Bengaluru-based fintech startup Zeta, on Tuesday, said that it has secured an undisclosed amount in funding as a part of its Series C investment from partner Sodexo. The round values Zeta at about $300 million. With this new capital, the startup will look at expanding its business in global markets including the United States, United Kingdom, Europe, as well as South East Asia.
Bhavin Turakhia, Co-founder and CEO of Zeta, said,
“Today’s banking and fintech ecosystem requires cloud-native, privacy-aware, inherently secure, API-first banking and payment solutions. With this new investment, we want to further our vision to accelerate to a world where payments are invisible and seamless. We will be expanding our operations to over 15 countries in the next two years.”
Ramki Gaddipati, Co-founder and CTO, Zeta said,
“At Zeta, we have been creating a robust platform over the last five years to solve for use cases that could not be addressed through legacy approaches. This investment will also allow us to enhance our capabilities in machine learning, artificial intelligence and predictive analytics so that we can offer better services with more actionable information to our clients and users.”
Before this investment round, Zeta was solely funded by co-founders Bhavin Turakhia and Ramki Gaddipati. Post this round, Sodexo will have a minority stake in the company.
“Sodexo has been a strategic partner of Zeta since 2017,” said Aurelien Sonet, CEO, Sodexo Benefits and Rewards Services.
“This investment will enable the Sodexo group to benefit from Zeta’s seamless payment experience and offer a comprehensive suite of solutions to our consumers. Zeta and Sodexo are already working together on deploying Zeta’s platform across several Sodexo subsidiaries across different regions.” he added.
Co-founded by Bhavin Turakhia and Ramki Gaddipati in 2015, Zeta provides a full-stack, cloud-based neo-banking platform for issuance of credit, debit and prepaid products that enable legacy banks and corporations to launch engaging retail and corporate products.
Some of Zeta’s partners include Sodexo, RBL Bank, IDFC First Bank, Kotak Mahindra Bank and others.
It also provides digitised payment solutions to enterprises for used cases including automated cafeteria, employee gifting, amongst others. At present, Zeta claims that over 14,000 corporate clients and more than 1.9 million users use its employee benefits and corporate gifting platform.