86 400

: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.[1] It was founded in 2019 by Robert Bell and Anthony Thomson.[2][3][4]

It was majority owned by payments company Cuscal.[5][6][7] It gained a licence to operate as an authorised deposit-taking institution in 2019.[8]

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.[9] This was approved by the Australian Competition & Consumer Commission, despite concerns about reducing competition.[10] 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.[4][11] The brand was retired in May 2022,[12] becoming part of the newly rebranded "ubank."

According to NAB, the "visual identity, technology, and innovation capability of 86 400" was adopted by ubank.[13]

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. ^ a b 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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