Banking technology provider Zeta has entered into a five-year global partnership with Mastercard to jointly launch credit cards with issuers globally. Through the partnership with Mastercard, Zeta will be able to add $300 million in revenues in the next seven years.

As part of the deal, Mastercard has also made an investment in the company. With this partnership, Zeta aims to take the credit card processing industry from the age of fragmented, multi-vendor systems to adept, composable, single-vendor systems that are responsive to changing cardholder needs and preferences.

Zeta is a Software-as-a-Service company that provides banks and fintechs the technology stack to launch card programs, including interface for processing, issuing, lending, core banking, and mobile apps.

Founder Bhavin Turakhia said, “Our objective is to jointly power 30 to 40 million credit cards in the next five years on our stack. We are looking to process Total Payment Volumes (TPV) worth around $60 billion through our system. We are certainly waiting (for the ban on Mastercard to be lifted) and have been given assurances by Mastercard that the issues should be resolved shortly. However, as a platform we are network agnostic, so Indian customers are not impacted.”

Zeta focuses on 300 banks and 1,000 fintechs globally to onboard as clients. Turakhia believes that Mastercard’s partnership will help the company to enter into over 100 banks and 100 fintechs. The focus markets for the tie-up will be North America and India.

Zeta has 1300+ employees with over 70 percent of them in technology roles across locations in the US, UK, Middle East, and Asia. Globally, eight issuers and 30 fintechs have issued over 10 million cards on Zeta’s platform. The company says its Indian clients include HDFC Bank, Kotak Mahindra Bank, Axis Bank, IndusInd Bank, Yes Bank and RBL Bank.

However, Mastercard has been prohibited from onboarding new customers by the RBI within India after the card network failed to comply with the domestic data storage norms.

Speaking on the collaboration, Sandeep Malhotra, Executive Vice President for Products & Innovation, Asia Pacific, Mastercard said, “As people shop and bank online more than ever before, Mastercard is partnering with Zeta to provide issuing banks and fintech innovators with modern credit card processing capabilities at scale that will maximize the safety, security and convenience of e-commerce, online banking, and contactless transactions.”