The chief executive of a Byron Bay-based payments start-up that lets businesses make payments directly into the accounts of others, has expressed frustration at three of the big four banks’ slow progress on enabling new types of payments, but said it won’t halt his company’s expansion after it sealed a $25 million funding round.

The startup, whose name playfully uses a mathematical term to describe the business, offers a 10-minute grocery delivery service. 19-year-old Palicha said these dark stores, which the startup has set up and owns, are designed and optimized for fast deliveries. Nexus and Y Combinator as well as angel investors Lachy Groom, Neeraj Arora, and Manik Gupta participated in the round, which according to two people familiar with the matter, values Zepto between $200 million and $300 million.

New Payments Star Zepto Gives Banks A Hurry-Up After Raising $25M

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New Payments Star Zepto Gives Banks A Hurry-Up After Raising $25M

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