- Global fintech company Zeta is now valued at $300 million based on a Series C investment from Sodexo Benefits and Rewards Services
Zeta — a global fintech company that is revolutionizing the digital banking and enterprise payments space — announced it has secured Series C funding 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. And with the new capital, Zeta will look at expanding its business in the United States, United Kingdom, Europe, and Southeast Asia.
Zeta is known for offering a platform to companies and banks in Asia and Latin America. And its 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 along with an enterprise payments solutions stack comprising of TnE cards, P-cards, expense management, and salary disbursement.
“Fintech has gone through a significant transformation in the past couple of years, as consumers demand more control and a decentralized banking experience,” said Zeta co-founder and CEO Bhavin Turakhia in a statement. “Zeta continues to be ahead of this curve, with the ultimate goal of making payments invisible and seamless for customers. Today’s banking and fintech ecosystem requires cloud-native, privacy-aware, inherently secure, API first banking and payment solutions. The United States will be one of the most important markets for us, and we have already started hiring a senior leadership team who will drive the business in the country. We will be expanding our operations in over 15 countries in the next two years.”
Zeta has been funded by co-founders Bhavin Turakhia and Ramki Gaddipati until now. And 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,” added Gaddipati. “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.”
Zeta’s products are currently used by more than 5 banks and fintech issuers, 14,000 corporations and over 2 million users. Zeta is a SOC 2, ISO 27001, ISO 9008, PCI DSS certified company. And Zeta has over 450 employees and clocks over 1 million transactions per day.
“Sodexo has been a strategic partner of Zeta since 2017,” explained Sodexo BRS CEO Aurelien Sonet. “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.”
