Australian Account-to-account (A2A) merchant payments startup Zepto has raised A$25m from AirTree Ventures and Decade Partners.
This series A funding round comes as the firm, which was formerly known as Split Payments, prepares to drive its international expansion.
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Zepto plans to leverage the fresh capital to scale up its workforce and accelerate its technological innovation.
Commenting on the funding round, Zepto CEO Chris Jewell said: “From our roots as a bootstrapped Byron Bay upstart, Zepto has grown to become a market leader in the payments industry.
“We intend to use this capital to grow our team and technology in a meaningful, empowering way as we meet the demands of an ever-evolving domestic market, as well as accelerate our expansion into international markets.”
Founded in 2018, Zepto counts Superhero, Novatti Group, Binance Australia, Nimble, Till Payments, Bluestone, Powerpay, Rentbetter, Get Blys and Biz Pay amongst the hundreds of Australian businesses it serves.
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By GlobalDataThe firm claims to enable over $4bn in payment volume per month.
Decade Partners co-founder Tom Hordern said: “Merchants are choosing Zepto because it’s fast, secure and most importantly developer first and led. These attributes are key to Zepto’s success, and Decade Partners believe this can be traced back to Zepto’s exceptional team and culture.”
AirTree Ventures partner James Cameron said: “With open banking and the NPP, Australia has found itself at the centre of this disruption – and Zepto is the leading innovator in this space. We believe Chris and the Zepto team are part of the next generation of fintech pioneers.”
Last month, Australia-based buy-now-pay-later (BNPL) firm Zip struck a deal to acquire Sezzle in a $352.59m deal.
