In the space of just two months, the ranks of Australian consumer neobanks has halved from four to two, although the respective pathways could not be more different.
NAB announced today the acquisition of Cuscal-owned & backed, 86 400 in a deal worth $220m.
This marks a fantastic return for Robert Bell & his team who have ploughed a successful furrow into mortgage-lending, as well as offering a cool banking-app experience with solidly performing tech.
Volt is now standing proud as the sole remaining independent neobank and UP continues to perform well.
https://www.itnews.com.au/news/nab-to-buy-out-neobank-86-400-560381
It will be interesting to compare the value NAB gets from this strategic A$220 million investment in 86 400 versus what CBA will get from its tactical US$300 million investment in Klarna.
Madeline Cunningham
Jennifer Harrison
Maria MacNamara
IdeaSpies
David Hauser @ Silicon Beach