The funding round was co-led by AirTree Ventures and Decade Partners. The instant payment platform lets merchants make, manage, and receive secure payments by connecting directly from the payer’s bank to a merchant’s bank. According to TechCrunch, Zepto says it facilitates more than USD 4 billion in payment volume every month and expects to process more than USD 50 billion in payments in 2022.
More than 100 Australian organisations, including banks, fintech companies, and credit unions, use NPP (new payments platform), Australia’s open-access infrastructure for fast payment, according to the NPP website. NPP’s PayTo is a new digital tool for merchants and businesses to initiate real-time payments from customer bank accounts. Zepto became approved as an NPP-connected institution in October 2021. That means Zepto will be able to connect its clients directly to the NPP’s PayTo service, which is due to roll out in mid-2022.
Zepto reportedly serves hundreds of Australia-based corporations, including lenders, trading/crypto platforms, third-party processors, proptech companies, travel, and tourism operators. Binance Australia, Superhero, Novatti Group, Nimble, Powerpay, Till Payments, Bluestone, Rentbetter, Biz Pay, and Get Blys are among its customers, TechCrunch states.
The startup will use the latest funding to advance its functionalities on top of the NPP’s PayTo framework and accelerate its international expansion, starting with New Zealand, driven by growing demand for Zepto’s infrastructure in the region, according to company staff. After New Zealand, Zepto wants to enter the US, TechCrunch concludes.
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