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Judo Bank has announced that it raised more than $280 million in equity in its recent Round 4 (R4) capital raise and will utilise the funds to “continue to expand the bank’s operations nationally”.
The latest round builds on the $230-million R3 capital raise that was finalised in May of this year.
According to the challenger bank for small and medium-sized businesses, the post-money valuation of the bank now exceeds $1.6 billion, up 60 per cent from its position in May.
Judo’s co-founder and co-CEO, David Hornery, commented: “We are delighted with the strength and consistency of support received from the investment community with this latest $280 million capital raise.
“This year alone, we have raised over half a billion dollars in funding across two rounds in the most challenging market conditions in living memory, with funding coming from some of the best-known and most widely respected private and institutional investors in the world.”
Mr Hornery noted that R4 saw strong commitments from new investors, with over 60 per cent of total equity raised coming from new major institutional investors.
“At the same time, over 70 per cent of our largest current shareholders chose to resubscribe and increase their stake in Judo,” he said.
Mr Hornery added: “It is during times like those we’ve experienced over the last year that commitment and consistency of support of the SME community are imperative, and as confirmed by APRA figures, Judo Bank has grown its lending book by over 60 per cent since the start of the pandemic, in line with our commitment to do exactly that.”
[Related: Judo secures $350-million facility]