86 400

What 86 400 does

86 400 is an Australian digital smartbank headquartered in Sydney, founded in 2017. The firmographic data describes it as 'Australia's first smartbank', positioning the company as a mobile-first challenger bank targeting Australian retail consumers rather than enterprise or institutional clients. The platform's defining feature is the integration of Spend, Save, Bills, and Shared accounts into a single money-management experience, extended over time into home loans across buying, refinancing, and investment use cases.

The technology stack is a proprietary mobile-first banking platform delivered through a mobile app, supported by automated spending categorization, pay-cycle aligned insights, and shared-account functionality. The company website (86400.com.au) has been associated with the Ubank-aligned product surface that operates under NAB ownership with deposits guaranteed up to $250,000, indicating a strategic transition into the NAB ecosystem rather than continued independent operation.

The business model is a standard retail-banking revenue mix: net interest margin on customer deposits and home loan balances, plus ancillary fee and interchange income. Co-founder Anthony Thomson (recorded as former Chairman) anchored the founding team alongside a professional executive bench including CFO Belinda Hogan and COO Matthew Chan. The company raised approximately $21.2 million in a Series 2 round led by Morgan Stanley in April 2020 and scaled headcount into the 101-250 band before transitioning into the NAB/Ubank group structure.

Name

86 400

Website

https://www.86400.com.au/

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

501–1,000 employees

Short description

86 400 is an Australian smartbank founded in 2017 and headquartered in Sydney, offering a mobile-first integrated platform combining Spend, Save, Bills, Shared accounts, and home loans for Australian retail consumers.

Ownership category

akta.pro rank

Product category

Digital Banking

NAICS

Depository Credit Intermediation (5221)

SIC

National Commercial Banks (6021)

akta.pro primary industry

Retail-focused Neobanks (Mass Market) (FSABAFAA)

akta.pro secondary industries

Digital Retail Banking (Online & Mobile) (FSABAAAF), Digital Banking & Neobank Platforms (BPAMAFAD)

Keywords

• Digital banking
• Smart bank
• Transaction accounts
• Home loans
• Savings accounts

Headquarters

HQ city

Sydney

HQ country

Australia

HQ region

Oceania

Markets served

GTM type

B2C

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Core offering

86 400 is an Australian digital-first smartbank that provides consumers with everyday transaction (Spend) accounts, high-interest savings (Save) accounts, dedicated Bills accounts, shared joint accounts, and home loans. All products are delivered through a mobile app and online platform with no physical branches, featuring real-time spending insights, automated savings tools, and a fully digital account opening and home loan application process.

Product overview

86 400 offers a unified digital payment infrastructure platform built around its proprietary Reconciliation Engine. This core product addresses payment fraud and operational risks by consolidating transaction data across payment switches, core banking systems, and NPCI files, enabling real-time reconciliation and dispute resolution within India's digital payments ecosystem. The company operates as an initiative of Mobileware Technologies.

Differentiator

Problem solved

Functional benefit

Products and services

• Spend Account (Transaction Account) A fee-free everyday transaction account with no account fees, no currency fees, no ATM fees, and no transaction fees here or overseas. Includes real-time spending insights that categorize transactions into 50 categories synced to the user's pay cycle.
• Save Account (Savings Account) A high-interest savings account allowing customers to create up to 10 separate savings accounts for different goals, set targets, and earn bonus interest on up to $1 million total savings.
• Bills Account A dedicated account for setting aside money to cover bills, featuring a digital card to keep bills separate from daily spending and an in-app Bill Planner tool.
• Shared Accounts Joint Spend, Save, and Bills accounts that can be opened in seconds for partners-in-finance to manage money together.
• Home Loans Home loan products for first-home buyers, refinancers, and property investors, featuring unlimited redraw, multiple offset accounts, 10% deposit no-LMI options, and competitive rates starting from 6.09% P.A. for owner-occupied P&I loans up to 60% LVR.
• Mobile Banking App A mobile banking application enabling account opening in minutes, instant account usage, spending insights, savings targets, bill planning, and home loan application tracking — serving as the primary customer interface for the digital bank.

Quantifiable outcome

• Addresses payment fraud that more than doubled to ₹1,457 crore in FY24-25, with reported incidents jumping from ~13,000 to over 29,000 cases

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• Mobileware TechnologiescoreStrategic or Co-development Partner86400 is described as an initiative by Mobileware Technologies, indicating a parent-subsidiary or affiliated relationship. The parent company Mobileware Technologies established 86400 as a specialized digital payment infrastructure initiative focused on reconciliation and fraud prevention solutions for the Indian market.

Recent moves5 records

Expansion highlights4 records

Direct peers

• Ubank: Ubank is the direct successor brand to 86 400 after NAB's acquisition and rebrand, offering the same digital retail banking proposition (Spend, Save, Bills accounts) to Australian consumers. It is the most directly comparable peer given the shared origin and customer base.
• Volt Bank: Volt was one of Australia's first fully licensed neobanks, competing head-to-head with 86 400 for digital-first retail customers with branchless, app-based banking. It provides a clean like-for-like benchmark on customer acquisition and unit economics in the Australian market.
• Up: Up is Bendigo Bank's digital-first brand and a direct competitor to 86 400 in the smart/mobile-first retail banking segment, known for in-app automation, savings goals, and spending insights — directly overlapping 86 400's smartbank positioning.
• Judo Bank: Judo is an Australian challenger bank with an ADI license and significant capital base, competing in the same licensed deposit-taker category as 86 400, though more weighted toward SME lending. Comparable as a regulated Australian digital bank peer.
• Atom Bank: UK challenger bank co-founded by Anthony Thomson, Atom shares both founder DNA and a mobile-first, smart-features-led retail proposition with 86 400. It is a strong proxy for the strategic and product playbook 86 400 is likely following.

Broad incumbents

• Starling Bank: Starling is one of the UK's leading digital-only banks, comparable to 86 400 in operating model (licensed, app-first, automation-led) but at much greater scale. Useful as a benchmark for what scaled neobank economics look like.
• Nubank: Nubank is the global benchmark for mass-market digital banking at scale, providing a useful upside comparator for what a successful Australian smartbank execution could eventually become in terms of customer count and product breadth.
• Revolut: Revolut is a broad digital financial super-app with overlapping smart-features-led positioning (savings pots, spending insights, automation) similar to 86 400's smartbank pitch, operating at much larger scale across multiple geographies.

Regional players

• Tyro Payments: Tyro is an Australian-listed fintech with banking-adjacent capabilities (merchant acquiring and business banking), useful as a regional comparator for an Australian fintech monetising payments-adjacent infrastructure rather than pure retail deposits.

Emerging players

• Xinja: Xinja was a once-promising Australian neobank that ultimately wound down, making it a cautionary direct peer illustrating the downside scenario for undercapitalised Australian digital banks competing in the same segment as 86 400.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights4 records

Customer concentration

• Facebookfacebook.com/86400bank
• LinkedInlinkedin.com/company/join86400

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about 86 400