86 400, one of the ambitious digital banking initiatives that have emerged recently in Australia, announced that it has received an investment of $ 34 million. The investment, led by Morgan Stanley, has also become one of the largest investments in a fintech venture in Australia at once. The investment target was 86 million dollars at 86 400, which started working for the series A tour investment since last year. The digital banking initiative, which has managed to receive a total investment of $ 90 million when we include this last $ 34 million to date, aims to offer the public in the next 18-24 months period. The Australian Pension Fund, some fund managers and high-income individual investors contributed to the investment in this round. With the launch in September 2019, the digital bank, which has opened more than 170 thousand accounts, aims to reach 500 thousand accounts in the next 12 months. The point where the 86 400 wants to grow is also very important, and the digital bank is always looking to be a digital bank that can stand up to big banks instead of being a niche alternative. For this, he wants to grow with home loans, that is, mortgage. The initiative’s goal is to create a mortgage volume of $ 2 billion by the end of 2021. It is also stated that the incoming investment will be used to support the company’s commercial operations. In short, despite the investments it has undertaken, it is not a self-sufficient point for now. Therefore, although the figures are high, we all know that serious figures are required to maintain a bank operation and manage risk. Robert Bell, the General Manager of the digital bank, explains in his statements that all the staff work from home due to the corona virus and the virus does not affect them too much because they do not have branches. Drawing attention to the high NPS scores they receive in being customer-oriented, Bell also states that they continue to keep their promises about being customer-focused on the road. In addition to its competitors such as Xinja, Volt Bank and Up in the Australian market of 86 400, there are also geared competitors such as Revolut, which are waiting in line to enter the Australian market.
