Named after the number of seconds in a day, the banking disruptor has partnered with Vow Financial, which has a network of over 1,200 brokers and is part of the Yellow Brick Road Group.

It’s a step closer, but 86 400’s home loan launch still depends on the ratification of a full banking licence from the Australian Prudential Regulation Authority (APRA).

The company describes itself as “a genuine alternative to Australia’s Big Four banks” which exists to give customers “a smarter, more personalised banking experience”.

86 400’s chairman, Anthony Thomson, has a track record of establishing new challenger banks.

He co-founded and chaired two in the United Kingdom – Metro Bank and the country’s first digital bank, Atom.

The CEO is Robert Bell, a former CEO of ANZ Japan, who said 86 400 didn’t set out to create a standard home loan.

“We are building an entirely new approach to the home loan process that will make life easier for brokers and deliver better value to customers,” Mr Bell said.

On the latest partnership, Mr Bell said 86 400 is excited to be on the panel of lenders of “one of Australia’s largest aggregators”.

“Mortgage brokers have long driven competition and choice for consumers,” he said.

Clive Kirkpatrick, General Manager of Yellow Brick Road Group, said the group looks forward to working with 86 400 to “provide Aussies with better value when it comes to buying a home”.

“86 400 is completely transforming the home loans process, providing more choice to home buyers,” Mr Kirkpatrick said.

86 400 has also partnered with mortgage application providers Loanworks and Simpology, which works with a range of broker groups across the country.

Late last year, 86 400 set its sights on launching its products publicly in early 2019.

This includes a debit card that works with Apple Pay, Google Pay and Samsung pay.

The startup is among a number of ‘neobanks‘, including Volt, Xinja and Up, hoping to gain a strong foothold in Australia’s banking sector to take on the Big Four.

Thus far, Volt is the only one to be awarded an unrestricted banking licence from APRA.

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