-20200318-p54bez
  26. https://www.watoday.com.au/business/small-business/government-ploughs-500m-into-neobank-judo-in-bid-to-spur-sme-loans-20200402-p54gjs.html
  27. https://www.theadviser.com.au/breaking-news/40198-aofm-greenlights-investment-proposal-from-judo-bank
  28. https://www.smh.com.au/business/small-business/government-ploughs-500m-into-neobank-judo-in-bid-to-spur-sme-loans-20200402-p54gjs.html
  29. https://www.businessnewsaus.com.au/articles/challenger-bank-judo-poised-to-guide-smes-through-covid-19-crisis.html
  30. https://www.afr.com/companies/financial-services/judo-bank-is-a-now-a-unicorn-20200506-p54qa0
  31. https://www.smh.com.au/business/banking-and-finance/judo-bank-revels-in-unicorn-status-as-investors-tip-in-another-230m-20200506-p54qcx.html
  32. https://www.smartcompany.com.au/coronavirus/judo-bank-230-million-unicorn/
  33. https://www.startupdaily.net/2020/05/sme-lender-judo-bank-just-became-a-unicorn-with-another-massive-230-million-raise/
  34. https://www.finextra.com/newsarticle/35797/judo-bank-achieves-unicorn-status-on-230-million-fund-raise
  35. Bindi, Tas (27 March 2018). "Former NAB execs officially launch new SME lender".
  36. "Australian NeoBank Judo Capital Will Focus on SME Banking". 30 March 2018.
  37. Waters, Cara (26 March 2018). "Heat on big four as new bank launches with SME focus". The Sydney Morning Herald.
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