Australia-based business lending service Judo Capital has secured A$140m ($104m) from investors including financial services firm Credit Suisse’s Asset Management unit, Australian Financial Review reported yesterday.
Ironbridge Capital, OPTrust, Abu Dhabi Capital Group, Zhong Yi Investment, Cambooya, Inception Asset Management, Esson, CH Warman Group and Myer Family Investments also participated in the round.
Judo lends money to small and medium-sized Australian businesses, offering each client a relationship manager and making loan decisions in less than five days. It offers equipment loans, lease financing and credit lines as well as straight business lending.
The company launched its service in March this year and expects to be granted a full banking licence by the end of 2018, by which time it would have grown headcount and opened an office in Sydney. It declined offers for an additional $30m of funding in the round, AFR reported.
The round is the second largest ever for an Australia-based startup, behind the $250m invested in email marketing software provider Campaign Monitor by venture capital firm Insight Venture Partners in 2014, according to AFR.
Joseph Healy, co-founder and co-CEO of Judo, told AFR: “We are extremely proud to have raised what we believe is the highest equity raising, pre-revenue, of any startup in recent Australian corporate history, reflecting the huge demand for banking services from small and medium-sized businesses.”