Zeller, the out-of-the-box payments provider for businesses, hit the unicorn milestone as part of its latest $100 million series B funding round.
The company aims to be a one-stop shop for businesses’ banking needs. When it launched, it provided debit cards, business banking accounts and payment terminals, but it plans to also offer online payment acceptance, credit cards and expense management services.
Mr Pfisterer, Zeller’s co-founder, said rather than targeting a niche, it was creating 10 fintech start-ups in one.
“From the very start when we looked at financial services for business, we didn’t believe you could bite off one part of it, be it corporate card, debit card or lending. They’re all big niches, but they’re not everything businesses need”, he said. “We have a very singular focus on being a single provider for business … so they don’t need to work with various parties.”
The company has more than 11,000 business customers, achieved through a time of lengthy COVID-19 lockdowns. Of these, 81 per cent have switched to Zeller from an incumbent bank.
“The silver lining of COVID-19 was that businesses realized they needed better services and systems,” he continued.
To date, the fintech has raised $181 million. Zeller also counts Apex Capital Partners, Spark Capital and Addition (founded by former Tiger Global Management partner Lee Fixel) as investors.“Zeller’s remarkable growth over the past eight months is a testament to how they are re-imagining the traditional business banking industry. Ben and the team have built strong core products, and we are looking forward to working with them to grow and expand on this foundation.”, Headline principal King Goh shared.