Zeller, the Australian business banking startup that launched last month, has raised another A$50 million in funding led by Spark Capital.
The startup – founded by former Visa exec and Square Apac leader Ben Pfisterer and his colleague at Jack Dorsey’s firm, Dominic Yap – has now raised A$81 million in 12 months, making it Australia’s most valuable pre-launch startup.
Zeller is bidding to take on Australia’s big four banks with a platform includes a next-generation EFTPOS terminal, a fee-free business transaction account, and free business Mastercard, all in one box.
In its first month, the startup has seen 1500 businesses sign up, with over 80% of these switching from incumbents.
Says Pfisterer: “Our team hears how frustrated these business owners are by the lack of service and support they receive, and that they’re paying incredibly high fees for outdated Eftpos hardware and underdeveloped banking technology.
“The fact we’re seeing so many established businesses switching to Zeller from the banks motivates us to double-down on our efforts to build more business banking products that serve the needs of growing businesses.”
The new funding will be used to expand Zeller’s Australian product and engineering hub, with 18 new engineering roles just opened.
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