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Funding

Neobank Judo’s value rises 60% following $280 million Series D

- December 23, 2020 < 1 MIN READ
Judo Bank co-founders Joseph Healy and David Hornery Photo: Elke Meitzel
Small business-focused neobank Judo had raised $280 million in a series D round.

The company did not disclose its backers in the latest series, but the raise comes seven months after a $230 million series C and values the bank at $1.6 billion, an uplift of 60% on the May figure.

Confirmation of Judo’s raise comes just days after fellow neobank Xinja announced it was shutting down and handing back its banking licence, citing difficulties in raising capital as one of the reasons for exiting banking.

Judo has now raised more than $1 billion in four rounds. The business is up and running, albeit as a loss-making enterprise, posting a $50.8 loss in FY2020 on revenues of $28.2 million.

Co-founder and co-CEO, David Hornery, said the latest round attracted a range of new backers, with more than 60% from new major institutional investors.

“At the same time, over 70% of our largest current shareholders chose to resubscribe and increase their stake in Judo,” he said

“This year alone, we have raised over half a billion dollars in funding across two rounds in the most  challenging market conditions in living memory, with funding coming from some of the best-known  and most widely respected private and institutional investors in the world.”

Hornery said Judo Bank had grown its lending book by more 60% since the start of the pandemic.

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