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In 2021, Zepto became the first non-bank fintech to connect directly to the New Payments Platform.
Australian fintech startup Zepto has raised about $25 million in its just-completed Series A funding round. The funding round for Zepto was led by AirTree Ventures and Decade Partners. Using the latest investment, Zepto plans to expand internationally while addressing the changing demands of its local market. The company plans to launch its payment solution in New Zealand and then expand to the United States.
In lieu of this, the company is looking to shore up its employees. Zepto’s CEO, Chris Jewell noted his excitement at partnering with AirTree Ventures and Decade Partners. “We intend to use this capital to grow our team and technology in a meaningful and empowering way,” said he.
Jewell acknowledged the impact of innovation on the payment industry. He noted it is “enabling merchants to create a new paradigm when it comes to customer experience.” He reiterated his company’s commitment to delivering leading API tools to its merchant market. These tools will enable the merchants to access and create seamless payment experiences for their customers.
Zepto Becoming Market Leader in Australian Payments Industry
Australia has one of the fastest-growing fintech sectors globally even as crypto gains traction in the country. Recently, Fireblocks partnered with Australia and New Zealand Banking Group (ANZ) to create the first AUD-pegged stablecoin.
Despite beginning as a Byron Bay upstart, Zepto has grown in leaps and bounds to become a market leader in the industry. The company’s year-on-year revenue growth is now 10 times what it was in 2018. Likewise, its monthly payment volume is now over $4 billion even as the company expects to process over $50 billion this year alone.
James Cameron, partner at AirTree Ventures noted that open banking and real-time transactions were transforming “how we pay and get paid.” He said:
“With open banking and NPP, Australia has found itself at the centre of the disruption and Zepto is the leading innovator in this space.”
On his part, Decade partners co-founder, Tom Hordern said:
”Merchants are choosing Zepto because it is fast, secure, and most importantly developer first and led.”
In 2021, Zepto became the first non-bank fintech to connect directly to the New Payments Platform. The platform features more than 100 Australian fintech organizations from banks to credit unions and fintech firms. By getting approval, Zepto clients will be able to access the NPP’s PayTo service which will launch in mid-2022.