Zeller, an Australian neobank for small businesses, has raised a AUD 100 million Series B round (about USD 72.7 million), bringing its total valuation to over AUD 1 billion (around USD 727 million). Headline spearheaded the funding, with Hostplus, an Australian superannuation firm, joining in. Square Peg, Addition, and Spark Capital were among the returning investors.

What the founder has to say:

Ben Pfisterer (Founder of Zeller) – 

“Zeller was founded because merchants looking for a financial service provider were underserved due to a lack of innovation, opaque pricing, and restrictive contracts.” According to him, they had to piece together card payments, banking, expenditure management, and accounts from various suppliers, with the majority relying on up to five distinct systems.

What the investors have to say:

Zeller signed up over 10,000 Australian businesses in just eight months, which is one of the reasons Headline decided to invest in it.

“The company’s rise is among the most amazing we’ve seen in any industry. To go from zero to 10,000 consumers in eight months is incredible — you don’t see that very often, Goh added. When we invest, we look for firms that are growing at a rate that is many standard deviations higher than the industry average, and Zeller is a perfect example of that.”

“We appreciate the company’s first act of recruiting clients in a capital-efficient manner via its best-in-class point-of-sale/merchant-acquiring product, followed by expanding into a broader range of business banking solutions.”

-King Goh (Principle of Headlines).

About Zeller:

Ben Pfisterer, Square’s former Asia Pacific and Australian CEO, and Dominic Yap, the fintech’s strategy and growth lead, founded the fintech in 2020. 

For retailers, the company features a straightforward sign-up process. They begin by creating an account on Zeller’s website. They can then order a Zeller POS terminal online or in-store at Officeworks. According to Pfisterer, Zeller also has a competitive advantage over traditional banks in terms of customer service, with typical phone wait times of less than 45 seconds.

New omnichannel commerce capabilities, such as the ability to take online payments through integrations with websites and e-commerce platforms, are on Zeller’s product roadmap. It will also provide merchants with the option of creating new accounts to handle and hold monies and tools to track spending across customer profiles and business locations.

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Kshitij does business research and content writing for VCBay. Pursuing BBA from Symbiosis Center Of Management Studies (SCMS) Pune, he is skilled in Financial Modeling, Stock valuation and Microsoft Excel. He is passionate about Entrepreneurship and Finance.

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