Robert Bell CEO of digital only neobank 86 400 has announced to customers that they’re “joining the NAB family”, which means they’ve been bought out by NAB.
86 400 was launched as a new digital only bank in late 2019. Until today it’s backers were Cuscal (Australia’s leading independent payments provider) along with an Australian superannuation fund, fund managers, high net worth individuals and family offices.
Robert Bell said:
“From day one, our mission has been to strip the waste out of banking and give back to customers, and while we’ve already achieved so much, we’re still just getting started”.
“With the backing of NAB, we’ll be able to invest even more into developing smart products, experiences and customer service that will help you own your home faster and reach your goals sooner with smarter spending and saving.”
“Day-to-day nothing changes, and you don’t need to take any action. You’ll continue to be an 86 400 customer, bank using the 86 400 app and make purchases with your physical 86 400 card or connected Apple Pay, Google Pay™, or Samsung Pay wallet”.
“You can also expect the same rapid rollout of smart products and features that you’ll be used to as an 86 400 customer. Check out our public roadmap, where you can see what we’re working on right now and vote for your favourites; 86400.com.au/roadmap”
NAB already had an existing digital only sub-brand in UBank so it’s unclear what their motive is.
NAB may have bought the minnow bank as a way of getting it’s Fintech and staff cheaply or because 86 400’s backers weren’t willing to fund it anymore.
What do you think about the recent demise of neobank Xinja and this acquisition of neobank 86 400?