Zeta, a leading provider of next-generation banking technology, has secured a $50 million funding from a strategic investor, raising its valuation to $2 billion. The Mumbai-based company, which became a unicorn in 2021, was last valued at $1.15 billion during its Series C funding round, led by SoftBank Vision Fund 2.
Founded by Bhavin Turakhia and Ramki Gaddipati, Zeta offers advanced cloud-based banking solutions to financial institutions worldwide. With this new funding, the company plans to strengthen its global presence and help banks transition from outdated legacy systems to modern digital experiences.
Banking with Cloud Technology
Zeta’s cloud-native platform enables banks and financial institutions to launch a wide range of digital financial products, including credit cards, loans, and savings accounts. Its solutions are API-driven and powered by microservices, allowing banks to enhance customer experience and scale faster.
CEO Bhavin Turakhia expressed his excitement over the company’s rapid growth. “We are thrilled by how quickly clients are adopting our modern banking technology. In recent years, we have supported over 25 million accounts on our Tachyon cloud platform, and we are on track to double this with new client contracts already underway. Banks are leaving behind decades-old systems, improving customer satisfaction, and attracting more users.”
Banking Technology Solutions
Zeta provides a complete Software-as-a-Service (SaaS) platform designed for financial institutions. The company offers six specialized banking tech solutions:
- Tachyon: Core banking and issuer payments platform
- Photon: Merchant acquiring and payments processing suite
- Neutrino: AI-driven digital banking applications
- Saturn: Issuer operations and servicing system
- Luminos: Customer engagement and rewards platform
- Electron: Commercial cards and corporate benefits solutions
These solutions help banks digitize their services, enhance security, and offer seamless financial products to customers.
Serving Global Financial Institutions
Zeta has a workforce of 1,700 employees, with 70% working in technology roles. The company collaborates with some of the world’s leading financial institutions, including HDFC Bank, India’s largest private lender. In partnership with Zeta, HDFC Bank launched Pixel, an innovative digital-first credit card program. Other key clients include Pluxee, a global corporate benefits provider, and Sparrow Financial, a U.S.-based card issuer for non-prime customers.
Co-founder Ramki Gaddipati emphasized Zeta’s commitment to innovation: “Our goal is to be a trusted partner for financial institutions, and our team is dedicated to delivering world-class banking technology. We have launched several successful programs in record time, strengthening our leadership in the industry.”
Global Banking Tech Market
With this latest funding, Zeta aims to expand its reach and further establish itself as a key player in the banking technology sector. The company is focused on scaling its cloud-based banking solutions to help banks worldwide improve efficiency, enhance customer experience, and drive digital transformation.
As digital banking adoption continues to grow, Zeta is well-positioned to lead the future of financial technology, offering cutting-edge solutions that redefine the way banks operate.
