The Australian Prudential Regulation Authority (APRA) has granted Judo Bank a licence to operate as an authorised deposit-taking institution (ADI) without restrictions.
The bank applied for the licence in May last year, and ARPA’s decision to grant the licence now was significant, given it’s generally restrictive on what companies can call themselves a bank.
Judo Bank would be focused on relationship banking for Australian small to medium-sized (SME) businesses, and their aim is to be an alternative for SMEs for business funding.
The direction of the business comes from Judo’s SME Banking Insights Report 2018, which was an independent survey that talked to 1,750 SMEs on their experience when it comes to money.
The report was commissioned in conjunction with East & Partners to provide deeper insights and raise awareness of the challenges of SMEs.