ubank announces the intended acquisition of neobank 86 400

This morning, ubank announced its intention to acquire Australian neobank 86 400 to form a simple, fast and mobile bank committed to helping Australians take control of their money.

ubank will accelerate its digital transformation by utilising 86 400’s technology to create a market-leading platform and product offering for customers.

ubank CEO, Philippa Watson, this morning told the ASX that 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.

As the transaction is subject to regulatory approval, there is no immediate change for ubank or 86 400 customers and we’ll continue to operate as ubank, with the strength of National Australia Bank.

We look forward to providing you with updates as the transaction progresses and continuing to bring you new tools and technology to help you better manage your money.

Read the full announcement here.