Australian fintech unicorn Zeller has expanded to the UK in hopes of taking on the heavily competitive finance and payments sector.
The Melbourne-based group was founded in 2020 and quickly grew to a $1bn business payment and financial solution platform after a hefty funding round in 2022.
Though its growth has been impressive, its entrance in the UK will see it come up against a vast number of legacy institutions, SMEs and established challenger banks and fintechs.
Despite the considerable challenge, Zeller co-founder and chief executive Ben Pfisterer has claimed to see a gap in the market.
“The UK is one of the world’s most advanced fintech markets and home to millions of small businesses that are vital to the economy,” said Pfisterer.
“But despite progress being made, payments is dominated by legacy providers offering unreliable, outdated, and costly payments hardware, paired with lengthy and time-consuming onboarding processes. UK merchants have been underserved for too long.
“We built Zeller to support merchants with a smarter and more affordable way to manage their payments and business finances. Expanding to the UK, a market that is four times the size of Australia, is a natural next step as we continue building a modern financial solution designed for global businesses.”
The launch marks the company’s first international expansion from its home market.
