Mastercard has joined a $30 million funding round in credit card processing vendor Zeta and signed a five-year go-to-market deal with the startup.
Zeta's Tachyon Credit platform offers functionality that spans the entire credit card programme lifecycle including issuance, core, payments, BNPL loans, fraud and risk, and rewards. Issuers can tap into a suite of APIs to build new revenue lines by providing a complete credit Banking-as-a-Service (BaaS) and embeddable banking platform to co-brands, fintechs, and affinity partners.
Globally, eight issuers and 30 fintechs have issued 10M+ cards on Zeta’s platform.
Sandeep Malhotra, EVP, products & innovation, Asia Pacific, Mastercard, says: "By deploying Zeta’s credit processing stack, issuers will have an opportunity to grow their user base, drive higher usage and enter new geographical markets."
The two companies’ collaboration began in 2018 in Asia Pacific when Zeta joined Start Path, Mastercard’s global startup engagement program. The fintech recently joined the Mastercard Developers Partner Network, Engage, gaining access to a range of new capabilities, including instant customer KYC and verification, virtual card issuance, provisioning, and usage.
Founded by London based serial entrepreneur, Bhavin Turakhia along with Ramki Gaddipati, Zeta employs 1300 staff globally at offices in the UK, North America, LATAM, Europe and Asia.
Zeta achieved unicorn status in May last year after scooping a $250 million investment from SoftBank.