Zeta, a global banking tech provider to financial institutions, has announced it has secured a $50 million investment from a strategic investor, valuing it at $2 billion.
Previously, the company had been valued at a pre-money valuation of $1.15 billion when it raised $250 million from Softbank Vision Fund 2 and other marquee investors in 2021.
“We are incredibly excited at the pace at which clients are embracing our modern stack,” said Zeta’s Global CEO and Co-founder, Bhavin Turakhia. “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.”
According to Zeta, its SaaS offerings enable Banks and Fintechs to launch any asset, liability, or payment product including credit cards, checking accounts, savings accounts, unsecured loans, and more – for consumers, SMBs, and corporates on a modern, Microservices-based, API-first, Cloud-native, and Headless (MACH) platform.
Zeta’s Co-founder, Ramki Gaddipati said “Zeta’s mission to be a trusted partner to financial institutions is possible through the patient efforts of the best team ever assembled in banking technology. While the past few years have been challenging for the banking tech industry, our organization has delivered multiple winning programs for our clients in record times.
Zeta’s clients include some of the world’s largest and most regulated financial institutions including HDFC Bank, with whom it has launched a suite of products including Pixel – a digital-native credit card program; Pluxee, a global corporate benefits provider; and Sparrow Financial, a card issuer for non-prime cardholders in the US.