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- Zeller
Zeller Revenue, Valuation, Funding & Investors
Zeller is valued at $727M as of March 2022, a 10.7x multiple on its last reported $68M revenue.
Last Zeller valuation
$727M
Series B · Mar 2022
Last Zeller funding round
$75M
Series B · Mar 2022
Zeller revenue
$68M
Series B · Mar 2022
Key investors in Zeller
Square Peg Capital
Addition
Apex Capital Partners
Spark Capital
Headline
Hostplus
About Zeller
Zeller is a Melbourne-headquartered fintech company that delivers integrated payment acceptance, expense management, and payout solutions for Australian businesses. The platform supports EFTPOS terminals, online payments via Visa and Mastercard, and automated reconciliation through its app. Businesses complete instant online onboarding without contracts, accessing features like next-day payouts and virtual cards. Founded in 2018, Zeller processes billions in annual transactions for over 20,000 merchants ranging from cafes to construction firms, holding an Australian Financial Services Licence.
Founded
2020
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Commission, Subscription
Revenue
$68M (Mar 2022)
Valuation
$727M (Mar 2022)
Zeller Valuation
Zeller is currently valued at $727M, based on its Series B in March 2022.
The $75M round was led by Headline, with participation from Spark Capital, Addition, Square Peg Capital and Hostplus.
Zeller's valuation has grown 2.6x from $284M at its Series A in June 2021 to $727M in March 2022, across 2 priced rounds.
Zeller valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Mar 2022 | Series B | $727M | 10.7x |
| Jun 2021 | Series A | $284M | - |
Zeller Revenue
Zeller's latest recorded revenue is $68M, as of its Series B in March 2022. At a $727M valuation, that implies a 10.7x revenue multiple.
Zeller revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Mar 2022 | $68M | $727M | 10.7x | Series B |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Zeller Funding History
Zeller has raised a total of $136M across 4 funding rounds.
Zeller's first fundraising round was a $4M seed round in June 2020. The most recent completed round was a $75M Series B in March 2022.
Zeller funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Mar 2022 | Series B | Headline (lead); Spark Capital; Addition; Square Peg Capital; Hostplus | $75M | $727M | Zeller is an Australian fintech payment and financial services platform founded in 2020 by Ben Pfisterer (former Square Asia Pacific and Australia head) and Dominic Yap (former Square strategy and growth lead). The company provides small and medium-sized businesses with integrated solutions including EFTPOS terminals, point-of-sale systems, transaction accounts, e-commerce payments, and business Mastercards, eliminating the need for multiple providers. The platform emphasizes ease of use, fast onboarding, and transparent pricing with no lock-in contracts and a single low fee structure for card payments. In March 2022, Zeller closed a Series C funding round of $72.7M USD (approximately $100M AUD) led by Headline, with participation from Australian superannuation fund Hostplus and returning investors Square Peg Capital, Addition, and Spark Capital. This round valued the company at approximately $727M USD (more than $1B AUD), effectively doubling its valuation from the prior Series B round in June 2021 when it was valued at $300M AUD. The company has demonstrated strong growth and investor confidence, raising a total of $134M across four funding rounds from inception through March 2022. Zeller's estimated annual revenue is approximately $96.1M, with the company operating 305 employees and achieving 19% employee growth year-over-year. The platform targets businesses that process up to $10M AUD annually, with approximately two-thirds of transactions occurring in person. |
| Jun 2021 | Series A | Spark Capital (lead); Addition; Square Peg Capital; Apex Capital Partners | $38M | $284M | Zeller is an Australian fintech founded in 2020 by former Square executives Ben Pfisterer and Dominic Yap, targeting small- to mid-sized businesses with an integrated platform offering EFTPOS terminals, business accounts, cards, payment acceptance, and banking services to challenge Australia's big four banks. The company launched its first products on May 4, 2021, signing up over 1,500 businesses in the first month, with weekly payment volume growing 200% and 80% of users switching from incumbents. In June 2021, Zeller raised A$50 million (about $37.5 million USD) in a round led by Spark Capital, with participation from Square Peg Capital, Apex Capital Partners, and Addition, achieving a post-money valuation of A$400 million (about $301 million USD). This brought total funding to A$81 million in under a year, including prior seed and pre-launch Series A rounds led by Addition. The June 2021 proceeds were allocated to expand research and engineering, adding 18 engineering roles to develop a fully regulated business bank and accelerate the integrated banking platform. Spark Capital partner James Kuklinski highlighted Australia's business banking market as ripe for disruption via transparent pricing, superior technology, and service. Subsequent developments included a March 2022 Series B round of $100 million led by Headline with Hostplus and prior investors, doubling valuation over $1 billion AUD after signing up over 10,000 businesses in eight months, funding new payments and banking products like online acceptance, enhanced cards, expense management, and lending. |
| Mar 2021 | Series A | Addition (lead); Square Peg Capital; Apex Capital Partners | $19M | - | Zeller is an Australian fintech neobank targeting small and medium-sized businesses (SMBs) with integrated financial services including EFTPOS terminals, business transaction accounts, Mastercard debit cards, and upcoming omnichannel payments, invoicing via Xero, and advanced analytics. Founded by Ben Pfisterer and Dominic Yap, it addresses dissatisfaction with traditional banks' outdated tech and poor service by offering a centralized alternative. By early 2022, Zeller had signed up over 10,000 businesses in its first eight to ten months post-launch, with over 80% switching from incumbents and using it as their primary solution. Zeller's Series A round in March 2021 was led by Addition, with participation from existing investors Square Peg Capital and Apex Capital, raising approximately $50-55 million AUD. Addition's Lee Fixel joined as an advisor. This followed a $25 million pre-launch seed round. The round supported product development and market entry for SMB-focused payments and banking. In March 2022, Zeller raised a $100 million AUD Series B led by Headline and Hostplus, with returning investors Square Peg, Addition, and Spark Capital, achieving unicorn status at over $1 billion AUD post-money valuation (doubling from prior). Funds were allocated to expand payments (online/invoicing), new accounts, credit/debit products, expense management, and omnichannel commerce amid post-pandemic SMB recovery. Zeller positions itself in Australia's growing B2B fintech space, capitalizing on accelerated cash displacement and demand for seamless in-person/online payments. Customer feedback drives roadmap enhancements like Zeller Financial Services and dashboard analytics for full transaction visibility. Investors like Square Peg noted strong early market appetite for its merchant services innovation. |
| Jun 2020 | Seed | Square Peg Capital (lead); Apex Capital Partners | $4M | - | Zeller, an Australian fintech founded by former Square executives Ben Pfisterer and Dominic Yap, raised $6.3 million in a seed funding round in June 2020 led by Square Peg Capital, with participation from Apex Capital and Athena. The company provides business banking services targeting small and medium-sized businesses (SMBs), aiming to address shortcomings in traditional banking by offering payments and financing products. Funds were intended to develop these products for launch in 2021, focusing on efficient, low-cost alternatives to Australia's big four banks. |
Who has invested in Zeller?
6 investors have backed Zeller across its funding rounds, including Square Peg Capital, Addition, Apex Capital Partners, Spark Capital, Headline and Hostplus.
Lead investors include Headline, Spark Capital, Addition and Square Peg Capital.
Zeller Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | Jun 2020 | ||
| 3 | Lead | Mar 2021 | ||
| 3 | Participant | Jun 2020 | ||
| 2 | Lead | Jun 2021 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialZeller Competitors
Zeller competitors include listed companies like Worldline and Teamshares, and private ones like Check, Wrapbook, Clear and ClearTax.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $725M | - | ||
| Private | - | - | $750M | - | ||
| Private | $25M | - | $700M | 28.0x | ||
| Private | $25M | - | $700M | 28.0x | ||
| Publicly listed | $4.6B | ($5.2B) | $887M | 0.7x | ||
| Publicly listed | $472M | ($23M) | $545M | 1.4x |
Zeller Public Comps
Zeller is still privately-owned, but its public comps include Sunyard Technology, Digital Garage, PaySign, SLR Digital Finance, Seshaasai, Fujian Boss Software, SZZT Electronics Co, LINE Pay Taiwan, AvenuesAI and Worldline.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $307M | $10M | 2.2x | - | 69.2x | - | |||
| $263M | $51M | 1.9x | 1.9x | 10.0x | 10.3x | |||
| $82M | $16M | 8.3x | 6.4x | 43.3x | 20.7x | |||
| $224M | $219M | 6.2x | 6.9x | 6.4x | - | |||
| $150M | $41M | 3.9x | 3.7x | 14.4x | 14.2x | |||
| $299M | $40M | 2.8x | 2.9x | 21.1x | 21.0x | |||
| $148M | ($7M) | 6.9x | 4.5x | (143.3x) | - | |||
| $247M | $24M | - | - | - | - | |||
This data is available for Pro users. Sign up to see all Zeller competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Zeller
| When was Zeller founded? | Zeller was founded in 2020. |
| Where is Zeller headquartered? | Zeller is headquartered in Melbourne, Australia. |
| Is Zeller publicly listed? | No, Zeller is a private, VC-backed company. |
| What is Zeller's valuation? | Zeller was last valued at $727M in its Series B in March 2022. |
| How much funding has Zeller raised? | Zeller has raised $136M across 4 funding rounds. |
| What was Zeller's last funding round? | Zeller's last funding round was a $75M Series B in March 2022, led by Headline. |
| Who are Zeller's investors? | Zeller's investors include Square Peg Capital, Addition, Apex Capital Partners, Spark Capital, Hostplus and Headline. |
| What is Zeller's revenue? | Zeller's latest recorded revenue is $68M (March 2022). |
| What is Zeller's revenue multiple? | Zeller's latest valuation implies a 10.7x revenue multiple ($727M valuation on $68M of revenue). |
| Which companies are comparable to Zeller? | Companies comparable to Zeller include Check, Wrapbook, Clear, ClearTax, Worldline and Teamshares. |
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