National Australia Bank is buying 86 400, one of Australia’s leading digital only banks. The incumbent plans to combine the neobank with its own digital bank UBank. NAB already owns an 18.3 per cent stake in the challenger bank. It is now proposing to buy the remaining shares for a
86 400 today announced what it says is the first consumer facing feature to use open banking data in Australia. The neobank’s new savings account comparison tool pulls the saving interest rates of competitors into a “real time” comparison graph by using the product data some banks are now mandated
Australian digital-only bank 86 400 today announced $34 million of new equity, closing a Series A capital raise and bringing the total amount of capital it has raised to $90 million. The funds will go to new product and feature development and support mortgage book growth. The latest round of
Open Banking is scheduled to begin in July but its benefits won’t be felt by most consumers for at least two more years, according to Robert Bell, CEO of 86 400, a neobank involved in the current testing phase. Bell told Which-50 that 86 400, which already uses customers’ external
The debate over the future of screen scraping in Australia is being complicated by the slow roll out of Australia’s open banking regime, a data sharing system which would make the practice obsolete. Screen scraping occurs when consumers provide their banking username and password to a third party, such as
COVER STORY: Australia’s Neobanks have Cleared Key Regulatory Hurdles, But Will Customers Embrace Them?
The Australian market for neobanks is less than a year old, but the new entrants have big ambitions to change the way consumers bank — putting the pressure on Australia’s biggest and most established banks. The newcomers have already cleared significant hurdles by appeasing Australia’s regulators to secure their banking
A new digital bank is set to take on Australia’s big four, investing heavily in proprietary technology and shunning bank branches. 86 400, which has been in stealth mode for the last two years, launched publicly today. The challenger banks plans to make its app to the public in the