:86 400

:86 400 is an Australian neobank,[1] owned by National Australia Bank (NAB).[2]

:86 400
TypeSubsidiary
IndustryBanking
ParentNational Australia Bank

It was founded by Anthony Thomson[3] and Robert Bell.[4]

It was majority owned by payments company Cuscal prior to a takeover by NAB.[5][6]

It gained a licence to operate as an authorised deposit-taking institution in 2019.[7]

In 2021, it was taken over by NAB for their UBank subsidiary.[8] This was approved by the ACCC, despite concerns about reducing competition.[9]

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][10]

References
  1. Kane, Annie (2021-05-31). "86 400 launches direct offering". www.theadviser.com.au. Retrieved 2021-11-01.
  2. Megginson, Sarah (2021-01-29). "NAB buys 86 400: What does this mean for customers? | Finder". finder.com.au. Retrieved 2021-11-01.
  3. 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.
  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. Yeates, Clancy (2018-06-27). "Seconds out: new 'challenger' 86,400 bank targets big four's turf". The Sydney Morning Herald. Retrieved 2021-11-04.
  6. Pike, Rebecca. "New bank launched in Sydney". www.brokernews.com.au. Retrieved 2021-11-04.
  7. 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.
  8. Frost, James (2021-05-21). "Money flows and work begins as NAB completes 86 400 buyout". Australian Financial Review. Retrieved 2021-11-16.
  9. '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". The Sydney Morning Herald. Retrieved 2021-11-16.
  10. Wood, Mike (12 October 2021). "86 400 CEO steps down". www.brokernews.com.au. Retrieved 2021-11-03.
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