Neobank 86 400 to be acquired by NAB in $220 million deal
86 400 chief executive Robert Bell. Source: supplied.
Aussie neobank 86 400 is set to be acquired by NAB, combining with the big bank’s own digital offering UBank.
NAB already owns 18.3% of 86 400, having taken part in its Series B funding round. Now, it plans to acquire the remaining shares for approximately $220 million, valuing the business at just shy of $270 million.
The deal is still subject to approval from regulators and shareholders. But, if and when completed, it will mean the second exit of an Aussie neobank from the market.
Fully backed by payments provider Cuscal, 86 400 has always been in something of a grey area of independence.
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Struggling B.C. renters send hundreds of postcards to housing minister
Last Updated Dec 29, 2020 at 9:17 pm PDT
Summary
Renters and advocates say they want the eviction ban reinstated, rent debt to be cancelled
VANCOUVER (CityNews) When Housing Minister David Eby returns to his office after the holidays, he’ll be greeted with a stack of cards but they won’t be offering him season’s greetings.
The Vancouver Tenants Union has illustrated postcards with stories of renters struggling through the pandemic, and are using them to ask Eby to reinstate a ban on evictions, and to forgive rent debt.
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