Zeta Secures Extra $30 million in funding from Mastercard & Others
Zeta, a banking technology platform, has raised $30 million in a strategic investment round led by Mastercard and other investors, valuing the firm at $1.5 billion.
This is a follow-up to Zeta's $240 million funding round last May, which was led by SoftBank Vision Fund 2. The company was valued at $1.45 billion in the transaction, making it India's first unicorn. A unicorn is a privately held company with a market capitalization of $1 billion or more.
The investment by Mastercard in Zeta is part of a five-year strategic agreement in which both businesses will offer their credit management and card-processing product stacks. The corporation refused to provide the names of the other investors who took part in this round.
Zeta and Mastercard expect to issue 30-40 million debit and credit cards and handle $60 billion in total payment value through their banking and payment solutions throughout the course of the cooperation. Zeta will also provide additional capabilities to Mastercard bank partnerships through its white-label platform Tachyon.
Tachyon enables banks to offer credit products, personal loans, buy-now-pay-later (BNPL), upsell credit, and decrease fraud by allowing them to roll out credit products, issue personal loans, and offer buy-now-pay-later (BNPL).
Zeta, which was founded in April 2015, provides digital infrastructure to banks, assisting them in managing consumer payments and deposits while also assisting them in integrating fintech solutions.
“The core objective of the partnership with Mastercard is to jointly promote both brands in new geographies, leverage sale leads and add more value to cardholders by helping banks customise offerings. The partnership with Mastercard also helps us open doors in new geographies and ensure rapid integration while reducing our time to market,” says, Bhavin Turakhia, cofounder and chief executive officer of Zeta.
Zeta's current focus is on India, the United States, and Southeast Asia. Turakhia noted that the company plans to debut its solutions in Brazil and the United Kingdom in the first half of 2023.
Zeta has already begun working with Mastercard on innovation in the Middle East and North Africa, Europe, and Asia Pacific as part of the relationship. In the following years, it hopes to add another 20-30 multinational banks to its platform as clients.
Mastercard has been a long-time supporter of the Indian fintech scene. Fintech startups Razorpay and Pine Labs are among its portfolio companies in the country.
This is a follow-up to Zeta's $240 million funding round last May, which was led by SoftBank Vision Fund 2. The company was valued at $1.45 billion in the transaction, making it India's first unicorn. A unicorn is a privately held company with a market capitalization of $1 billion or more.
The investment by Mastercard in Zeta is part of a five-year strategic agreement in which both businesses will offer their credit management and card-processing product stacks. The corporation refused to provide the names of the other investors who took part in this round.
Zeta and Mastercard expect to issue 30-40 million debit and credit cards and handle $60 billion in total payment value through their banking and payment solutions throughout the course of the cooperation. Zeta will also provide additional capabilities to Mastercard bank partnerships through its white-label platform Tachyon.
Tachyon enables banks to offer credit products, personal loans, buy-now-pay-later (BNPL), upsell credit, and decrease fraud by allowing them to roll out credit products, issue personal loans, and offer buy-now-pay-later (BNPL).
Zeta, which was founded in April 2015, provides digital infrastructure to banks, assisting them in managing consumer payments and deposits while also assisting them in integrating fintech solutions.
“The core objective of the partnership with Mastercard is to jointly promote both brands in new geographies, leverage sale leads and add more value to cardholders by helping banks customise offerings. The partnership with Mastercard also helps us open doors in new geographies and ensure rapid integration while reducing our time to market,” says, Bhavin Turakhia, cofounder and chief executive officer of Zeta.
Zeta's current focus is on India, the United States, and Southeast Asia. Turakhia noted that the company plans to debut its solutions in Brazil and the United Kingdom in the first half of 2023.
Zeta has already begun working with Mastercard on innovation in the Middle East and North Africa, Europe, and Asia Pacific as part of the relationship. In the following years, it hopes to add another 20-30 multinational banks to its platform as clients.
Mastercard has been a long-time supporter of the Indian fintech scene. Fintech startups Razorpay and Pine Labs are among its portfolio companies in the country.
