86 400
Australian bank
From Wikipedia, the free encyclopedia
:86 400 was an Australian neobank.[2] It was founded in 2017 by Robert Bell and Anthony Thomson.[3][4][5]
| Company type | Subsidiary |
|---|---|
| Industry | Banking |
| Founded | 20 Sep 2017 [1] |
| 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 |
It was majority owned by payments company Cuscal.[6][7][8] It gained a licence to operate as an authorised deposit-taking institution in 2019.[9]
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.[10] This was approved by the Australian Competition & Consumer Commission, despite concerns about reducing competition.[11] 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.[5][12] The brand was retired in May 2022,[13] becoming part of the newly rebranded "ubank."
According to NAB, the "visual identity, technology, and innovation capability of 86 400" was adopted by ubank.[14]
The name "86 400" represents the number of seconds in a single day.