Banking technology start-up Zeta Bagged secured a $ 250 million investment from SoftBank Vision Fund 2 in Series C funding. The company is now valued at $ 1.45 billion after the Bengaluru-based company made one of the largest single investments in a banking technology start-up in the world.
Sodexo, a Paris-based food services and facility management company, participated in the round as an additional minority investor. Avendus Capital acted as financial advisor for this transaction.
Zeta will use the proceeds from this funding round to accelerate growth in the US, Europe and India, including scaling its operations, team and platform to meet the needs of its growing customer base.
Zeta was founded in 2015 by Bhavin Turakhia and Ramki Gaddipati and is represented in North America, LATAM, Great Britain, Europe and Asia. The company counts among its clients more than 10 banks and 25 fintech companies in 8 countries, including Sodexo, HDFC Bank, Kotak Mahindra Bank, Axis Bank, IndusInd Bank, YES Bank, RBL Bank, SBM Bank India and others.
“Most banks use decades-old software that was developed when mainframes and Cobol were fashionable. They have been slow to innovate and have poor user experiences. With Zeta, financial institutions can leverage a modern, cloud-native platform and improve speed to market and agility, Cost.” -to-income ratio and user experience, “said Bhavin Turakhia, CEO and co-founder of Zeta. “We are privileged to have SoftBank on this exciting journey as we together disrupt the stagnant banking technology landscape.”
Zeta offers Omni Stack for banks and fintech companies, which claim to offer all the functions that banks need to introduce relevant products.
“As the world changes to real-time payments and digital financial services, the number of transactions between banks and customers per day is expected to grow exponentially. The increasingly digital world poses new challenges for banks in terms of security, data protection and data protection. The demands of the systems industry reimagined with security, privacy, scalability and reliability as core fundamentals. Zeta’s Omni Stack answers those needs, “said Ramki Gaddipati, CTO and Co-Founder of Zeta.
“Banking software is a $ 300 billion industry worldwide. Most banks are still deploying technology that is significantly older than their customers, which has an impact on user experience and engagement. Zeta’s advanced omni stack will be upgrading Driving banking software for the digital consumer and innovation in financial services worldwide, “said Munish Varma, Managing Partner of SoftBank Investment Advisers.
ALSO READ: COVID-19 Second Wave: Diageo India Pledges Rs 45 crore to Aid Public Health
ALSO READ: A Hard-To-Believe Ad and Obscure Company With a $ 500 Billion Proposal