Avenue Bank has raised funds by way of ordinary shares via a Series B funding round
Avenue Bank has raised funds to launch next-generation business banking solutions. Amongst the backers of the business, Liberty Financial Group made a strategic investment in Avenue. Liberty is a leading finance group in Australasia and has helped over 500,000 households and SMEs.
Founded in 2018, Avenue Bank is a new neobank targeting Australian SMEs, primarily those with revenues of between US$0.5–15 million. It will focus on the bank guarantee market, bringing an insurance approach to provide its customers with working capital at attractive rates. Avenue Bank aims to unlock opportunities for businesses by providing innovative financial solutions to allow them to back their own future. Founded by Colin Porter and Dale Hurley, the company has also recruited a tier 1 banking management team and a strong board led by Stephen Rix, Chairman of Bennelong Funds Management.
Oaklins’ team in Australia acted as the arranger and assisted Avenue to raise US$27 million.
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