Judo will be able to use its existing share capital as regulatory capital to continue lending to customers. Judo's focus is Australia’s small and medium-sized business (SME) market, providing flexible business loans, lines of credit, equipment loans, finance lease and home loans for business lending customers.
Ashurst has worked with Judo from its incorporation advising on its seed capital raising, management incentive plan, securitisation programmes, debt facilities and its Series A capital raising. Ashurst advised Judo on its application for a banking licence, including on its regulatory capital treatment and governance arrangements.
Partner Stuart Dullard commented:
"Ashurst is delighted to have assisted Judo in obtaining its banking license. This represents a huge vote of confidence in Judo as a new entrant to the Australian banking sector. Obtaining a banking license is a significant achievement for Judo and is a testament to the quality of Judo's board and management, and supportive shareholder base. It places Judo in an excellent position to continue to go from strength to strength."
Partner Jonathan Gordon added:
"Successfully navigating the rigorous process of approvals is testament to the high calibre team at Judo, and we are delighted to helped them to become the first start-up SME lender to gain a banking authorisation in Australia. We are seeing a lot of interest in the area, so it is great to see Judo achieve this milestone."
The Ashurst team was led by partners Stuart Dullard and Jonathan Gordon with support from senior associate Samantha Robson and associates Callum Newson-Brown and Dominic Tran. Partner Sanjay Wavde and senior associate Eli Bursky provided tax advice in connection with the application.
