The multinational investment bank will drive the capital raising process for one of Australia’s newest neobanks who is opening its doors to new investors. 86 400 is an aspiring bank that is currently been supported and fully funded by Cuscal Limited but is seeking new shareholders. Cuscal Limited, an independent payment provider will continue to support the neobanks as it enters its capital raising plan.
Robert Bell, chief executive of 86 400 said that Cuscal had helped the bank to invest heavily in their technology over the past two years. “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,” he said. The capital raising is in line with the banks business plan, which requires more than $250 million of capital over the first three years of operation to fund its growing balance sheet.
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