Next-gen Banking Tech & Card Issuer Processor
Zeta is a next-gen banking tech company by founders Bhavin Turakhia and Ramki Gaddipati in 2015. The company provides credit and debit card issuer processing, BNPL, core banking and "mobile experiences".[clarification needed] Zeta provides its products to banks and fintechs globally.[1][2][3]
History
The company was founded in April 2015 by Bhavin Turakhia[4] and Ramki Gaddipati.[5] Its initial offerings were for employee tax benefits, automated cafeterias, employee gifting and digital payments.[6] In 2016, Bhavin Turakhia invested around $19 million into Zeta.[7] 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.[8]
In June 2017, the company invested 5-10 crore to buy a minority stake in an HR company called ZingHR.[9][10]
Zeta has partnerships with IDFC Bank,[11] Sodexo,[12] Excelity Global,[13] Kotak Mahindra Bank[14][15] and RBL Bank.[8] Zeta launched the first employee benefits survey in India along with Nielsen Holdings in April 2018.[16] It also bought a minority stake in PeopleStrong in January 2018.[17] In 2019, Zeta received an investment from Sodexo BRS at a valuation of $300 million.[18] In 2020, Zeta launched its technology platform-as-a-service in The Philippines and Vietnam with Sodexo being its first client in these countries.[1] In 2021, Zeta secured Series C investment of $250 million from SoftBank Vision Fund 2 valueing Zeta at $1.45 billion. This is one of the largest single investments in a banking tech startup globally.
Merger
Zeta's employee benefits business merged with Sodexo BRS India in 2019.[22]
