Australian fintech Zeller secured A$50 million in a funding round which closed the week prior to its 4 May launch, led by an investment from US-based Spark Capital.
Additional funding came from existing investors Addition, Square Peg and Apex Capital Partners.
Zeller said it will use the proceeds to accelerate the development of its integrated business banking platform, and to expand its product and engineering footprint across Australia, with plans to open 18 new positions within those respective teams.
The fintech has raised A$81 million within 12 months, making it Australia’s most valuable pre-launch startup.
Zeller said that more than 1,500 Australian businesses signed up within the first month, with over 80% of those switching from the incumbents, while weekly payment volume has risen 200%.
Ben Pfisterer, Zeller CEO and co-founder, said: “We built Zeller to connect the disparate financial services, payments and banking tools that Australian businesses use every day.
“Our vision is to support the everyday business banking requirements of merchants, and our partnership with Spark Capital helps us accelerate development of these new products for a rapidly growing customer base who are switching to Zeller from the incumbents.”
Australia’s business banking landscape is dominated by a small group of incumbents, and is ripe for disruption through simpler, more transparent pricing, best-in-class technology, and better customer service,”added James Kuklinski of Spark Capital.