86 400 Explained
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.[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]
Notes and References
- Web site: Kane. Annie. 2021-05-31. 86 400 launches direct offering. 2021-11-01. www.theadviser.com.au. en.
- News: Griffiths. Katherine. Bank pioneer Anthony Thomson to lead ‘buy now, pay later’ firm Zip. en. 2021-11-01. 0140-0460. 2021-10-11. The Times.
- https://www.9news.com.au/national/nab-acquires-aussie-neobank-86-400-to-boost-ubank-performance/f746f5af-5d82-4673-8c76-edbe65200963 NAB to acquire Aussie neobank 86 400 less than two years after launch
- Web site: Update: At 86 400, founder Robert Bell stepping down, Philippa Watson steps up. 2021-11-03. Digital Nation. 12 October 2021. Andrew. Birmingham.
- Web site: Megginson . Sarah . 2021-01-29 . NAB buys 86 400: What does this mean for customers? Finder . 2021-11-01 . finder.com.au . en-AU.
- Web site: Yeates. Clancy. 2018-06-27. Seconds out: new 'challenger' 86,400 bank targets big four's turf. 2021-11-04. Sydney Morning Herald. en.
- Web site: Pike. Rebecca. New bank launched in Sydney. 2021-11-04. www.brokernews.com.au.
- News: 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. 2021-11-04. Business Insider Australia. en-AU. Jack. Derwin. https://web.archive.org/web/20200129152026/https://www.businessinsider.com.au/86400-australia-new-digital-bank-2019-7. 2020-01-29.
- Web site: 2021-05-21. Money flows and work begins as NAB completes 86 400 buyout. 2021-11-16. Australian Financial Review. en. James. Frost.
- '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'Web site: Yeates. Clancy. 2021-01-28. NAB chases younger clients in 86 400 buyout. 2021-11-16. Sydney Morning Herald. en.
- Web site: Wood. Mike. 86 400 CEO steps down. 2021-11-03. www.brokernews.com.au. 12 October 2021.
- https://www.savings.com.au/news/neobank-86-400-is-gone-absorbed-by-ubank Neobank 86 400 is gone, absorbed by ubank
- Web site: Customers app-laud new ubank digital look and feel - ubank . 2023-04-24 . www.ubank.com.au . en-AU.
