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?
They’ll undoubtedly merge the two, eventually. They’ve already indicated that’s what their aim is.
You’re right. The information released to customers was spun very differently to the general release excerpted below: Australia’s first smartbank, 86 400, has today announced its intention to combine with UBank, creating a smart digital bank committed to helping all Australians take control of their money. The transaction, which is subject to approval by shareholders and regulators, would see the 120-person 86 400 team become part of the NAB family. NAB recently participated in 86 400’s Series B capital raise and currently holds an approximate 18.3% shareholding in 86 400. It now proposes to acquire the remaining shares by way… Read more »
Yep, I got an email from Ubank last week: As you may have heard we recently announced an intention to acquire a very innovative bank called 86 400. This acquisition is part of our ongoing investment in new technology and experiences for you. We wanted to write to you so that you heard from us directly, but for now, there is nothing you need to do, because: We will continue as UBank, with the strength of National Australia Bank There is an extended period during which the banking sector regulators will review the proposed acquisition to see whether it should be… Read more »