:86 400
| Company type | Subsidiary |
|---|---|
| Industry | Banking |
| Founded | July 2019 |
| Founder | Robert Bell Anthony Thomson |
| Defunct | May 2022 |
| Fate | Acquired by National Australia Bank |
| Successor | UBank |
| Parent | Cuscal (2019-2021) National Australia Bank (2021-2022) |
| Website | www.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]
The name "86 400" represents the number of seconds in a single day.
References
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- ^ NAB to acquire Aussie neobank 86 400 less than two years after launch Nine News 29 January 2021
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- ^ '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'Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
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- ^ Neobank 86 400 is gone, absorbed by ubank Savings 17 May 2022
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