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Zeller pitches savings account into ‘gaps left by banks’

Technology

The fintech has rolled out five products in the past five weeks, a pace it claims is “unmatched” by any other bank in the world.

By Christine Chen 10 minute read

Fintech Zeller has launched a savings account targeted at small business to “bridge gaps” left by traditional financial institutions.

The account had no minimum balance requirement and featured a 2 per cent interest rate for the first 60 days before falling to 1.4 per cent.

This offering “outperformed all big four Australian banks which have been decreasing interest rates”, according to Zeller.

CEO Ben Pfisterer said the company was a strong advocate of small businesses by delivering them returns regardless of their growth stage or size.

“Zeller’s agile, customer-centric products sharply contrast with the sluggish and complacent nature of traditional banks,” he said.

He said Zeller had received an “overwhelming” response from users since its release, “demonstrating the demand from Australian businesses for smarter, affordable, and innovative financial solutions”.

The concept for a business savings account was floated only eight weeks ago, according to Zeller, and bringing it to market so shortly was a “feat unparalleled in the Australian financial landscape”.

Zeller said it had been accelerating its product releases recently to help small businesses. Its savings account comes after the launch of its corporate cards last week, touted as “expense management your finance team will love”.

It had also rolled out a “tap to pay” function for iPhone users, a virtual terminal to process payments and a new option to send payment links to customers on the terminal.

Mr Pfisterer said Zeller was “dedicated to rapid innovation” and that the pace of its product development was now “unmatched” by any other bank in Australia or globally.

Despite only being founded in 2020, Zeller achieved a $1 billion valuation in 2022 and reached a user base of 30,000 businesses in 2023.

Since its launch, Mr Pfisterer and other company representatives had not been shy about calling out the faults of business banking models offered by traditional institutions.

According to Zeller, its services offered a superior, “all-in-one financial solution” that better met the evolving needs of businesses”.

Speaking to The Australian Financial Review last year, Mr Pfisterer said over 80 per cent of his company’s customers had switched to Zeller’s services from an incumbent bank.

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Christine Chen

Christine Chen

AUTHOR

Christine Chen is a graduate journalist at Accountants Daily and Accounting Times, the leading sources of news, insight, and educational content for professionals in the accounting sector.

Previously, Christine has written for City Hub, the South Sydney Herald and Honi Soit. She has also produced online content for LegalVision and completed internships at EY and Deloitte.

Christine has a commerce degree from the University of Western Australia and is studying a Juris Doctor degree at the University of Sydney. 

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