App-based startup 86 400 is looking for $250 million as it prepares to become Australia’s newest bank

  • 86 400 is a new digital-only bank led by British entrepreneur Anthony Thomson
  • It’s backed by Sydney-based payments services company Cuscal
  • The bank is waiting for APRA approval to launch with a savings account this year
  • It’s seeking $250m over the next three years to strengthen its balance sheet
Digital banking startup 86 400 (named after the seconds in a day) is on the hunt for cash as it prepares to take on the Big Four.

The app-based challenger bank, led by British banking pioneer Anthony Thomson, co-founder of the UK’s Metro Bank and publicly listed digital bank Atom, has been funded by Sydney-based payments services company Cuscal following the launch of its pilot phase in mid-2018.

However, 86 400’s progress in obtaining a full banking licence as an Authorised Deposit-taking Institution (ADI) from the Australian Prudential Regulation Authority (APRA) has been slower than anticipated and 86 400 is now plans to launch with a transactions and savings account for iOS and Android smartphones later in 2019, having missed plans to go public in the first quarter of this year.

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