Judo Bank, a startup challenger bank for SME customers in Australia, said it raised $400 million in funding, the largest single private equity round for a startup in the history of that country and double the initial target of $200 million, according to a company release. 

The funding round was backed by new institutional investors Bain Capital Credit and Tikehou Capital as well as existing investors OPTrust, Abu Dhabi Capital Group, Ironbridge and SPF Investment Management. 

The bank has raised $540 million, which it says is the largest amount ever by an Australian startup.

"The enormous support we have received from investors will further underpin our mission to transform SME lending in Australia," David Hornery, co-founder and co-CEO, said in the release. 

Judo Bank originally raised $140 million in equity in August 2018. In April of this year, Goldman Sachs provided a $100 million debt facility, while Credit Suisse provided a $350 million debt line in 2018. 

The Australian Prudential Regulatory Authority granted Judo its full banking license in April, which allowed the bank to begin offering deposit products beyond its core lending business.