Australian challenger 86 400 seeks more funding
Australian challenger bank 86 400 is looking for more funding to support the next phase of its growth beyond launch, appointing Morgan Stanley Australia Limited to assist with this process.
“Our mission is to help Australians take control of their money”
To date, the aspiring bank has been supported and fully funded by Cuscal Limited, Australia’s independent payments provider. While Cuscal will continue to support 86 400, the company is seeking to add new shareholders towards the end of 2019.
The capital-raising is in line with its business plan, which requires more than $250 million of capital over the first three years of operation to fund its growing balance sheet.
Anthony Thomson, chairman of 86 400, also comments: “We look forward to introducing new, like-minded shareholders to the business towards the end of this year, as we deliver the easiest version of banking to Australian customers.
“Our mission is to help Australians take control of their money, placing them at the very centre of what we do – every second, of every minute, of every day. All eighty-six four hundred of them.”
The bank is currently piloting and will launch with a transactions and savings account later this year. It continues to progress its application for a full banking licence from the Australian Prudential Regulation Authority (APRA).
