WASHINGTON (dpa-AFX) - Banking-based tech startup Zeta has raised $250 million in funding from Japanese investment syndicate SoftBank in their SoftBank Vision Fund II program.
The funding gives the tech startup a unicorn status as the business is presently capped at $1.45 billion. The company plans to use the fund to expand into Europe and the US. Among the other investors, Sodexo SA started investing in the company in 2019 as they remain as minor investors and clients for the company.
The company, set up by Mumbai-born Bhavin Turakhia in 2015, aims at automating time-consuming banking processes such as Credit Card issuing, core banking, and loans. Several companies like Sodexo SA and HDFC Bank Ltd. use Zeta as a solution to decrease processing time.
Turakhia, owner and CEO of the company, will target World's top 300 banks to be their client. Presently, it is serving 10 banks and 25 Fintech companies in eight countries. A serial start-up mastermind, Turakhia, said, 'Most banks are using decades-old software built at a time when Mainframes and Cobol were in vogue. They have been slow to innovate and provide poor user experiences.'
The 41-year-old has been building and selling start-ups with his brother since 1998 and expects the United States to drive 60% of his revenues in five years.
Copyright RTT News/dpa-AFX