Judo Bank, a new bank lending to SMEs, will offer term deposits after signing a partnership deal with ASX-listed online cash management marketplace Cashwerkz.
The challenger bank, which earlier this week announced it had raised $400 million in funding and was on track to lend $1 billion by Christmas after being granted its full-banking license in April.
Judo Bank GM for Deposits, Patrick Nolan said the initial focus of the partnership will be on middle markets, with potential for leveraging other Cashwerkz digital platforms in future.
“Judo Bank’s term deposits offer best-in-market rates and are government guaranteed up to $250,000 through the Financial Claims Scheme – and through this partnership with Cashwerkz, Judo Bank is looking forward to reaching more wholesale investors nationwide,” he said.
The bank provides flexible business loans, lines of credit, equipment loans, finance lease and home loans to business customers.
Hector Ortiz, CEO for Cashwerkz, said the Judo deal will deliver his company’s marketplace to a very targeted online term deposit offering for wholesale customers serviced by RIM Securities.
“We have a very similar mindset to Judo Bank, clearly defining itself as a market differentiator and we look forward to working closely with its team to deliver the services its wholesale customer base is looking for now – and into the future,” he said.
The company is currently offering 2.15% on a six month term deposit at a $50,000 minimum.
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