Fintech Zeller competes against the big four banks to provide financial services to SMEs and launches a new transaction account, debit card and app.
It’s a major shift in strategy for the Melbourne start-up founded by former Square exec Ben Pfisterer and Dominic Yap. The three-year-old venture launched in 2021 with a focus on face-to-face payments, featuring an EFTPOS terminal, business transaction account and Mastercard, in a kit that can be ordered and purchased online from Officeworks.
Last year, Zeller raised $100 million in a Series B to claim unicorn status in record time, in just half of the four years it took Airwallex to reach a $1 billion evaluation. It has raised $181 million, including a $6.3 million seed round in June 2020.
Pfisterer, the fintech’s CEO, said the new product suite doubles Zeller‘s addressable market opportunity to more than 2.6 million companies.
The platform allows users to view financial reports via iOS or Android. They can cCreate free transaction accounts, issue cards instantly, and send invoices through the Zeller app.
Pfisterer said the Zeller With a debit card, businesses can issue virtual or physical cards for in-store and online business expenses in less than 25 seconds.
“The need for competition in the financial services sector has still not been met. We are proud to have supported over 30,000 face-to-face businesses in less than two years and are now excited to expand our client base to include any Australian business looking for a standalone business transaction account, debit card or online billing solution as a best-in-class alternative to the big four banks,” he said.
“Businesses across Australia no longer need to piece together a patchwork of financial products from incumbent banks and other providers to find a solution that meets their business needs.”
“Apart from the inconvenience of disparate, disconnected software, at least 65% of Australian entrepreneurs surveyed feel unsupported by their traditional bank. Zeller will continue to expand our offerings to support even more of the needs of business owners, enabling them to transition all of their financial services to Zeller.”