Zeta, a global next-generation banking technology provider, announced today that it has secured a $50 million investment from a strategic investor, valuing the company at $2 billion. Previously, Zeta was valued at $1.15 billion following a $250 million investment 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 Bhavin Turakhia, Zeta’s Global CEO and Co-founder.
“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, increasing customer satisfaction and accelerating new user acquisition.”
Zeta’s SaaS offerings enable banks and fintech companies to launch a variety of asset, liability, and payment products, including credit cards, checking accounts, savings accounts, and unsecured loans. These products are designed for consumers, SMBs, and corporates on a modern, microservices-based, API-first, cloud-native, and headless (MACH) platform.
“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,” said Zeta’s Co-founder, Ramki Gaddipati. “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 serves some of the world’s largest and most regulated financial institutions, including HDFC Bank, India’s largest private bank, with whom it has launched a suite of products including Pixel, an innovative digital-native credit card program. Other notable clients include Pluxee, a global corporate benefits provider, and Sparrow Financial, a U.S.-based card issuer for non-prime cardholders.
Zeta’s platform enables financial institutions to rapidly launch extensible and compliant asset and liability products. Its cloud-native and fully API-enabled stack supports processing, issuing, lending, core banking, fraud, loyalty, digital banking apps, and numerous other capabilities.