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:86 400

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Australian bank
:86 400
Company typeSubsidiary
IndustryBanking
FoundedJuly 2019
FounderRobert Bell
Anthony Thomson
DefunctMay 2022
FateAcquired by National Australia Bank
SuccessorUBank
ParentCuscal (2019-2021)
National Australia Bank (2021-2022)
Websitewww.86400.com.au

:86 400 was an Australian neobank. It was founded in 2019 by Robert Bell and Anthony Thomson.

It was majority owned by payments company Cuscal. It gained a licence to operate as an authorised deposit-taking institution in 2019.

In early 2021, after operating for less than two years, it was taken over by National Australia Bank (NAB), and merged into its UBank subsidiary. This was approved by the Australian Competition & Consumer Commission, despite concerns about reducing competition. In October 2021, after the take-over by NAB, Robert Bell stepped down as CEO, to be replaced by Philippa Watson, CEO of UBank, who combined the roles of CEO of both NAB subsidiaries. The brand was retired in May 2022, becoming part of the newly rebranded "ubank."

According to NAB, the "visual identity, technology, and innovation capability of 86 400" was adopted by ubank.

References

  1. Kane, Annie (2021-05-31). "86 400 launches direct offering". www.theadviser.com.au. Retrieved 2021-11-01.
  2. Griffiths, Katherine (2021-10-11). "Bank pioneer Anthony Thomson to lead 'buy now, pay later' firm Zip". The Times. ISSN 0140-0460. Retrieved 2021-11-01.
  3. NAB to acquire Aussie neobank 86 400 less than two years after launch Nine News 29 January 2021
  4. ^ Birmingham, Andrew (12 October 2021). "Update: At 86 400, founder Robert Bell stepping down, Philippa Watson steps up". Digital Nation. Retrieved 2021-11-03.
  5. Megginson, Sarah (2021-01-29). "NAB buys 86 400: What does this mean for customers? | Finder". finder.com.au. Retrieved 2021-11-01.
  6. Yeates, Clancy (2018-06-27). "Seconds out: new 'challenger' 86,400 bank targets big four's turf". Sydney Morning Herald. Retrieved 2021-11-04.
  7. Pike, Rebecca. "New bank launched in Sydney". www.brokernews.com.au. Retrieved 2021-11-04.
  8. Derwin, Jack (2019-07-18). "Australia just got a new digital bank called 86 400 and its chair has a history of taking on the big end of town". Business Insider Australia. Archived from the original on 2020-01-29. Retrieved 2021-11-04.
  9. Frost, James (2021-05-21). "Money flows and work begins as NAB completes 86 400 buyout". Australian Financial Review. Retrieved 2021-11-16.
  10. 'Evans and Partners analyst Matthew Wilson said it was unlikely 86 400 would have been a vigorous competitor to NAB, but suggested it may have addressed “the excess profits” in retail banking'Yeates, Clancy (2021-01-28). "NAB chases younger clients in 86 400 buyout". Sydney Morning Herald. Retrieved 2021-11-16.
  11. Wood, Mike (12 October 2021). "86 400 CEO steps down". www.brokernews.com.au. Retrieved 2021-11-03.
  12. Neobank 86 400 is gone, absorbed by ubank Savings 17 May 2022
  13. "Customers app-laud new ubank digital look and feel - ubank". www.ubank.com.au. Retrieved 2023-04-24.
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