Zeller, an Australian fintech serving SMEs, has secured an additional investment of A$50m ($37.9m) led by Spark Capital.

The start-up’s existing partners Square Peg, Apex Capital Partners and Addition also participated in the fundraising.

Following the investment, Zeller has now secured a total of A$81m ($61.42m) within 12 months. The company is now valued at A$400m ($303.3m).

Zeller launched its services in May 2021 and has signed up more than 1,500 Australian businesses in the first month.

The offerings include a fee-free business transaction account, an EFTPOS terminal and a Mastercard-powered card.

The company will use the new proceeds to further develop its integrated business banking platform. It also plans to strengthen its product and engineering teams to bolster its footprint.

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Zeller CEO and co-founder Ben Pfisterer said: “We built Zeller to connect the disparate financial services, payments and banking tools that Australian businesses use every day.

“Our vision is to support the everyday business banking requirements of merchants, and our partnership with Spark Capital helps us accelerate development of these new products for a rapidly growing customer base who are switching to Zeller from the incumbents.”

Spark Capital’s James Kuklinski said: “The Zeller team brings decades of collective experience in payments, technology and finance, and we are excited to join them in levelling the playing field for business owners through access to smarter business banking solutions.”

The fintech now plans to apply for a full banking licence, reported Reuters.