Zeta enters the billionaire club becomes 14th Unicorn this year
By MYBRANDBOOK
Fintech startup Zeta has raised $250 million in a funding round led by SoftBank Vision Fund 2. The Series C investment values Zeta - which offers a modern mult-stack platform to replace legacy software at banks - at $1.45 billion.
Founded by London based Bhavin Turakhia along with Ramki Gaddipati, Zeta employs 700 staff globally at offices in the UK, North America, LATAM, Europe and Asia.
Earlier in 2019, Zeta had raised $60 million at a valuation of $300 million. Founded by Bhavin Turakhia and Ramki Gaddipati, Zeta became the 14th Indian startup to become a unicorn this year. Zeta has developed a technology stack that helps it engage with banks and fintech startups, as well as other online consumer platforms.
The platform offers a host of plug-and-play modules covering the full gamut of modern financial services, such as debit and prepaid card processing, loans and deposits, alongside a ready-made white-labelled mobile app offering support for credit cards, checking accounts, prepaid, loans, buy now, pay later, and personal finance management.
Bhavin Turakhia said, “Most banks are using decades old software built at a time when Mainframes and Cobol were in vogue. They have been slow to innovate and provide poor user experiences. With Zeta, banks can leverage a modern, cloud native platform and improve speed to market, agility, cost to income ratio and user experience.”
Banks, which have licenses to offer financial services to customers, use Zeta’s cloud-native API and SDKs to launch credit cards, debit cards, loans and offer improved experience to customers, and also work with fintechs. Any financial service you can think of, Zeta provides it today,” he concluded.
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