Ashurst has helped ensure the success of the largest private funding round by an Australian start-up.
The global law firm advised Judo Bank on its $400m capital raise to existing shareholders and new institutional investors. The firm advised on the pro rata offer to existing shareholders as well as on the issue of new shares to new institutional investors.
Judo, one of the new crop of neobanks or challenger banks, reportedly aimed to raise $200m for the round. The new institutional investors backing the neobank include Bain Capital Credit and Tikehau Capital. Existing investors that participated in the latest funding round include OPTrust, the Abu Dhabi Capital Group, Ironbridge, and SPF Investment Management.
The latest capital raising is the third Ashurst has advised Judo on, with the firm having advised on the neobank’s seed round and its $140m funding round in August last year. Ashurst has also advised Judo on its incorporation, its management incentive plan, its $350m securitisation program, its $100m in debt facilities, and its successful application for a banking license.
The Ashurst team was led by partner Stuart Dullard, who was supported by partner Sarah Dulhunty, senior associate Joanna Yoon, and associate Callum Newson-Brown.
“Ashurst is delighted to have assisted Judo Bank once again. The investor demand has been outstanding and we look forward to seeing Judo establish itself as a serious competitor in the SME lending space,” Dullard said.
King & Wood Mallesons and Gadens have also previously advised Judo on corporate matters.