86 400 raises AUD 34 million in Morgan Stanley-led Series A
Australian challenger bank 86 400 has raised AUD 34 million ($20.8 m) of new funding in a Series A funding round led by Morgan Stanley.
The latest funding, one of the largest Australian Series A rounds to date, brings the total capital raised by 86 400 up to AUD 90 million.
The new capital will be used to underpin new business operations and go towards making the new bank a self-sustaining operation
86 400 is part of a new breed of digital banks in Australia, and having launched in September 2019 claims to be on track to reach 500,000 customers by the end of 2020.
Further projections by the challenger predict that it will have accrued a mortgage book of close to AU 2 billion by the close of 2021.
CEO Robert Bell told the Australian Associated Press that 86 400 would also be looking to kick off an initial public offering (IPO) within the next 18 to 24 months.