- 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.