Neobank 86 400 has been granted a full Authorised Deposit-taking Institution (ADI) licence by APRA.
This means that 86 400 – which will launch with transaction and savings accounts – has met the same regulatory requirements as the major Australian banks, therefore guaranteeing customers the same level of protections.
Robert Bell, CEO of 86 400 said, “This has been an incredibly thorough process and we’ve had every element of our business stress-tested to confirm that we are as robust, secure and safe as any bricks-and-mortar bank. The only thing remaining is to bring 86 400 to market, which we’re now very close to doing.”
“I’m so proud of our team for all the work that’s gone into getting us to this point — but we’re only just getting started.”
86 400 will use data and analytics to help customers gain a better understanding of their spending and savings habits, enabling them to take control of their money.
In as little as two minutes, customers will be able to open an account with competitive fees, a great savings rate, and real-time payments.
From launch, customers will have access to all the digital pays – Apple Pay, Google PayTM, Samsung Pay, as well as FitBit Pay and Garmin Pay – along with a Visa debit card, ATM access and customer support.
The 86 400 app will be coming soon to both the App Store and Google Play, first available to those who have signed up via the waitlist on the neobank’s website.
Anthony Thomson, chairman of 86 400 said, “With the latest technology, a simpler operating structure and streamlined systems and processes, we’ll be able to make savings that are passed on to our customers, and better returns for our investors.
"To get APRA’s approval today is a testament to the incredible work of the 86 400 team over the past two years.”