The funding will help the company enhance its technology and engineering capabilities. Here are the top-line bullets you need to know.
Zeller, a fintech company, has raised $37.5M (AUD 50M) in a Series B that drew participation from Spark Capital, Square Peg Capital, and Addition, among others.
HOW’S THE COMPANY PERFORMING?
- Australia-based Zeller is an online payment and financial service provider for small to mid-sized companies. It facilitates business transactions such as payments, financial management, and paying recipients through its products Zeller Terminal, Zeller Transaction Account Manage, and Zeller Mastercard.
- More than 1,500 Australian business signed up for its service within the first month of launch, and it currently has a weekly payment volume growth of 200%.
- The company reports that around 80% of the customers have migrated from Australia’s 4 major banks.
WHY DOES THE MARKET MATTER?
- The digital payment market is projected to grow at a CAGR of 14.2% to reach a value of $154.1B (by 2025) according to Markets and Markets.
- The Covid-19 outbreak has accelerated the adoption of contactless wallet payment services across sectors.
- The rise in e-commerce sales has led to an increase in digital transactions, boosting the market’s growth. Also, increased investment by banks for digital payment infrastructure to compete with major players like Google, Amazon, and Facebook has further catalyzed this expansion.