AFR Article today mentioning Zeller now successfully raised...

AFR Article today mentioning Zeller now successfully raised ~$80m in 18 months with a platform centric SME business banking model with account and debit card (licensed via EML payments) and a licensed card terminal. The strategy would be to use this beach-head footprint (hygiene payments, accounts and cards) to then start lending and become a bank.

Sticky customers proposition (tricky to move away from bank account + terminal providers - as you see with Tyro) then moving to lending is a tried recipe for this segment. I would imagine it's only a matter of time before Zeller turns on the lending side to compete head to head.