Australian business banking startup Zeller has hit a A$1 billion valuation thanks to a A$100 million Series B funding round led by Headline.
Hostplus, Square Peg, Addition, and Spark Capital joined the round for Zeller, which was founded by former Visa exec and Square Apac leader Ben Pfisterer and his colleague at Jack Dorsey's firm, Dominic Yap.
Zeller is bidding to take on Australia's big four banks with a platform that includes a next-generation Eftpos terminal, a fee-free business transaction account, and free business Mastercard, all in one box.
The firm has signed up more than 10,000 businesses within its first eight months, with over 80% switching from an incumbent provider - helping it to double its valuation.
Zeller is now preparing to begin the deployment of new financial services for businesses including online payment acceptance, next-generation banking capabilities, enhanced credit and debit cards, expense management, lending and more.
Says Pfisterer: "We want Zeller to be at the centre of a business’ financial ecosystem, enabling them to have a complete view of every customer interaction and the overall health of their business."