Banking unicorn Zeta has formed a five-year global partnership with Mastercard, which will see the pair of firms jointly launch credit cards.
These cards will be launched with issuers around the world through Zetaâ€™s cloud-native and API-ready credit processing stack.
Master underscored the partnership with an investment in Zeta, which is reportedly around $30m.
Through the support of Mastercard, Zeta is aiming to transform credit card processing into a new world with â€œnimble, composable, single vendor systems that are truly responsive to changing cardholder needs and preferences,â€ it said.
Through the new solution, issuers can launch cards quicker and have an easier time designing and launching card programs.
Zeta co-founder and CEO Bhavin Turakhia said, â€œWith Zetaâ€™s next-gen credit card processing platform, we are fundamentally rewiring how issuers launch credit card programs by offering new paradigms over legacy mainframe systems.
â€œAmongst other benefits, our stack allows issuers to increase the lending book by composing contextual upsells using our extensive APIs and SDKs; reduce costs via pay-as-you-go SaaS billing; improve customer satisfaction by launching rich, self-serve experiences for card holders; and launch and iterate faster using our infinitely scalable cloud-native deployment. In Mastercard, we have a partner that is committed to undertake this journey with us and truly believes in this mission.â€
This is not the first time the companies have collaborated. They previously teamed up in 2018 in Asia Pacific. Zeta joined Start Path, Mastercardâ€™s global startup engagement program.
It also recently joined Mastercard Developers Partner Network Engage. Through this, Zeta gets access to Mastercardâ€™s network to pre-integrate or bundle products and services.
Zeta joined the unicorn club last year, after a $250m Series C funding round put its valuation at $1.45bn. The FinTech company allows users to instantaneously generate a digital card for their own family members, including teenagers.
Earlier in the year, Mastercard expanded Mastercard Installments, its buy now, pay later product, to consumers in the United Arab Emirates (UAE) and Saudi Arabia.
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