The full banking license for 86 400 represents a significant milestone for the neo-bank on the path to broader public launch. The bank, whose name is based on the number of seconds in a day, has been in beta testing for about six months with a selected group of users updating the app more than 30 times.
September 05, 2019 | Foo Boon Ping- A string of neo banks in Australia is about to find out whether they can successfully wrest customers and get a share from the big four
- 86 400 will be open broadly to the public and will be raising its first capital round later this year.
- One of the first to launch a fully functioning current and transaction account and will be launching home loans in a couple of months’ time
A string of neo banks in Australia is about to find out whether they can successfully wrest customers and get a share from the big four which control more than 80% of the retail financial services industry. The latest ‘smart bank’, 86 400, has been granted a full Authorised Deposit-taking Institution (ADI) licence by the Australian Prudential Regulation Authority (APRA) in July after spending over 2 years of work. It follows competitors such as Volt and Judo which have already arrived in Australia and received prior approval. A fourth challenger, Xinja, is operating on a restricted licence and expects to be granted full ADI status within this year.
The full banking license for 86 400 represents a significant milestone for the neo-bank on the path to broader public launch. The bank, whose name is based on the number of seconds in a day, has been in beta testing for about six months with a selected group of users updating the app more than 30 times.
“We are taking a measured approach in inviting customers on our white list to join us before opening up broadly in a few weeks,” said Robert Bell, CEO of 86 400 who previously wo...
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