31 July 2019: Cashwerkz (ASX: CWZ) today announced its latest partnership with Australia’s first SME challenger bank, Judo Bank.
Judo Bank will join a number of existing ADI’s by offering its term deposit products via RIM Securities and Cashwerkz, the online marketplace.
“Our partnership with Judo Bank will deliver the Cashwerkz marketplace, a very targeted online term deposit offering for wholesale customers serviced by RIM Securities.” outlined Hector Ortiz, CEO for Cashwerkz.
Ortiz continued: “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.”
Judo Bank offers business lending solutions for Australian SMEs. Having received its full-banking license in April, Judo Bank has begun a staged launch of its term deposit offering to support its core mission of lending to Australian SMEs.
Judo Bank’s GM for Deposits, Patrick Nolan, said: “Judo Bank is pleased to announce this partnership with Cashwerkz that will enable us to further expand our term deposit offering.
“The focus of this partnership will initially be on middle markets but there is 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.”
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