Dubai-based banking tech startup, Zeta secures $250 m
Zeta, a Dubai-based banking tech startup, announced that it has secured $250 million in investment from SoftBank Vision Fund 2. This Series C investment values Zeta at US $1.45 billion. This is one of the largest single investments in a banking tech startup globally.
Banks work with dozens of tech vendors – most offering discrete pieces of functionality and archaic stacks that are older than the internet. Zeta’s Omni Stack provides all the functionality that banks need to launch new products relevant to consumers today.
“Most banks are using decades old software built when Mainframes and Cobol were in vogue. They have been slow to innovate and provide poor user experiences. With Zeta, FIs can leverage a modern, cloud native platform and improve speed to market, agility, cost to income ratio and user experience” said Bhavin Turakhia, CEO & Co-founder, Zeta. “We are privileged to have SoftBank join us in this exciting journey as we together disrupt the stagnant landscape of banking tech” Bhavin added.
Zeta’s Omni Stack comprises:
- Zeta Tachyon Credit, Debit and Prepaid processing with card controls and personal finance management capabilities
- Zeta Tachyon Loans – a modern Buy-Now-Pay-Later and personal loan management platform
- Zeta Tachyon Deposits – a modern core for DDA, checking accounts, savings accounts and deposits
- and Zeta Tachyon Mobile – a ready-made, white labeled, customizable mobile app for credit cards, checking accounts, prepaid, loans, Buy-Now-Pay-Later, personal finance management and more
Zeta counts amongst its customers, over 10 Banks and 25 Fintechs, across 8 countries, including Sodexo – a leading Issuer of Employee Benefits & Rewards with over 30 million global users and HDFC Bank – the 14th largest bank by market cap in the world and others.
Munish Varma, Managing Partner, SoftBank Investment Advisers said, “Banking software is a $300 billion industry globally. Most banks still employ technology which is significantly older than their customers, impacting user experience and engagement. Zeta’s modern Omni Stack will drive banking software upgrades catering to the digital consumer, and innovations in financial services globally.”
Ramki Gaddipati, CTO & Co-founder, Zeta said “As the world moves to real time payments and digital financial services, the number of transactions per day between banks and customers are expected to grow exponentially. The increasingly digital world represents evolving security, privacy and data protection challenges to banks. The industry needs systems reinvented with security, privacy, scalability and reliability as the core foundations. Zeta’s Omni Stack answers that need.”
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