Judo Capital has become Judo Bank after being awarded its full banking licence from the Australian Prudential Regulation Authority (APRA), reports Jane Connolly.
Launched in early 2018 by former National Australia Bank (NAB) bankers, David Hornery and Joseph Healy, the fintech focuses on serving SMEs with annual turnovers of up to $20 million.
Last year, Judo raised $140 million and secured a $350 million credit line from Credit Suisse.
Judo’s chairman, Peter Hodgson, states the bank will be launching deposit products, starting with term deposits and notice accounts for business, consumers, SMSF and wholesale depositors.
“The ability to now offer term deposits and accordingly, to change our name to Judo Bank, will help drive growth, and provides an opportunity for businesses and the broader community to support business funding at competitive rates,” he says.
For its technology, Judo has opted for the Temenos suite of front-to-back office products, delivered in the cloud.
Fellow challenger bank Volt Bank received its licence in January and two more, Xinja and 86 400, are reportedly hot on their heels.
News via: https://www.bankingtech.com/2019/04/judo-becomes-australias-first-sme-focused-challenger-bank/