NAB's UBank subsidiary has agreed to buy one of its portfolio companies, banking app developer 86400, at a valuation of approximately $207m.

UBank, a virtual bank subsidiary of financial services firm National Australia Bank (NAB), has agreed to acquire 86400, an Australia-based neobank backed by NAB, for up to A$220m ($169m).

The deal will value 86400 at nearly $207m, according to SmartCompany. Payment service provider Cuscal currently owns a majority stake in the company, with NAB holding an 18.3% stake.

Founded in 2017, 86400 has created a mobile banking platform that allows users to access accounts they may hold across some 100…

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Edison Fu

Edison Fu is a reporter and Asia liaison at Global Corporate Venturing.
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