First neobank launches products to public

Posted by Anton Murray Consulting on . Posted in News


86 400 has become the first neobank to launch its products to the general public, offering consumers both a savings and transaction account. 86 400 was granted a full license by APRA in July and was the first neobank to skip the restricted ADI route and go straight for the full license. Now, less than two months after being granted its licence, the neobank has launched its “Pay” and “Save” accounts and its app is already poised to take advantage of the upcoming open banking regime.

The app allows customers to connect all of their financial accounts, allowing a read-only look at a consumer’s entire financial landscape on the one app. This includes credit cards and home loans. “Managing your money shouldn’t be so hard, but the simple fact is that staying on top of your finances has become too complex, leaving many Australians feeling anxious, stressed and frustrated. Today, we’ve launched a bank which uses smart technology to show 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,” said 86 400 chief executive Robert Bell.

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