Based in Bangalore, Zeta is the newest banking technology startup to obtain the position of a ‘unicorn’ in 2021. By its Series C round of funding investment, the company has managed to raise $250 million from Softbank Vision Fund II which was valued at $1.45 billion.
There are many Indian companies that have become unicorns this year. Any company that is valued at more than $1 billion achieves unicorn status. Since 2019, Zeta has managed to quadruple its value. At the time, Sodexo SA had valued Zeta at $300 million.
What’s In For Zeta After Becoming Unicorn?
With this newly acquired money, the company is about to expand in the US and European markets. They want to transform user experience through banking software, for which they are widely known in India. Zeta wants to bridge the gap between bank services going online avoiding the hassle of going to a bank to do multiple services. This includes credit card/debit card processing, applying for loans, mobile banking, and more.
Ideally, banking software acquires a market share of $300 billion around the world. Zeta wants to follow a unified approach wherein it provides simple services to customers on a cloud. To date, the company has 10 banks and 25 fintech companies spread across 8 countries in the world.
The banks that have partnered with Zeta include Kotak Mahindra Bank, HDFC Bank, and Axis bank – the big boys in the game. Zeta is founded by brothers Bhavin and Divyank Turakhia along with Ramki Gadapatti.
We look forward to seeing more endeavors by the company and wish them the best of luck.