Zeta secures $250m investment from SoftBank

Zeta secures $250m investment from SoftBank

Dubai-based banking tech startup, Zeta, has secured $250m in investment from SoftBank Vision Fund 2, it announced on May 24.

The proceeds will be used to accelerate Zeta’s growth in the Middle East, the US and Europe, including scaling its operations, team, and platform to meet growing customer demands, a statement said.

This Series C Investment values Zeta at $1.45bn. Avendus Capital acted as the financial advisor on this transaction.

“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 and co-founder, Zeta.

The startup’s Omni Stack, which provides the functionality banks need to launch new products relevant to consumers, comprises of
• Zeta Tachyon credit, debit and prepaid processing with card controls and personal finance management capabilities;
• Zeta Tachyon Loans – a buy-now-pay-later and personal loan management platform;
• Zeta Tachyon Deposits – a modern core for DDA, checking accounts, savings accounts and deposits;
• Zeta Tachyon Mobile – a customizable mobile app for credit cards, checking accounts, prepaid, loans, Buy-Now-Pay-Later, personal finance management and more

Zeta’s client base includes over 10 banks and 25 fintechs across 8 countries, including Sodexo – an issuer of employee benefits and rewards; and HDFC Bank. Sodexo also participated as a minority investor in the funding round.

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