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Vikas Acharya
Building WelBe| Entr... • 5m
Modern banking tech company" ZETA" announced it has secured a $50 million investment from a strategic investor valuing it at $2 billion. However, the SaaS company did not reveal the investor’s name. Zeta became a unicorn in May 2021 after a $250 million Series C round from SoftBank Vision Fund 2. The Mumbai-based company also raised $30 million in strategic funding from Mastercard in March 2022 at a valuation of $1.5 billion. "Over the past few years, we have supported over 25 million accounts on our cloud-native processing platform Tachyon and are on track to add 25 million more with contracts already in flight. Our clients are breaking away from decades of legacy systems to deliver amazing digital experiences thereby increasing their customer satisfaction and accelerating new user acquisition,” said Bhavin Turakia, Zeta’s Global CEO and co-founder. Zeta’s SaaS platform helps banks and fintechs launch financial products like credit cards, bank accounts, and loans for individuals and businesses. It’s built on a modern, cloud-native, API-first, and microservices-based architecture. It serves top financial institutions, including HDFC Bank, Pluxee, and Sparrow Financial, powering innovative products like Pixel, a digital-native credit card program. Zeta said that it has over 1,700 employees, with 70% in tech roles, across the US, Middle East, and Asia. The platform claims to have powered over 25 million card issuances worldwide. While Zeta did not disclose its global revenue, the company’s Indian entity recorded a 9.42% surge in revenue from operations to Rs 893.12 crore in FY24. Its profit after tax (PAT) jumped 5.4x to Rs 119.82 crore during the period.
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