The Money
Spark Capital invests $50m at a $400m valuation into Zeller - making founders Ben Pfisterer and Dominic Yap,l (former Square Execs and founding investors pretty happy !
This is what founding investor Square Peg’s Paul Bassat had to say:-
Raised $81m in 3 rounds, hired 75 people & acquired 1500 customers in 4 weeks post launch. Awesome work @benpfisterer Dom & your amazing team. Memo to small biz: switching to Zeller is a no brainer
@SquarePegCap
So who is Spark Capital - a fund who invested in Twitter, Slack and Coinbase - the dude who managed this investment is James Kuklinski
What does Zeller do
The company launched its first products for small businesses on May 4, including EFTPOS (electronic funds transfer at point of sale) terminals, business accounts and cards.
The customer take up
The company says more than 1,500 Australian businesses signed up in the month after its launch, and weekly payment volume has been growing 200%. About 80% of businesses that started using Zeller switched from Australia’s four biggest banks, citing their desire for lower fees and better customer support.
What’s the money going to be used for
To grow its research and engineering hub, including filling 18 new engineering roles that will support Zeller’s plan to become a fully regulated business bank.
Why it will succeed
Australian banking system is ripe for disruption and Zeller is in a position to disrupt!
“Its technology is simpler, has more transparent pricing, is best-in-class technology and had better customer service.”
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