NAB to buy out neobank 86 400 – Finance – Digital & Disruption – iTnews

NAB is set to acquire neobank 86 400 and combine it with its own digital-only proposition UBank.
The big four bank already holds approximately 18.3 percent of 86 400 after participating in a recent capital raising round.
It is now proposing to buy out the remaining shares for a cost of approximately $220 million, “a premium” on the recent raise.
86 400 said it has over 85,000 customers and 320,000 accounts, as well as a digital mortgage brokerage business.
The neobank’s CEO Robert Bell said in a…

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