Judo Bank has said that the fully committed $350 million from global banking corporation Citi will enable it to grow and deliver funding to more small and medium-sized enterprises (SMEs).
The co-founder and co-CEO of Judo Bank, David Hornery, said: “The fully committed funding line from Citi will provide Judo with additional secured funding, allowing us to further expand our loan services and build on our momentum nationally.
“It means we will be able to further bolster the depth and sophistication of our funding position, broaden our range of lending services, and continue to expand our national footprint.
“It also means that we will be able to reach even more Australian SMEs, who have for too long been ignored by the big incumbent banks.”
Mr Hornery added: “We would like to acknowledge the support and co-operation of Citi and our other partners, which will ensure further funding security for our customers.”
Judo’s existing bank funding lines now total around $1 billion of commitments, with the lender having so far granted loans to Australian SMEs totaling over $1.3 billion.
[Related: Judo Bank launches $400m capital raise]