However,co-founder and chief executive Ben Pfisterer said launching the businesses amid a pandemic has proven to be the best possible time for Zeller to take the plunge.
“The displacement of cash is happening at an accelerated rate,in all my years in financial services I never thought a global pandemic would kill off cash but that seems to be what’s happened,” he said.
Mr Pfisterer added that Australian businesses were keen on an alternative to the services offered by the traditional players in the industry,with Zeller signing up 1,500 businesses in the six weeks since the launch of its products.
“For us it just shows the appetite is there with businesses back on their feet post-COVID and getting more savvy,” he said. “We have found 80 per cent are switching from incumbent providers.”
Zeller will use the additional funding to speed up the development of its business banking platform and expand its 75-person strong workforce.
“We just pressed the accelerator to start building the next set of products,” Mr Pfisterer said. “We are looking at all the different type of things you would expect from a financial services business in Australia it will include lending and different card products.”