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The banking disruptor for businesses claims the cards are “expense management your finance team will love”.
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Zeller corporate card ‘pain relief’ for expense control
12 December 2023
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9 minute read
Fast-growing fintech Zeller has launched a corporate card it claims will be a “game-changer” for business expense management, challenging the market share of the country’s “outdated” big four banks.
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CEO Ben Pfisterer said cards would be useful to a “broad audience” including small business owners, CFOs, accountants and bookkeepers to help manage “prevailing pain points” in expense management.
“It meets the needs of both small enterprises and larger businesses,” he said, adding that the cards would “go beyond” traditional expense management by offering control over team expenses, simplified spending tracking and reconciliations.
“This aims to improve how they manage, track, and automate team and project expenses.”
Mr Pfisterer, a former Square executive, founded Zeller alongside colleague Dominic Yap in 2020, offering debit cards, business banking accounts and payment terminals.
Two years later, it overtook fellow Melbourne fintech Airwallex to become Australia’s fastest company to reach a valuation of $1 billion.
Zeller said the corporate cards would be free for its 30,000 users to trial until April 2024 and could be managed under their existing account, integrating “seamlessly” with the company’s other financial services offerings.
It said this integration would provide users with a centralised, real-time view of every transaction and their cash balance to help with expense tracking and management efficiency.
Users would be able to use virtual cards with their digital wallets or order a physical version. They could also set budget controls, with limits renewing daily, weekly, fortnightly, monthly or quarterly, to ensure spending stayed within defined parameters.
Notes, receipts and invoices could be attached directly to expenses, improving record-keeping and finance reconciliation.
Zeller touted the cards as “expense management your finance team will love”, citing research from American Express that found businesses and finance teams spent an average of 11 hours every month or three working weeks a year on the task.
“Zeller corporate cards offer versatility in application, extending beyond individual use for day-to-day expenses, to additionally encompass use in standalone projects to consolidate expenditure, within departments or teams, being issued to clients, or to track and manage expenses across different business locations,” it said.
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