Australian fintech Zeller lands $73m Series B funding
Australian fintech Zeller has raised $73 million (AUD 100 million) in a Series B funding round.
The round was led by US venture capital firm Headline and saw participation from Australian industry superannuation fund Hostplus and existing investors Square Peg, Addition and Spark Capital, among others.
The company says the new capital injection has doubled its valuation to more than $730 million (AUD 1 billion).
Zeller CEO Ben Pfisterer says the fintech is entering its “next growth phase” as it looks to expand its product range “to offer businesses access to every financial services product they might need to thrive, as they re-establish themselves following the pandemic”.
Zeller says it provides a “financial operating system” for businesses. It offers a fully integrated payments and financial services solution including a next-generation EFTPOS terminal, business transaction account and Mastercard debit card.
The fintech will spend the cash on launching new payments and business banking capabilities including online payment acceptance, enhanced credit and debit cards, expense management and lending.
The company is also launching omnichannel commerce capabilities. Business owners will be able to use Zeller payment processing when selling products or sending invoices online, and then track sales and analyse all payments data across every sales channel.
Zeller says it has signed up more than 10,000 Australian businesses within eight months, with more than 80% of customers switching from traditional banking.