Another Australian startup joins the Unicorn club. Following a $100 Mn Series B funding round, Melbourne-based fintech platform Zeller has crossed a valuation of $1 Bn, and has joined the Unicorn Club. The latest funding builds on $25 Mn raised prior to the company’s public launch, and $50 Mn secured in June 2021.
The round was led by US-based venture capital fund Headline and Australian industry superannuation fund Hostplus. Existing investors Square Peg, Addition and Spark Capital also participated in the round.
Founded in 2020, Zeller is working towards levelling the playing field where all businesses benefit from access to smarter payments technology and integrated financial services that enable them to accelerate their cash flow. From accepting payments, to managing finances, to paying recipients fast; by bringing every tool together into one connected ecosystem, Zeller helps cut down on the time spent on finding providers, completing long applications, onboarding, and getting set up.
“We’re excited to be entering Zeller’s next growth phase, as we rapidly expand our product range to offer businesses access to every financial services product they might need to thrive,” Zeller co-founder and CEO Ben Pfisterer said.
“Listening to feedback from over 10,000 businesses who joined Zeller in our first eight months helps us to continually build new products that meet their evolving needs, as they reestablish themselves following the pandemic. In collaboration with our growing Australian customer base, we hear that they want a single financial services solution that brings together every product they need to run and grow their business,” added Pfisterer.
The fintech lender plans to leverage the recent funding towards doubling down on the development of its fully integrated financial operating system for business owners which has only been live for eight months, during which the company has attracted more than 10,000 Australian business customers.
“Businesses of all sizes are now expecting their financial services to be provided via a best-in-class experience given the rapid evolution in modern data availability and business needs. Zeller's remarkable growth over the past eight months is a testament to how they are reimagining the traditional business banking industry. Ben and the team have built strong core products, and we are looking forward to working with them to grow and expand on this foundation,” said Headline Principal King Goh.
Goh added the fintech scaleup was well on its way to “redefining how financial connectivity is delivered to Australian businesses”.
Talking about the rapid disruption, Zeller Co-Founder Pfisterer said that with the accelerated displacement of cash, they have seen in-person card payments experience unprecedented growth. “Yet over nine million Australians transacted online last financial year, so it’s critical that businesses can accept payments wherever their customers are. Delivering the tools to accept payments and get a complete view of their business, be it in-store or online, is our first step into seamless omnichannel commerce”.
Pfisterer said the company would focus on accelerating development of new financial service solutions this year that will give customers more options, from payments, to expense management, finances, credit and more.
“Our team set out to reimagine business banking by delivering a two-sided finance services operating system. We’ve built new solutions from the ground up that redefine how merchants accept payments, manage finances, and spend their funds.”
“This year we will deliver innovative financial services to further replace outdated business banking solutions — including next-generation banking capabilities, enhanced credit and debit cards, expense management, lending, and more. We want Zeller to be at the centre of a business’ financial ecosystem, enabling them to have a complete view of every customer interaction and the overall health of their business.”
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