A pair of former Square executives has raised A$6.3 million in seed funding for an Australian business banking startup.
VC Square Peg led the round for Melbourne-based Zeller, which is building an integrated payments and financial services offering for growing businesses.
The firm is planning to launch its first product in the first quarter of 2021, helping firms to get paid, access their money, and manage their finances faster and simpler than they can today. The digital-first service says it will significantly improve the time it takes businesses to set up and get going, reducing it from weeks to just minutes.
Zeller was founded by former Visa exec and Square Apac leader Ben Pfisterer and his colleague at Jack Dorsey's firm, Dominic Yap.
They have brought in experienced industry players, including head of front end David Conn, who has previously led payments infrastructure teams for some of Australia’s biggest banks, and head of back end Alfred Wong, who has held several CIO and CTO roles in financial services and payments businesses.
Says Pfisterer: "Current banking and payment solutions are clunky and unfriendly, which means they actually get in the way of the running and growing a business. At Zeller we will deploy innovative solutions that are easy to set up, and will help businesses simplify how they accept payments and manage their cash flow.”