Zeller, an integrated payments and financial services solution founded by former Square executives Ben Pfisterer and Dom Yap, revealed today that it closed A$25 million in Series A funding round last year to accelerates product development and hiring ahead of what it describes as its imminent launch.
The company also claims the Series A raise is one of the largest ever for an Australian company pre-launch.
The round was led by Lee Fixel’s recently launched investment firm, Addition, and supported by Zeller’s existing investment partners Square Peg and Apex Capital. Zeller successfully raised A$6.3m in a seed funding round in June 2020.
According to Lee Fixel, Founder of Addition, “There is an immediate and significant opportunity to disrupt traditional business banking, and Zeller has the experience, integrated suite of products, and strategic vision to provide a viable alternative to the status quo.”
“At a time when a surge of creativity and entrepreneurial spirit is fuelling new businesses everywhere, what Ben [Pfisterer, CEO], Dom [Yap, COO] and the Zeller team are building promises to be a powerful driver of business growth in Australia.”
Zeller says it will use the funds to accelerate product development and engineering capabilities, whilst also investing heavily in growth; bolstering its marketing and sales function, as well as building a local customer success team to help service and support Australian merchants.
Since coming out of stealth in July last year, Zeller has rapidly scaled its team to 50 people, making 38 new hires in the past six months to boost its capabilities across product, engineering, strategy, risk, and compliance. The hiring push is expected to continue as Zeller prepares to launch.
Square Peg’s Paul Bassat said that the Zeller team has made phenomenal progress in the past few months fine tuning products. He said the company had made some “…impressive hires joining to build on the already strong foundations laid by Ben and Dom. ”
Expected to bring its first products to market imminently, Zeller will deliver an integrated payments and financial services solution to help businesses accelerate cash flow through tools to accept payments, manage their finances, and pay recipients fast.
By combining these services into a fully-integrated out-of-the-box solution, Zeller says it will significantly reduce the time business owners spend on finding business banking providers, completing long applications, onboarding, and connecting disparate solutions.
“Our experience tells us that Australian merchants still hit roadblocks when it comes to things as simple as accepting card payments, managing cash flow, and accessing their hard-earned funds. The steps taken to open a transaction account should be counted in minutes, not days.
“In a modern, digital-first economy, these things should be effortless” said Pfisterer. “These are longstanding problems that Zeller will solve by bringing together the tools businesses need to accept payments, manage their finances, and pay recipients. Zeller will deliver a true alternative to business banking for merchants who are starting new ventures, or those already running who are looking for a smarter alternative.”