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86 400 has announced that it has officially opened a new capital-raising initiative to support the next phase of its growth beyond launch, appointing investment bank Morgan Stanley Australia to assist with the process.
The neo-lender, which has been fully funded by independent payments provider Cuscal Limited, is seeking to obtain new shareholders throughout 2019 as part of a plan that requires more than $250 million of capital over the first three years of operation to fund its balance sheet.
86 400 noted that it is currently piloting and plans to launch with a transaction and savings account later this year upon receipt of a full banking licence from the Australian Prudential Regulation Authority (APRA).
Following the announcement, Robert Bell, CEO of 86 400, said: “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.
“But that’s just the beginning for 86 400. We are developing products and services designed to help our customers out, not catch them out, making it easier than ever before for Australians to manage their money.”
Chairman of 86 400 Anthony Thomson added: “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.”
[Related: ‘Entirely digital mortgage process’ launched in NSW]
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