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​86 400 to Combine with Ubank to Accelerate Growth

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​86 400 to Combine with Ubank to Accelerate Growth 86 400 to combine with UBank ​ to accelerate growth 86 400 will join the NAB family, accelerating innovation in the industry and creating a smart digital bank committed to helping all Australians take control of their money Sydney, Friday 29th January 2021 — Australia’s first smartbank, 86 400, has today ​ ​ ​ ​ ​ ​ announced its intention to combine with UBank, creating a smart digital bank committed to helping all Australians take control of their money. The transaction, which is subject to approval by shareholders and regulators, would see the 120-person 86 400 team become part of the NAB family. NAB recently participated in 86 400’s ​ ​ ​ ​ Series B capital raise and currently holds an approximate 18.3% shareholding in 86 400. It now ​ ​ proposes to acquire the remaining shares by way of a scheme of arrangement, with total [1] consideration expected to be up to approximately $220 million .​ ​ The price offered by NAB is a premium to 86 400’s recent Series B capital raise, which added to ​ ​ a wide range of local and international investors, reflecting the value 86 400 has created ​ ​ ​ ​ through its leading technology, experience and team. Since launching in September 2019, 86 400 has focused on building a sustainable business ​ ​ with lending and deposits, completed its rollout of “everyday” banking products and features and now has over 85,000 customers and 320,000 accounts on its multiple award-winning platform. 86 400 launched the first digital mortgage for brokers in November 2019, and now has more ​ than 2,500 accredited brokers. Last month was 86 400’s largest ever month for home loan ​ ​ applications, with more than $270m in home loans now settled or unconditionally approved as at ​ 15 January 2021. “From day one, our purpose has been to help Australians take control of their money. We’ve just rounded out an incredible year, delivered by our phenomenal team of only 120 people, and we’re only just getting started,” said Robert Bell, CEO of 86 400. “This will significantly fast-track ​ ​ ​ ​ our growth, propelling our business, customer numbers and balance sheet to a position which would’ve otherwise taken five years.” “Coming together with UBank gives us the scale, funding and capital to dramatically accelerate our growth and reach even more Australians with our smarter approach to banking,” said ​ Anthony Thomson, Chairman of 86 400. “It means we’ll be able to invest even more into ​ ​ ​ developing smart products, experiences and services, helping our customers own their home faster and reach their goals sooner with smarter spending and saving.” “UBank has a proud 12-year history of innovation as a pioneering digital bank and today serves more than 600,000 customers to help achieve their financial goals,” said UBank CEO, Philippa ​ Watson. “Combining with 86 400 will bring together UBank’s established business and 86 400’s ​ ​ ​ ​ experience and technology platform to help us meet the changing needs of our customers. We are looking forward to having the 86 400 team join us to help deliver the next generation of ​ ​ simple, fast and mobile banking solutions.” 86 400’s independent directors have unanimously recommended that its shareholders vote in ​ favour of the scheme, and each 86 400 director has confirmed their intention to vote any 86 400 ​ ​ ​ shares which they own or control in favour of the scheme, in each case subject to an independent expert concluding that the scheme is in the best interests of 86 400 shareholders ​ ​ and in the absence of a superior proposal. Completion of the transaction is subject to certain conditions, including regulatory approvals from the Treasurer, the Australian Prudential Regulation Authority (APRA) and the Australian Competition and Consumer Commission (ACCC), and approval of the scheme by the Federal Court. Subject to the timing of approvals, completion is expected to occur by mid calendar year 2021. You can find more information on the 86 400 media page here. ​ ​ ​ ​ [1] This​ includes other upfront transaction related expenses to NAB. [ENDS] Media contact Bradley Tubb Sling & Stone [email protected] [email protected] (+61) 0431 051 335 About 86 400 86 400 is Australia’s first smartbank, built for smartphones. A bank which tells customers what’s actually going on with their money, so they feel in control every second of every day. All eighty-six four hundred of them. Led by CEO Robert Bell and chaired by Anthony Thomson, 86 400 launched in September 2019. 86 400 enables customers to connect their accounts (from over 100 financial institutions) in one place, giving them a better view of their finances. It uses smart technology to surface the most relevant information about spending, saving and bills, so customers can plan forward, as well as look backwards. Australians can open an 86 400 account in just 120 seconds, giving them great rates, no monthly fees, plus access to Apple Pay, Google Pay and Samsung Pay. 86 400 is an independent company backed by Cuscal Ltd, Australia’s leading independent payments provider. 86 400 is majority owned by Cuscal, along with an Australian superannuation fund, fund managers, high net worth individuals and family offices. For more information visit www.86400.com.au, or open an account via the App Store or Google Play. ​ ​ ​ ​ ​ ​ ​ ​ ​ 86 400 Ltd has been granted a full banking licence by APRA and is an authorised deposit-taking institution. 86 400 Ltd ACN 621 804 813 AFSL and Australian credit licence 506560. .
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