Headquartered in Bangalore, Zeta is the new banking technology startup to achieve the position of ‘unicorn’ in 2021. With its investment round of Series C financing, the company has managed to raise 250 million dollars from Softbank Vision Fund II, valued at $ 1.45. billion.
There are many Indian companies that have turned into unicorns this year. Any company valued at more than a billion dollars achieves unicorn status. Since 2019, Zeta has managed to quadruple in value. At the time, Sodexo SA had valued Zeta at $ 300 million.
What awaits Zeta after becoming a unicorn?
With this newly acquired money, the company is poised to expand into the US and European markets. They want to transform the user experience through banking software, which they are widely known for in India. Zeta wants to bridge the gap between banking services that go online, avoiding the hassle of going to one bank to perform multiple services. This includes credit / debit card processing, loan application, mobile banking, and more.
Ideally, banking software takes on a market share of $ 300 billion worldwide. Zeta wants to pursue a unified approach in which it provides simple services to customers in a cloud. To date, the company has 10 banks and 25 fintech companies distributed in 8 countries around the world.
Banks that have partnered with Zeta include Kotak Mahindra Bank, HDFC Bank and Axis Bank, the big players in the game. Zeta is founded by brothers Bhavin and Divyank Turakhia together with Ramki Gadapatti.
We look forward to seeing more efforts from the company and we wish them the best of luck.