NAB to acquire Australian neobank 86 400

National Australia Bank Limited (NAB) announced that it has entered into a scheme implementation agreement to acquire 100% of the shares in 86 400 Holdings Ltd, the holding company of Australian neobank, 86 400.

Founded by Cuscal Ltd and led by CEO Robert Bell, 86 400 has built and launched a mobile-led digital bank and was granted an ADI licence in July 2019. As at 15 January 2021, 86 400 had more than 85,000 customers, $375 million of deposits, $270 million in approved residential mortgages and 2,500 accredited brokers.

"Acquiring 86 400 is consistent with NAB's long-term strategy and growth plans and will enable us to develop a leading digital bank that can attract and retain customers at scale and pace," NAB Chief Operating Officer, Les Matheson said.

86 400 CEO Robert Bell said: "Over the past 18 months, we've challenged the status quo of banking through innovative products, services and technology. 86 400 and its customers will benefit from NAB's capital and balance sheet strength and investment spend to support accelerated growth and continued innovation, helping even more Australians take control of their money."