A new banking technology startup Zeta is based out of Bengaluru is the newest Indian startup company that will attain the “unicorn” status. In its Series C round of funding the company raised $250 million from Softbank Vision Fund II because of its valuation of around $1.45 billion. This ‘unicorn’ is a private company that is valued at around $1 billion or more. However, the deal more than quadruples Zeta’s valuation from 2019, when Sodexo SA has now valued the startup at $300 million.
Zeta is now planning to utilize the new funding for expanding in the US as well as the European markets. Bhavin Turakhia, co-founder of Zeta mentioned, “They [banks] have been slow to innovate and provide poor user experiences.”
As per him, Zeta is quite poised to capture the market in which the banks are now moving online and quite away from the controversial branches. However, it provides the backbone technology for credit and credit-card processing, core banking, loans, mobile banking as well personal financing management.
Well, the company’s approach is a quite simplified approach that starts differently enough for attracting consumers. Well, other than work with the several supplies, like banking and financial institution which can do. Zeta is on the verge of combining those services and provides one cloud-based offering.
Till now Zeta has almost 10 banks and around 25 fintech companies across almost eight countries. This involves big Indian banks like Kotak Mahindra, HDFC, and others. On the other hand, Sodexo is an existing investor is also their consumer. Even, they have participated like a minority investor in the Series C round of the funding.
Turakhia doesn’t normally depend on external funding. Most of the startups he has been tangled in the past have been without recognized funding. Zeta’s move to increase capital marks a withdrawal from his preference for bootstrapping his businesses.
Zeta founder is a 41-year old Turakhia has launched a startup in 2015 that after already having immersed his toe that is more like submerged his toe and in multiple startups with his brother named Divyank.
He was already coding at the age of 10 and had reached millionaire status by the time he hit 20. By the time he was 26, he united a billion-dollar fortune with his brother.
