:86 400 was an Australian

neobank A neobank (also known as an online bank, internet-only bank, virtual bank or digital bank) is a type of direct bank that operates exclusively online without traditional physical branch networks. The term "challenger bank" is used in the UK to re ...

, owned by

National Australia Bank National Australia Bank (abbreviated NAB, branded nab) is one of the four largest financial institutions in Australia (colloquially referred to as "The Big Four") in terms of market capitalisation, earnings and customers. NAB was ranked 21st-la ...

(NAB). It was founded in 2019 by Robert Bell and Anthony Thomson It was majority owned by payments company

Cuscal Cuscal Limited is an Australian company that predominantly provides transactional banking, liquidity and capital management services and products to institutional customers including credit unions, mutual banks and superannuation funds. Cusc ...

prior to a takeover by NAB. It gained a licence to operate as an authorised deposit-taking institution in 2019. In 2021, it was taken over by NAB for and merged into its

UBank Ubank (stylised as ubank) is an Australian direct bank, that operates as a division of National Australia Bank (NAB). It was established in 2008, and provides savings products and home loans over the Internet and telephone. Ubank operates un ...

subsidiary. This was approved by the

Australian Competition & Consumer Commission The Australian Competition and Consumer Commission (ACCC) is the chief competition regulator of the Government of Australia, located within the Department of the Treasury. It was established in 1995 with the amalgamation of the Australian Tra ...

, despite concerns about reducing competition.'Evans and Partners analyst Matthew Wilson said it was unlikely 86 400 would have been a vigorous competitor to NAB, but suggested it may have addressed “the excess profits” in retail banking' In October 2021, after the take-over by NAB, Robert Bell stepped down as CEO, to be replaced by Philippa Watson, CEO of UBank, who combined the roles of CEO of both NAB subsidiaries. The brand was retired in May 2022.Neobank 86 400 is gone, absorbed by ubank
''Savings'' 17 May 2022

References

{{National Australia Bank, state=collapsed Banks established in 2019 Banks disestablished in 2022 Defunct banks of Australia National Australia Bank Neobanks 2019 establishments in Australia 2022 disestablishments in Australia