What Fat Zebra does

Fat Zebra is an Australian internet payment gateway founded in 2012 that operates an API-first payments platform enabling merchants to accept online card and direct-debit payments across global payment networks, including Visa, Mastercard, American Express, and Eftpos. The core offering is a single RESTful API integration with publishable and secret keys, supported by modules for fraud and risk management (delivered in partnership with Forter), reporting and insights, pre-built shopping cart and eCommerce platform integrations, and a partner network. The platform is PCI-DSS aligned, GDPR/Privacy Act compliant, and operated by Fat Zebra Pty Ltd (A.C.N. 154 014 785) headquartered in Surry Hills, NSW, with a US subsidiary (Fat Zebra North America Inc) registered as an Independent Sales Organization of Wells Fargo Bank, N.A.

Fat Zebra generates revenue through transaction-based fees charged to merchants, with specific pricing quote-based and not publicly disclosed. It serves over 30,000 merchants handling approximately 250 million transactions annually, spanning enterprise customers such as Aussie Broadband, Converse, AON, Zip, Remitly, Moshtix, and Order Up, as well as SMB segments served via partners including Bookipi. The company distributes through API/developer integration, direct sales, and a partner network, targeting primarily enterprise and mid-market merchants with a horizontal segmentation across eCommerce, marketplaces, and CDR/open banking use cases.

Since 2023, Fat Zebra has pursued an aggressive acquisition-led expansion: Adatree (December 2023) added Consumer Data Right and open-banking data capabilities; Five V Capital provided growth equity (February 2024) in connection with that deal; Pin Payments (December 2024) extended the footprint into Australia and New Zealand; and SecurePay (April 2025) further consolidated Australian processing volume. Leadership comprises co-founder and CEO Pred Dragila, CFO Danuel Rebecca, and CTO Nash Trajkovski. The company is privately held, employs 51-100 people, and operates without disclosed revenue figures.

Name

Fat Zebra

Legal name

Fat Zebra Pty Ltd

Website

https://fatzebra.com

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

51–100 employees

Short description

Fat Zebra is an Australian API-first payment gateway processing card and direct-debit transactions for over 30,000 merchants handling 250 million transactions annually, with expansions into open banking, New Zealand, and fraud tooling via acquisitions and partnerships.

Ownership category

akta.pro rank

Product category

Payment Processing

akta.pro primary industry

Merchant-of-Record (MoR) & Payment Facilitation (PayFac) Infrastructure (FSAGABAE)

akta.pro secondary industries

Merchant Payment Gateways (API/Hosted Checkout) (FSAMACAA), Marketplace / Platform Acquiring (PayFac & Sub-Merchant Management) (FSAMABAF), A2A Payment Initiation Service Providers (PISPs) (FSAMAFAB)

Keywords

• Payment processing
• Online payment gateway
• Payment API platform
• ECommerce payments
• Fraud protection

Headquarters

HQ city

Sydney

HQ country

Australia

HQ region

Oceania

Offices2 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Infrastructure, Personnel, Operations, Marketing or Sales

Revenue model

1. Payment Processing / Transaction Fees: Fat Zebra charges merchants transaction fees for processing payments. The company serves over 30,000 merchants handling 250 million transactions annually, processing payments across multiple networks including Visa, Mastercard, American Express, and Eftpos.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

Fat Zebra operates an API-first payment gateway that enables merchants to accept online card payments, direct debits, and eftpos transactions globally through a single integration. The platform serves over 30,000 merchants handling approximately 250 million transactions annually and supports fraud protection, real-time reporting, and open banking via Consumer Data Right connectivity. The company sells to enterprise and SMB eCommerce, marketplace, and platform businesses through direct sales, partner channels, and developer-led adoption.

Product overview

Fat Zebra operates as a unified payments platform for internet commerce, offering a single API integration that connects businesses to a global payments network. The core product is the Payments Platform, which processes card transactions, direct debits, and regional payment methods. Supporting modules include Fraud Protection/Risk Management for security controls, Reporting and Insights for analytics, a Partner Network for ecosystem collaboration, and Global Coverage for international expansion. The platform also includes pre-built Integrations with shopping carts and eCommerce platforms. Fat Zebra has expanded its capabilities through acquisitions: Adatree (December 2023) brought open banking and Consumer Data Rights expertise, and Pin Payments (December 2024) expanded its footprint in Australia and New Zealand. Payment services are governed by specific schedules covering Direct Debit Authority, Eftpos Acquiring, American Express terms, and Pin Payments Services.

Differentiator

Problem solved

Functional benefit

Products and services

• Payments Platform Unified payments platform that enables businesses to accept online card payments, direct debits, and regional payment methods through a single API integration, supporting global coverage across multiple networks including Visa, Mastercard, American Express, and Eftpos. Targeted at eCommerce businesses of all sizes, marketplaces, and platforms.
• API Platform RESTful API enabling developers to integrate payment processing, manage transactions, handle refunds, and access fraud protection tools into websites and applications, with publishable and secret API keys and dedicated developer documentation. Targeted at technical and engineering teams at merchants integrating online payments.
• Pin Payments Services Digital payments services acquired from Pin Payments (Southern Payment Systems Pty Ltd), providing payment processing infrastructure for merchants in Australia and New Zealand. Targeted at merchants in the Australia and New Zealand markets.

Quantifiable outcome

• Supports over 30,000 merchants processing 250 million transactions annually
• +1 more outcomes

Named customers10 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature7 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Pin PaymentscoreStrategic or Co-development Partner · 12 December 2024Fat Zebra acquired Pin Payments to expand its footprint in Australia and New Zealand and improve digital payments services. The deal aims to enhance customer experience and accelerate local financial ecosystem growth.
• AdatreecoreStrategic or Co-development Partner · 5 February 2024Fat Zebra acquired Adatree, an Australian fintech specializing in data solutions within the Consumer Data Right framework. The acquisition aims to enhance Fat Zebra's payment and open banking services by leveraging Adatree's expertise in regulated data sharing and Consumer Data Right connectivity.
• AsiaPayminorGTM or Marketing PartnerPartnership to launch into Australia and New Zealand as part of AsiaPay's international business expansion strategy. AsiaPay identified the need for local experts to support in-market operations.
• BookipiminorGTM or Marketing PartnerPartnership to launch invoice payments platform BookiPay. Australian small businesses rely on their invoices getting paid and getting paid on time, and BookiPay makes it easier for invoice recipients to pay.

Scale indicators3 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• Stripe: Global API-first payment gateway and processor serving online merchants and platforms. Directly comparable to Fat Zebra in core product (card processing via single API), target market (eCommerce and platform merchants), and developer-led GTM, though at far greater global scale.
• Adyen: Global unified payments processor offering card acquiring and gateway services through a single platform/API. Directly comparable to Fat Zebra in API-first architecture, multi-scheme acquiring, and enterprise merchant focus, with overlap in the ANZ market.
• Checkout.com: Global payment processor providing unified acquiring and gateway services via API for digital businesses. Comparable to Fat Zebra in API-first acquiring model, multi-currency processing, and enterprise/platform merchant focus; an active competitor in the ANZ region.
• eWAY (Global Payments): Long-standing Australian payment gateway offering online card processing and integrations to eCommerce merchants. Closest direct ANZ competitor to Fat Zebra in core gateway product, merchant segment, and integration ecosystem.
• Tyro Payments: Australian payment provider serving SMEs with card acquiring and integrated EFTPOS solutions. Comparable to Fat Zebra in ANZ focus and merchant acquiring, though more weighted toward in-person/integrated POS than purely online gateway services.
• Airwallex: Australian-founded global payments platform offering multi-currency acquiring, payouts, and embedded financial services via APIs. Comparable to Fat Zebra in API-first design, ANZ roots, and cross-border payment focus, with broader FX and treasury product suite.
• Mollie: European payment service provider offering multi-method payment processing via a single API to SMBs and platforms. Comparable to Fat Zebra in developer-first, multi-method gateway product, though anchored in Europe rather than ANZ.

Broad incumbents

• Block (Square): Global payments ecosystem providing online and in-person card processing plus BNPL (Afterpay). Overlaps with Fat Zebra in online card processing and ANZ merchant acquiring (via Afterpay), but operates a much broader commerce and lending platform.
• Worldpay (FIS): Global merchant acquiring and payment processing platform under FIS, serving enterprise and SMB merchants across multiple geographies. Comparable to Fat Zebra as a payment processor with ANZ presence, though operates at much greater scale and breadth.
• Braintree (PayPal): PayPal-owned online payment gateway and processor serving merchants and platforms globally with API integration. Comparable to Fat Zebra in API-driven gateway product and platform/marketplace merchant focus, though backed by a much larger parent.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/fat_zebra
• LinkedInlinkedin.com/company/fat-zebra

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries2 records

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Fat Zebra