Banking technology startup Zeta on Tuesday announced that it has secured a $50-million investment from a strategic investor at a valuation of $2 billion.
While the investor’s name was not disclosed, according to a report in The Economic Times, Bengaluru-based Zeta has secured the funding from US-based healthcare and financial services firm Optum.
Zeta raised $250 million from SoftBank Vision Fund 2 and other marquee investors at a pre-money valuation of $1.15 billion in 2021, per a company statement.
With the fresh funding, the company will continue to strengthen its position as a next-gen banking technology provider, enabling financial institutions to launch modern banking products through its MACH (microservices based, API-first, cloud-native, and headless) platform, the statement added.
“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 Zeta’s global CEO and co-founder, Bhavin Turakhia.
Founded in 2015 by Turakhia and Ramki Gaddipati, Zeta platform enables financial institutions to launch extensible and compliant asset and liability products rapidly. Its cloud-native and fully API-enabled stack supports processing, issuing, lending, core banking, fraud, loyalty, digital banking apps, and many other capabilities.
Zeta counts HDFC Bank; Pluxee, a global corporate benefits provider; and Sparrow Financial, a card issuer for non-prime cardholders in the US, among its clients.
