Australian fintech, Zeller has secured an additional $50 million investment from US-based Spark Capital, taking total funds to $81 million in the last 12 months, making it Australia’s most valuable pre-launch start up.
The funding will be used to accelerate the development of Zeller’s integrated business banking platform and expand their product and engineering footprint across Australia.
Over 1,500 Australian businesses have signed up for Zeller within the first month with over 80% of early adopters switching to Zeller from an existing business banking relationship with an incumbent for better service, innovative technology, lower pricing and local support.
Business owners are frustrated by the lack of service and support they receive, and they are paying incredibly high fees for outdated hardware and underdeveloped banking technology, according to Zeller CEO and co-founder, Ben Pfisterer.
“By seeing so many established businesses switching to Zeller from the banks, it motivates us to double-down on our efforts to build more business banking products that serve the needs of growing businesses,” he said.
“We built Zeller to connect the disparate financial services, payments and baking tools that Australian businesses use every day. Our vision is to support these banking requirements and our partnership with Spark Capital helps accelerate development of these new products for a rapidly growing customer base.”
Spark Capital’s James Kuklinski said, “The Zeller team brings decades of collective experience in payments, technology and finance, and we are excited to join them in levelling the playing field for business owners through access to smarter business banking solutions.”
The $50 million investment was led by Spark Capital with additional funding from existing partners including Square Peg, Apex Capital Partners and Addition.
Zeller’s new business banking alternative was launched on May 4, and helps businesses accelerate their cash flow by providing a fully integrated business banking solution that includes a next-generation EFTPOS terminal, a fee-free business transaction account, and free business Mastercard. Businesses can purchase Zeller Terminal exclusively from Officeworks stores, or online at myzeller.com with free shipping nationally.