Dominic Yap co-founded Zeller with Ben Pfisterer, who is CEO, and served as chief operating officer. Pfisterer had launched Square in Australia in 2014 and left it in 2019.
Zeller was founded in Melbourne in 2020. Its aim was to take on the big four banks' hold on merchant accounts with a business account, card and terminal in one product.
It raised a A$6.3 million seed round before it had a product, led by Square Peg Capital. Public launch followed in May 2021, after a Series A led by Spark Capital at a valuation of about A$400 million.
In March 2022 Zeller raised a A$100 million Series B from Headline and Hostplus, with Square Peg, Addition and Spark returning.