Judo Capital secures full banking licence from APRA
Judo Capital, now named Judo Bank, has announced that the Australian Prudential Regulation Authority (APRA) has granted the firm a full banking licence, meaning it is the first small and medium-sized (SME) business-focused challenger bank in Australia.
The company, founded on 28 March 2018, has thus far been focused on lending to SMEs in the Australian market.
“We are delighted to be granted an unrestricted banking license, helping to solidify our position as Australia’s first fully licensed challenger bank dedicated to small and medium-sized business lending,” said Peter Hodgson, Chairman of Judo Bank, in the firm’s statement.
“To achieve our full license in such a tight timeframe, we worked closely with APRA to meet the strict conditions necessary for a licensed bank, including the strength of our business model, and governance policies and principles – a process that has involved substantial work by the team since we first applied in May 2018.
“On behalf of our investors and Judo team across Melbourne, Sydney and Brisbane, we are delighted to have been granted this full banking license, following new legislation that has opened up the industry to much needed competition.”
Hodgson added that Judo will be launching deposit products in support of its core lending business.