Jump to content

Zeta (company)

Add links
From Wikipedia, the free encyclopedia
(Redirected from Zeta India)
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.
  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. ^ "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.
‹ The template below (Digital payment providers) is being considered for merging with Online remittance. See templates for discussion to help reach a consensus. ›
Retrieved from "https://en.wikipedia.org/w/index.php?title=Zeta_(company)&oldid=1291619732"