Australian neobank startup 86 400 has announced a $34 million Series A fundraising round led by Morgan Stanley.
The round includes funding from an Australian superannuation fund, other fund managers, high net worth individuals and family offices. The company did not name any of the other investors, according to a press release.
“We’re bringing products to market faster than any other bank in Australia, digital or otherwise,” Robert Bell, CEO of 86 400, said in the release. “The funding announced today means we can keep our foot firmly on the accelerator, continuing to build out both sides of the ledger and help even more Australians take control of their money.”
The neobank, which launched in September 2019, has developed seven different account products and said it is the only digital bank to offer home loans and shared accounts, which is in a pilot phase.
The company, which launched in September 2019, says it has 170,000 accounts and expects to reach 500,000 accounts in the next 12 months. The neobank expects to have $2 billion on the mortgage book by the end of 2021.
Companies: Morgan Stanley