Zeta, a next-gen banking tech provider to financial institutions globally, has secured a $50 million investment from an un-named investor valuing it at $2 billion.
Zeta had previously been valued at a pre-money valuation of $1.15 billion when it raised $250 million from Softbank Vision Fund 2 and other marquee investors in 2021.
This was followed up in March 2022, when Mastercard joined a $30 million funding round in 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, issuers and fintechs have issued 25M+ cards on Zeta’s platform. Customers include the likes of HDFC Bank, India’s largest private bank, Pluxee, a global corporate benefits provider and Sparrow Financial, a card issuer for non-prime cardholders in the US.
“We are incredibly excited at the pace at which clients are embracing our modern stack,” says Zeta’s global CEO and co-founder, Bhavin Turakhia. “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.”