Work has started on combining the businesses to form Australia’s leading digital bank.
In January 2021, 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.
The acquisition was subject to certain regulatory approvals which have now been received.
UBank CEO, Philippa Watson said: “Bringing together UBank and 86 400 will help deliver on our strategy to enhance our customer experience and meet their changing needs. This will create a stronger and more competitive banking alternative for Australian customers.”
“Together we will develop a leading digital bank and create the next generation of simple, fast and mobile banking solutions for our customers.”
86 400 and UBank will continue to operate as separate businesses in the short term with no immediate changes for customers of either business.
UBank customers will continue to use the UBank App, Internet Banking, card and services.
We look forward to providing you with updates as we bring together the two businesses.
More information on the acquisition can be found here.