Australian payments firm Zeller plans to seek banking licence

Payments software firm Zeller said on Wednesday it plans to apply for a full Australian banking licence after raising A$50 million ($38 million) from investors led by Spark Capital, an early Twitter funder. A spokesman for Zeller said the fundraising, in which existing tech-focused investors Square Peg and Apex Capital Partners participated, values it at A$400 million. A banking licence would allow Zeller to take on Australia's Big Four banks, which have dominated business lending for decades and are now having to develop simpler and cheaper payment products to compete with new entrants.



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