Company will use funds to fuel the rapid global expansion of its cloud banking platform and enterprise payments solutions across the US & UK and other markets this year
Zeta, a global fintech company revolutionising the digital banking and enterprise payments space, today announced that it has secured a series C investment from Sodexo Benefits and Rewards Services (BRS) at a valuation of $300 million. With this investment, Sodexo BRS will have a minority stake in the company. With this new capital, Zeta will look at expanding its business in the United States, United Kingdom, Europe and Southeast Asia.
Zeta provides its platform to companies and banks in Asia and Latin America. Zeta’s product portfolio includes –
- A full stack cloud native neo-banking platform for issuance of credit, debit and prepaid products that enable legacy banks and new age fintech institutions to launch retail and corporate fintech products
- An enterprise payments solutions stack comprising of TnE cards, P-cards, expense management, salary disbursement and more
“Fintech has gone through a significant transformation in the past couple of years, as consumers demand more control and a decentralised banking experience,” said London-based Bhavin Turakhia, co-founder and CEO of Zeta. “The United Kingdom has seen significant innovation in the fintech space, with more challenger banks operating here than any other country worldwide. Today’s banking and fintech ecosystem requires cloud-native, privacy-aware, inherently secure, API first banking and payment solutions. Zeta has already begun hiring senior leadership in the United Kingdom with the goal of providing our unique banking solutions to operators here. We will be expanding our operations in over 15 countries in the next two years.”
Until now, Zeta has been funded by co-founders Bhavin Turakhia and Ramki Gaddipati. Avendus Capital was the exclusive financial advisor to Zeta in the entire investment process.
“At Zeta, we have been creating a robust platform over the last five years to solve for use cases that could not be addressed through legacy approaches,” said Ramki Gaddipati, CTO and co-founder of Zeta. “The platform enables the creation of tailor-made consumer experiences and scales to billions of transactions per day. Zeta’s growth over the last four years is a testament to the capabilities the platform could deliver and the scale of the opportunity at hand.”
“Sodexo has been a strategic partner of Zeta since 2017,” said Aurelien Sonet, CEO of Sodexo BRS. “This investment will enable the Sodexo group to benefit from Zeta’s seamless payment experience and offer a comprehensive suite of solutions to our consumers. Zeta and Sodexo are already working together on deploying Zeta’s platform across several Sodexo subsidiaries across different regions.”