By
Ry Crozier
on Jan 29, 2021 9:20AM
Will combine it with UBank.
NAB is set to acquire neobank 86 400 and combine it with its own digital-only proposition UBank.
The big four bank already holds approximately 18.3 percent of 86 400 after participating in a recent capital raising round.
It is now proposing to buy out the remaining shares for a cost of approximately $220 million, “a premium” on the recent raise.
86 400 said it has over 85,000 customers and 320,000 accounts, as well as a digital mortgage brokerage business.
The neobank’s CEO Robert Bell said in a statement that joining UBank “will significantly fast-track our growth, propelling our business, customer numbers and balance sheet to a position which would’ve otherwise taken five years.”