Zepto, an Australian real-time account-to-account (A2A) merchant payments network, announced on March 28, 2022, that it has raised a AUD 25 million Series A (about USD 18.8 million) from AirTree Ventures and Decade Partners.
The Series A fundraising follows the company’s 10x sales increase year over year since its inception in 2018. The company says it processes more than AUD 4 billion in payment volume per month and intends to process more than AUD 50 billion this year, but it didn’t provide a baseline for that increase or its valuation.
The business will utilize the new capital to improve the functionality of the NPP’s PayTo framework and speed its international expansion, beginning with New Zealand, where there is a significant need for Zepto’s infrastructure. Zepto wants to go to the United States after New Zealand.
What the founder has to say:
Chris Jewell, CEO of Zepto:
“Data-rich, real-time payments across bank accounts are the future of how we transact. Australian officials have recognized this with the implementation of NPP’s PayTo, which will eventually replace direct debit in the next 3-5 years.” Payment preferences among merchants and consumers are changing away from costly legacy payment options such as credit cards and slow, blind traditional direct debit.
A generation of consumers will never hold a credit card or be approved for a buy-now-pay-later product. Still, bank accounts are widespread, and direct payments between them offer a straightforward, clean, and efficient method to pay for things.”
What the investors have to say:
Partner at AirTree Ventures James Cameron:
“Open banking and real-time, bank-to-bank payments are revolutionizing how we pay and get paid, and the global payments environment is in the midst of its largest upheaval in decades.”
Australia has found itself in the center of this upheaval, thanks to open banking and the NPP, and Zepto is the top pioneer in this field. With businesses like Afterpay, Athena, and Airwallex, Australia has demonstrated that it can out-innovate the rest of the world in the fintech space.”
About Zepto:
The immediate payment platform connects directly from the payer’s bank to the merchant’s bank, allowing merchants to make, manage, and receive safe payments.
According to the NPP website, the NPP (new payments platform), Australia’s open-access infrastructure for quick payment, is used by more than 100 Australian institutions, including banks, fintech startups, and credit unions. PayTo from NPP is a new digital solution that allows merchants and businesses to make real-time payments from their customers’ bank accounts.
Hundreds of Australian businesses use Zepto, including lenders, trading/crypto platforms, third-party processors, proptech firms, and travel and tourist businesses. Among its customers are Binance Australia, Superhero, Novatti Group, Nimble, Powerplay, Till Payments, Bluestone, Rentbetter, Biz Pay, and Get Blys.
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 merchant payments network, announced on March 28, 2022, that it has raised a AUD 25 million Series A (about USD 18.8 million) from AirTree Ventures and Decade Partners.){kind=link}
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