The latest funding round has pushed the company’s valuation to over USD 1 billion, making it the latest bank in Australia to receive the unicorn status. The funding round was led by the company’s existing backers like Myer Family Investments, Bain Capital Credit, and the Abu Dhabi Capital Group.
The latest funding round brings the total amount raised by the company to date to USD 770 million. Moreover, the company also bagged an additional USD 500 million injection from the Federal Government in April 2020 to boost its lending capabilities.
According to Verdict, Judo Bank intends to use the money to strengthen its liquidity position and provide more funding to the SMBs clients over the next 12 months.
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