- Australian payments service Zeller is now a member of the ‘Unicorn Club’ after having raised AU$100 million.
- After the fundraise, Zeller is valued at AU$1 billion.
- A ‘Unicorn’ in business, is a privately owned startup firm valued more than AU$1 billion.
- Hostplus, an Australian industry superannuation fund, and Headline, a US-based venture capital fund, led Zeller's Series B round of funding.
Zeller, an Australian payments service, has become a ‘Unicorn Club’ member after an AU$100 million fundraising round that increased its worth to more than AU$1 billion. A ‘Unicorn’, in business is a privately owned startup firm, valued at more than AU$1 billion.
Aileen Lee, the founder of Cowboy Ventures, first coined the term 'Unicorn'.
Hostplus, an Australian industry superannuation fund, and Headline, a US-based venture capital fund, led Zeller's Series B round of funding. Also, previous investors Spark Capital, Addition and Square Peg also took part in Series B. Since June 2020, the firm has secured more than AU$181 million.
Zeller offers Australian business owners a financial services solution and a fully integrated payments system, comprising Mastercard, a next-generation EFTPOS terminal and a business transaction account, all in one kit, which is accessible on the internet and at Officeworks stores across the nation.
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Zeller's future initiatives
The firm states, going forward, it will focus more on building its fully integrated financial operating system for business owners, which has just been open for eight months and has drawn over 10,000 Australian corporate clients.
To satisfy the demands of its fast-growing customer base, the new capital will be utilised to stimulate the growth of Zeller's new product range, which will further replace and reinvent commercial banking services and traditional payments.
More payment options
Zeller declared the impending rollout of omnichannel commerce capabilities, which would allow retailers to receive Zeller payments online. When sending invoices or selling items online, business owners may utilise Zeller payment processing and then use Zeller Dashboard to analyse payments data and track sales.
According to the firm, over 80% of customers moved from traditional banks to Zeller. The vast majority opt to utilise the combined Zeller Account and Card as their principal business banking facility.
Zeller CEO and co-founder, Ben Pfisterer, stated