Ashurst has advised Judo Capital in one of Australia’s largest pre-revenue capital raisings. The capital raise is from a consortium of domestic and international investors and is being conducted in two tranches.

The capital raise will fund Judo Capital's goal of becoming the first true “challenger bank” for Australia’s small and medium-sized business (SME) market. Judo provides flexible business loans, lines of credit, equipment loans, finance lease and home loans for our business lending customers.

Judo is led by Co-founders and Co-CEOs Joseph Healy and David Hornery who have assembled a first-class team with years of combined experience in SME relationship banking, risk management, technology, and product and process innovation. Joseph Healy was formerly head of NAB’s business lending division and David Hornery was the Executive General Manager of NAB’s Corporate, Property, Agribusiness, Health, Government and Education divisions.

Partners Stuart Dullard and Jonathan Gordon led a team including senior associates Andrew Kim and Ellen Zhang and lawyers Callum Newson-Brown, Lee-Anne Yeo and Jamie Bang on the transaction. Stuart Dullard commented "We are thrilled to have acted for Judo on this important capital raising. We look forward to watching Judo go from strength to strength. We are confident that Judo will play an increasing role in the Australian SME lending market with its unique business model and high calibre management team."

Judo is in the process of applying for a banking license from the Australian Prudential Regulation Authority - the culmination of a strategic build-up of the company over the past three years. Jonathan Gordon, who heads Ashurst's global Financial Regulation team, is advising on the application.