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July 24, 2019

Indian fintech Zeta raises fresh funds at $300m valuation

Indian fintech firm Zeta has raised undisclosed amount in its Series C funding round, which was led by Sodexo Benefits and Rewards (BRS).

The company offers employee expense management, corporate gifting and co-branded debit and credit cards.

The latest deal values the company at $300m.

Following the investment, Sodexo will now own a minority stake in the company.

Zeta plans to use the proceeds for the global expansion of its cloud banking platform and enter the US, the UK, south-east Asia and other parts of Europe.

Zeta funding: Background

Established in 2015, Zeta’s cloud-based neo-banking platform supports issuance credit, debit and prepaid products.

Currently, around 14,000 corporate clients and more than 1.9 million users use Zeta’s employee benefits and corporate gifting platform.

Zeta co-founder and CEO Bhavin Turakhia said: “Today’s banking and fintech ecosystem requires cloud-native, privacy-aware, inherently secure, API first banking and payment solutions.

“With this new investment, we want to further our vision to accelerate to a world where payments are invisible and seamless.

“We will be expanding our operations to over 15 countries in the next two years.”

Commenting on the new funding, Zeta co-founder and CTO Ramki Gaddipati said: “This investment will also allow us to enhance our capabilities in machine learning, artificial intelligence, and predictive analytics so that we can offer better services with more actionable information to our clients and users.”

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