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.
A plus-sized lingerie company has come under fire for continuing to sell products and gift vouchers online just days before the business abruptly closed.
Queensland-based lingerie business Big Girls Don t Cry Anymore announced on its website this week it would be shutting, leaving 50 employees out of a job just days before Christmas.
It is understood the company increased its online advertising in the lead up to its closure, promoting discounts and vouchers despite its looming demise.
Many customers have been left fearing they won t be able to get their money back for their purchases as the company owes creditors about $2 million.
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NewsMail have been on the hunt for the best Christmas butcher and deli in the region and the meat lovers have spoken. With a number of butchers nominated, Bargara Meats took out the top place in our online poll. And it s easy to see why the butcher shop topped the list - a few minutes in store and customers just don t stop coming. Bargara Meat s Dan Sauer said he was blown away to hear so many customers had voted for them. We really appreciate the support, he said. Mr Sauer employs a number of locals and has been in business for 12 years, the past three at the Bargara Central shopping complex.
A shopper says using buy-now-pay-later services nearly cost her dream home after the purchasing scheme ruined her credit rating.
Leanne, 33, a regional sales leader from Melbourne, signed up to Zip Pay to buy a $500 dress from Camilla for her sister s wedding in mid-2016.
After finding the service handy, she later started using After Pay as well as an alternative payment option to help take the edge off bigger expenses.
But when she went to apply for a home loan in July this year, her mortgage broker said using the seemingly harmless services had plummeted her credit rating. My fiancé and I are pretty good savers, we have always been financially savvy when it comes to money. When I saw the dress I thought I d sign up to Zip Pay to help space out the amount I needed to spend, Leanne told Daily Mail Australia.