Zeta (company)

Last updated

Zeta
Zeta Services logo.png
Type of business Privately held company
Founded2015
Headquarters San Francisco, California [1] [2]
Founder(s) Bhavin Turakhia
Ramki Gaddipati
Key people Bhavin Turakhia (CEO)
Ramki Gaddipati (CTO)
Employees1000-5000
Parent Zeta Services Inc.
URL www.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". [3] Zeta provides its products to banks and fintechs. [4] [5] [6]

Contents

History

The company was founded in April 2015 by Bhavin Turakhia [7] and Ramki Gaddipati. [8] Its initial offerings were for employee tax benefits, automated cafeterias, employee gifting and digital payments. [9] In 2016, Bhavin Turakhia invested around $19 million into Zeta. [10] Initially, Zeta payments was only supported by the MasterCard network but later the company also tied-up with the National Payments Corporation of India's RuPay. [11]

In June 2017, the company invested 5-10 crore to buy a minority stake in an HR company called ZingHR. [12] [13]

Zeta has partnerships with IDFC Bank, [14] Sodexo, [15] Excelity Global, [16] Kotak Mahindra Bank [17] [18] and RBL Bank. [11] Zeta launched the first employee benefits survey in India along with Nielsen Holdings in April 2018. [19] It also bought a minority stake in PeopleStrong in January 2018. [20] In 2019, Zeta received an investment from Sodexo BRS at a valuation of $300 million. [21] In 2020, Zeta launched its technology platform-as-a-service in the Philippines and Vietnam with Sodexo being its first client in these countries. [22] In 2021, Zeta secured Series C investment of $250 million from SoftBank Vision Fund 2 valuing Zeta at $1.45 billion. [23] This is one of the largest single investments] in a banking tech startup globally. [24]

See also

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References

  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. ↑ "Big data and analytics company Zeta Interactive to expand presence in India". The Economic Times . 6 October 2015. Retrieved 17 May 2024.
  4. ↑ Money, control (27 November 2019). "Zeta's Fusion:the bridge between banks and fintechs". Moneycontrol.com . India.
  5. ↑ New Indian, Express (30 January 2020). "Zeta to smoothen customers' banking experience with its platform Tachyon". New Indian Express.
  6. ↑ Wire, PTI (7 October 2020). "Service-providing platform launchedfor fintech firms". The Week. The Hindu.
  7. ↑ Balachandran, Manu (23 August 2016). "The world's newest billionaires are two Indian brothers who founded a tech company in their teens". Quartz.
  8. ↑ "Bhavin Turakhia now bets on Zeta". The Times of India . 30 September 2016. Archived from the original on 25 March 2017.
  9. ↑ "Zeta: Pathbreaking digital solutions for employee benefits & rewards". Express Computers . 5 December 2018.
  10. ↑ "Directi's Turakhia now bets on cloud venture Zeta". The Times of India . 30 September 2016.
  11. 1 2 "Zeta ties up with RuPay for broader acceptance network". The Economic Times . 11 April 2017.
  12. ↑ Singh, Arti (29 June 2017). "Bhavin Turakhia's digital meal voucher venture Zeta backs ZingHR". VCCircle.
  13. ↑ "Zeta Picks Up Stake in ZingHR for an Undisclosed Amount". BusinessWorld. 29 June 2017.
  14. ↑ Bhakta, Pratik (9 August 2017). "IDFC Bank partners with Zeta for digital payments solution". The Economic Times .
  15. ↑ Pratap, Ketan (23 May 2017). "Sodexo Partners Zeta to Offer Employee Benefits Through Card, Other Digital Solutions". NDTV.
  16. ↑ "Excelity Global partners with Zeta". India Today. 8 June 2017.
  17. ↑ "Kotak Bank, Zeta launch digital prepaid solution for employees". New Indian Express. 17 September 2017.
  18. ↑ "Payments tech co Zeta ties up with Kotak Mahindra to tap corporates". The Economic Times . 17 September 2017. Retrieved 23 October 2017.
  19. ↑ Sarkar, Brinda (23 April 2018). "62% of salaried employees find paper bills time-consuming: Study". The Economic Times .
  20. ↑ Guptoo, Bishwaroop (16 January 2018). "Bhavin Turakhia-promoted Zeta puts funds in PeopleStrong HR Services". The Times of India .
  21. ↑ "Fintech firm Zeta's valuation climbs to $300 million in its first external funding round". TechCrunch. 23 July 2019. Retrieved 23 July 2019.
  22. ↑ Sil, Debarghya (1 July 2020). "Bangalore-Based Zeta Expands Its Footprint In Vietnam and Philippines". Entrepreneur. Retrieved 17 May 2024.
  23. ↑ "Zeta Closes $250 Million SoftBank Funding At $1.5 Billion Valuation". PYMNTS.com. 24 May 2021. Retrieved 17 May 2024.
  24. ↑ Andreasyan, Tanya (26 May 2021). "SoftBank pours $250 million into banking tech start-up Zeta". FinTech Futures. Retrieved 17 May 2024.
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