Wikipedia

Zeta (company)

For other uses, see Zeta (disambiguation).

Zeta
Type of businessPrivately held company
Founded2015
HeadquartersSan Francisco, California[1][2]
Area servedUS, EMEA, Asia
Founder(s)Bhavin Turakhia
Ramki Gaddipati
Key peopleBhavin Turakhia (CEO)
Ramki Gaddipati (CTO)
Karla Booe (CCO) [3]
Gary Singh (President, US) [4]
Sivaram Kowta (President, India) [5]
IndustryBanking technology
ProductsCredit processing platform,
Digital Credit as a Service
RevenueIncrease ₹893 crore (US$110 million) (FY24)[6]
Net incomeIncrease ₹119 crore (US$14 million) (FY24)[6]
Employees1700+
ParentZeta Services Inc.
URLwww.zeta.tech
CommercialYes
RegistrationRequired
Current statusOnline

Zeta is a banking software company that was founded by Bhavin Turakhia and Ramki Gaddipati in 2015. The company provides credit and debit card issuer processing, BNPL, core banking and "mobile experiences".[7] Zeta provides its products to banks and fintechs.[8][9][10]

The company achieved unicorn status in 2021.[11][12]

History

[edit]

The company was founded in April 2015 by Bhavin Turakhia[13] and Ramki Gaddipati.[14] Its initial offerings were for employee tax benefits, automated cafeterias, employee gifting, and digital payments.[15] In 2016, Bhavin Turakhia invested around $19 million into Zeta.[16] Initially, Zeta payments were only supported by the MasterCard network, but later the company also tied up with the National Payments Corporation of India's RuPay.[17]

In June 2017, the company invested 5–10 crore to buy a minority stake in an HR company called ZingHR.[18][19]

Zeta bought a minority stake in PeopleStrong in January 2018.[20] In 2020, Zeta launched its technology platform-as-a-service in the Philippines and Vietnam with Sodexo being its first client in these countries.[21]

Zeta launched its digital credit as a service in 2024 built on the NPCI’s Credit Line on UPI (CLOU) for Indian banks.[22]

The company operates in North America, the United Kingdom, Brazil, the Philippines, Italy, Spain, and Vietnam.[23] Its headquarters are in San Francisco, California,[24] and it has offices in India and Dubai.[25]

Funding

[edit]

In 2019, Zeta received an investment from Sodexo BRS at a valuation of $300 million[26] and this unit also merged with Zeta’s employee benefits business.[27]

In 2021, Zeta secured a Series C investment of $250 million from SoftBank Vision Fund 2 valuing Zeta at $1.45 billion.[28][29]

In March 2022, Zeta secured an additional $30 million from Mastercard at a valuation of $1.5 billion.[30]

In February 2025, Zeta received $50 million from a strategic investor at a valuation of $2 billion.[31][32]

Products

[edit]

Tachyon

[edit]

Zeta Tachyon is a credit processing platform for banks that provides services related to credit card issuance, core payments, BNPL loans, fraud and risk, and rewards with managed services.[33]

Digital Credit as a Service

[edit]

Digital Credit as a Service provides credit origination, issuance, and collections services to banks based on the National Payments Corporation of India’s (NPCI) Credit Line on Unified Payments Interface(UPI).[22] In 2024, Zeta claimed that it processes 2 million transactions every day.[34]

See also

[edit]

References

[edit]
  1. ^ Penn, David (27 August 2024). "HDFC Bank Turns to Zeta to Power its Credit Line on UPI Offerings". Finovate. Retrieved 6 September 2024.
  2. ^ "Next-Gen Payment Card Processing and Issuing". Zeta US. 14 June 2024. Retrieved 6 September 2024.
  3. ^ https://www.fintechfutures.com/regulations-compliance/banking-tech-start-up-zeta-hires-karla-booe-as-chief-compliance-officer
  4. ^ "Unraveling the COBOL Conundrum: By Gary Singh". 23 September 2024.
  5. ^ "Extremely Bullish About Digital Credit in India: Zeta's Sivaram Kowta". 30 August 2024.
  6. ^ a b "Fintech unicorn Zeta secures $50 million at a valuation of $2 billion". Moneycontrol. 11 February 2025. Retrieved 2 April 2025.
  7. ^ "Big data and analytics company Zeta Interactive to expand presence in India". The Economic Times. 6 October 2015. Retrieved 17 May 2024.
  8. ^ Money, control (27 November 2019). "Zeta's Fusion:the bridge between banks and fintechs". Moneycontrol.com. India.
  9. ^ New Indian, Express (30 January 2020). "Zeta to smoothen customers' banking experience with its platform Tachyon". New Indian Express.
  10. ^ Wire, PTI (7 October 2020). "Service-providing platform launchedfor fintech firms". The Week. The Hindu.
  11. ^ "How private equity major SoftBank's investment into Zeta made it India's newest unicorn startup". www.fortuneindia.com. 4 May 2021. Retrieved 20 January 2025.
  12. ^ Dhanjal, Swaraj Singh (24 May 2021). "Zeta raises $250 million from SoftBank fund, turns unicorn". mint. Archived from the original on 24 May 2024. Retrieved 20 January 2025.
  13. ^ Balachandran, Manu (23 August 2016). "The world's newest billionaires are two Indian brothers who founded a tech company in their teens". Quartz. Archived from the original on 6 December 2017. Retrieved 27 December 2017.
  14. ^ "Bhavin Turakhia now bets on Zeta". The Times of India. 30 September 2016. Archived from the original on 25 March 2017.
  15. ^ "Zeta: Pathbreaking digital solutions for employee benefits & rewards". Express Computers. 5 December 2018.
  16. ^ "Directi's Turakhia now bets on cloud venture Zeta". The Times of India. 30 September 2016.
  17. ^ "Zeta ties up with RuPay for broader acceptance network". The Economic Times. 11 April 2017.
  18. ^ Singh, Arti (29 June 2017). "Bhavin Turakhia's digital meal voucher venture Zeta backs ZingHR". VCCircle.
  19. ^ "Zeta Picks Up Stake in ZingHR for an Undisclosed Amount". BusinessWorld. 29 June 2017.
  20. ^ Guptoo, Bishwaroop (16 January 2018). "Bhavin Turakhia-promoted Zeta puts funds in PeopleStrong HR Services". The Times of India.
  21. ^ Sil, Debarghya (1 July 2020). "Bangalore-Based Zeta Expands Its Footprint In Vietnam and Philippines". Entrepreneur. Retrieved 17 May 2024.
  22. ^ a b Sneha Shah; Samiksha Goel (10 May 2024). "Fintech unicorn Zeta launches UPI-linked credit-as-a-service for banks | Mint". mint. Archived from the original on 30 August 2024. Retrieved 23 January 2025.
  23. ^ Bhalla, Tarush (6 June 2021). "Zeta eyes presence in 30 countries in the next two fiscals". mint. Archived from the original on 10 October 2024. Retrieved 20 January 2025.
  24. ^ Penn, David (27 August 2024). "HDFC Bank Turns to Zeta to Power its Credit Line on UPI Offerings". Finovate. Retrieved 7 May 2025.
  25. ^ Singh, Manish (24 May 2021). "Zeta becomes a unicorn with $250 million SoftBank-led funding". TechCrunch. Retrieved 7 May 2025.
  26. ^ "Fintech firm Zeta's valuation climbs to $300 million in its first external funding round". TechCrunch. 23 July 2019. Retrieved 23 July 2019.
  27. ^ Saxena, Ridhima (25 July 2019). "Zeta's employee benefits business merges into Sodexo BRS India". mint. Archived from the original on 13 February 2024. Retrieved 20 January 2025.
  28. ^ "Zeta Closes $250 Million SoftBank Funding At $1.5 Billion Valuation". PYMNTS.com. 24 May 2021. Retrieved 17 May 2024.
  29. ^ Andreasyan, Tanya (26 May 2021). "SoftBank pours $250 million into banking tech start-up Zeta". FinTech Futures. Retrieved 17 May 2024.
  30. ^ Rai, Saritha (7 March 2022). "Bloomberg - Fintech Startup Zeta raises $30 Million, Teams with MasterCard". www.bloomberg.com. Retrieved 28 January 2025.
  31. ^ "Banking tech startup Zeta raises $50 million in fresh funding; valuation rises to $2 billion". The Economic Times. 11 February 2025. ISSN 0013-0389. Retrieved 7 May 2025.
  32. ^ Singh, Manish (11 February 2025). "Zeta valued at $2B in new funding". TechCrunch. Retrieved 7 May 2025.
  33. ^ "Zeta and Mastercard partner to power next-gen credit processing for banks and fintechs". newsroom.mastercard.com. Retrieved 28 January 2025.
  34. ^ "Zeta says processing around 2 mn transactions a day amid growing demand for credit on UPI products". 8 October 2024. Archived from the original on 8 October 2024. Retrieved 28 January 2025.