Australian fintech Zeller has announced A$100m ($73m) in a Series B funding round at a valuation of more than A$1bn ($731.2m).

US-based VC Headline led the round with participation from Australian industry superannuation fund Hostplus.

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Existing investors including Square Peg, Addition, and Spark Capital also joined the round, which saw the fintech more than double its valuation.

With a focus on small and medium-sized businesses, Zeller will use the proceeds to expand its product portfolio by adding new business banking and payment capabilities.

Zeller plans to develop a solution that will allow its clients to manage the different aspects of their business including payments, finances, expense management and credit.

Zeller CEO and co-founder Ben Pfisterer said: “We are excited to be entering Zeller’s next growth phase, as we rapidly expand our product range to offer businesses access to every financial services product they might need to thrive.

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“In collaboration with our growing Australian customer base, we hear that they want a single financial services solution that brings together every product they need to run and grow their business.”

The fintech’s offerings include a fee-free Zeller Transaction Account, an EFTPOS terminal, and a Zeller Mastercard.

Zeller, which launched its services in May 2021, claims to have signed up over 10,000 businesses in the first eight months of operation.

Headline principal King Goh said: “Zeller is well on its way to redefining how financial connectivity is delivered to Australian businesses, following in the footsteps of the tectonic shifts in the global B2B fintech ecosystem.

“Ben and the team have built strong core products, and we are looking forward to working with them to grow and expand on this foundation.”