Zeller Bank becomes Unicorn with $100 million in funding

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Australian digital merchant bank Zeller raised $100m in a Series B funding round that gave the startup a $1bn valuation and brought its total investment to over $181m since June 2020.

The two-year-old FinTech is co-founded by two former Square executives: Ben Pfisterer, who serves as CEO, and Dominic Yap as COO. It operates an enterprise-ready payment platform and develops a fully integrated financial operating system for business owners.

The funding round was led by Headline and Hostplus with participation from previous investors Square Peg, Addition and Spark Capital. The new capital injection will be for further development of Zeller’s new product line that will “reinvent and further replace traditional payments and business banking,” Zeller said in a statement. Press release Thursday (March 3).

See also: Pushing Australian SMEs beyond banking basics

Pfisterer said that as Zeller enters its next stage of growth, it is expanding its product line to “provide businesses with access to all the financial services products they might need to thrive.”

More than 10,000 companies have become Zeller customers in its first eight months of business, and it’s this feedback that has helped guide the development of new products “that meet their ever-changing needs, as they are recovering from the pandemic,” Pfister added.

Zeller offers Australian business owners a fully integrated solution for payments and financial services. The all-in-one digital solution includes a next-generation EFTPOS terminal, a business transaction account and a Mastercard, according to the statement.

Read more: For the banking industry, moving to the cloud is a matter of when, not if

“Zeller is well on its way to redefining the way financial connectivity is delivered to Australian businesses, following in the footsteps of tectonic shifts in the global B2B fintech ecosystem,” said King Goh, Director of Headline.

“Businesses of all sizes now expect their financial services to be delivered through a best-in-class consumer experience, given the rapidly changing availability of modern data and business needs. Zeller’s remarkable growth over the past eight months is a testament to how they are reinventing the traditional business banking industry,” Goh said.

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