86,400 raised $34 million in March, bringing total capital to $90 million. Morgan Stanley led the increase, which included investments from “pension funds, fund managers, high net worth individuals and family offices.”

“We’re bringing products to market faster than any other bank in Australia, digital or otherwise,” CEO Robert Bell said. “The funding announced today means we can keep our foot firmly on the gas as we continue to build both sides of the ledger and help even more Australians take control of their money.”

86,000 has more than 170,000 accounts on its platform and sees more than 350,000 transactions and balance updates every day.

"At our current rate of growth, we should reach 500,000 accounts on the platform in the next 12 months," Mr Bell said. "Of course, this will be balanced by growing the credit side of our business and we expect to have a mortgage portfolio of close to $2 billion by the end of 2021."

86,400 has launched seven products since September 2019. and plans to deliver three more by the end of 2020. It is currently the only neo-retail bank in Australia to offer home loans and shared accounts, which are currently in pilot phase. Fellow neobanks Volt and Xinja plan to launch home and personal loans in 2020.