An aspiring bank has announced it is entering into a new phase of capital raising efforts, in line with its business plan that calls for more than $250m of capital over the first three years of operation.
To facilitate this stage of growth beyond the launch, 86 400 has appointed Morgan Stanley Australia to assist in the fundraising efforts.
CEO Robert Bell explained, “Over the last two years – and with the support of Cuscal – we’ve invested heavily in building proprietary technology that will change the way retail banking is delivered in Australia.
“Our app and Customer Experience Engine (CXE) are both built and in testing and we plan to launch with a transaction and savings account soon after we receive our banking licence.”
Thus far, the neobank has been fully funded by Cuscal Limited, but is seeking to add new shareholders before the end of 2019.
Its business model is reliant upon “smarter technology, a simpler operating structure and streamlined systems and processes” to allow savings to be passed onto customers and better returns for investors.
Chairman of 86 400 Anthony Thomson said, “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,” he concluded.
