Zeta secures unicorn label following $250m Series C

Indian neobank startup Zeta has received unicorn status after a $250m Series C funding round took it to a $1.45bn valuation.

The Series C saw the full investment come from Japanese multinational conglomerate company SoftBank. The capital influx had been expected for over a month, after news broke that SoftBank was finalising the investment in April.

Established in 2015, Zeta is a banking platform that provides credit, debit, buy now pay later and prepaid products and enables financial institutions to launch modern corporate and retail products. The firm also supports financial institutions in fraud, authentication and risk management.

The neobank also allows users to instantaneously generate a digital card for their own family members, including teenagers. Zeta’s clients include over 14,000 corporates including RBL Bank, Kotak Mahindra Bank and IDFC First Bank. The firm employs 700 staff globally and has locations in the UK, Latin America, Europe, Asia and North America.

Zeta CEO Bhavin Turakhia said, “Most banks are using decades old software built at a time when Mainframes and Cobol were in vogue. They have been slow to innovate and provide poor user experiences. With Zeta, banks can leverage a modern, cloud native platform and improve speed to market, agility, cost to income ratio and user experience.”

Zeta counts amongst its customers, over ten Banks and 25 fintechs, across eight countries, including Sodexo – who participated in this latest financing round.

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