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Digital bank 86 400 has linked up with buy now pay later company Zip – and it could be 'just the start' of a new type of banking

Jack Derwin
  • Zip customers will now be able to get a full overview of their account from within digital bank 86 400's app.
  • It comes as part of 86 400's strategy to attract customers by giving them a clear picture of their finances in one place.
  • Earlier this year, the digital bank began using Sydney-based data company Accurassi to allow customers to find and switch to a better electricity deal.
  • Visit Business Insider Australia's homepage for more stories.

Two of Australia's most promising fintech companies have announced they're partnering up.From Tuesday, 86 400 customers will be able to see all of their Zip transactions and data from within the neobank's app.

The collaboration between the two Australian fintechs marks a step forward in 86 400's strategy. "More than two-thirds of Australians are multi-banked and are looking for new ways to spend and budget," 86 400 CEO Robert Bell told Business Insider Australia.

"Bringing 86 400 and Zip together helps our customers see their whole financial world and make more informed spending and saving decisions on a daily basis. This is just the start."

Since launching to the public in September, 86 400 has worked to provide a full overview of a customers' financial state.

The future of banking, as Bell sees it, is one of greater fragmentation with customers using different banks and financial institutions for different products, be it a home loan, credit card, or savings account.

The trick then for a budding challenger bank could lie in being able to give customers a full overview of exactly what they're borrowing, saving, and spending in a way other banks just aren't. So far, 86 400 customers can view their accounts with more than 100 different institutions within the one app.

"With two disruptors focused solely on delivering what customers want, we can move at a pace that incumbents can only dream of, backed by a mindset of building experiences that are better for the customer," Bell said.

It's the genesis of the latest partnership with Zip.

"Millions of Australians are looking for new and better ways to pay and are adopting smarter technologies, such as 86 400 that help them better manage their banking," Zip CEO Larry Diamond said in a statement.

"We are equally as excited about new features that make it even easier for customers to leverage both companies’ offerings within a seamless digital experience."

So too will it mark one of many new integrations to come, with Bell saying there's plenty of innovative Australian companies from which to choose.

"We’re interested in working with any like-minded businesses that put their customers first, whether those are in fintech like us, or from other sectors," he said.

Earlier this year, 86 400 began working with Sydney-based data analyst Accurassi to find customers a better deal on their electricity bill and help them switch providers all within the app.

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