Zeta (company)

Last updated

Zeta
Zeta Services logo.png
Type of business Privately held company
Founded2015
Headquarters San Francisco, California [1] [2]
Area served US, EMEA, Asia
Founder(s) Bhavin Turakhia
Ramki Gaddipati
Key people Bhavin Turakhia (CEO)
Ramki Gaddipati (CTO)
Gary Singh (President, US) [3]
Sivaram Kowta (President, India) [4]
Industry Banking Technology
Products Credit processing platform,
Digital Credit as a Service
Employees1700+
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". [5] Zeta provides its products to banks and fintechs. [6] [7] [8]

Contents

The company achieved unicorn status in 2021. [9] [10]

History

The company was founded in April 2015 by Bhavin Turakhia [11] and Ramki Gaddipati. [12] Its initial offerings were for employee tax benefits, automated cafeterias, employee gifting, and digital payments. [13] In 2016, Bhavin Turakhia invested around $19 million into Zeta. [14] 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. [15]

In June 2017, the company invested 5–10 crore to buy a minority stake in an HR company called ZingHR. [16] [17]

Zeta has partnerships with IDFC Bank, [18] Sodexo, [19] Excelity Global, [20] Kotak Mahindra Bank [21] [22] and RBL Bank. [15] Zeta launched the first employee benefits survey in India along with Nielsen Holdings in April 2018. [23] It also bought a minority stake in PeopleStrong in January 2018. [24] In 2020, Zeta launched its technology platform-as-a-service in the Philippines and Vietnam with Sodexo being its first client in these countries. [25]

In 2022, Zeta partnered with MasterCard to launch credit card issuers worldwide. [26] [27] In 2023, the company partnered with financial crime prevention company Featurespace to build fraud detection solutions for US credit card issuers. [28] [29] Zeta launched its digital credit as a service in 2024 built on the NPCI’s Credit Line on UPI (CLOU) for Indian banks. [30] The company partnered with HDFC Bank to launch the upgraded version of the PayZapp app with CLOU offering [31] [32] [33] and also launched its app-based customizable digital card range PIXEL with them. The company also partnered with Sparrow Financial in the same year to power its credit card program for non-prime customers in the US. [34]

The company operates across several geographies in North America, the United Kingdom, Brazil, the Philippines, Italy, Spain, and Vietnam. [35]

Funding

In 2019, Zeta received an investment from Sodexo BRS at a valuation of $300 million [36] and this unit also merged with Zeta’s employee benefits business. [37]

In 2021, Zeta secured a Series C investment of $250 million from SoftBank Vision Fund 2 valuing Zeta at $1.45 billion. [38] This is one of the largest single investments in a banking tech startup globally. [39]

In March 2022, Zeta secured an additional $30 million from Mastercard at a valuation of $1.5 billion. [40]

Products

Tachyon

Zeta Tachyon is a credit processing platform for banks that services credit card programs across issuance, core payments, BNPL loans, fraud and risk, and rewards with a suite of managed services. [41]

Digital Credit as a Service

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). [30] Zeta processes 2 million transactions every day because of growth in credit on UPI products. [42] It estimates that Credit Line on UPI could surpass $1 trillion in transaction value by 2030. [43]

Awards

See also

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References

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  2. ↑ "Next-Gen Payment Card Processing and Issuing". Zeta US. 14 June 2024. Retrieved 6 September 2024.
  3. ↑ https://www.finextra.com/blogposting/26853/unraveling-the-cobol-conundrum
  4. ↑ https://www.outlookbusiness.com/interviews/extremely-bullish-about-digital-credit-in-india-zetas-sivaram-kowta-2
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  15. 1 2 "Zeta ties up with RuPay for broader acceptance network". The Economic Times . 11 April 2017.
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  21. ↑ "Kotak Bank, Zeta launch digital prepaid solution for employees". New Indian Express. 17 September 2017.
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  43. ↑ Shukla, Saloni (22 August 2024). "Credit line on UPI could cross $1 trillion in transaction value by 2030: Zeta". The Economic Times. ISSN   0013-0389 . Retrieved 28 January 2025.
  44. ↑ Release, ANI Press. "Zeta Tachyon Bags 'Best of Show' Award at Finovate West Digital 2020". Archived from the original on 20 January 2021. Retrieved 28 January 2025.
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