Zeta Finds First External Funding For Enterprise Payments Tech

Enterprise payments and banking technology firm Zeta announced a Series C funding round this week propelling the firm’s valuation to $300 million.

Announced in a press release, India-based Zeta’s new funding stems from Sodexo Benefits and Rewards Services, which will now have a minority stake in the firm. Zeta did not disclose how much it raised but noted it plans to expand operations in the U.S., U.K., Europe and Southeast Asia with the funding.

Zeta currently operates in Asia and Latin America, connecting banks to its banking platform so those institutions can offer their own retail and corporate financial services and products. The firm also services corporates directly, offering a range of payments solutions, including T&E cards, p-cards, expense management, payroll and other tools.

“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 CEO and Co-founder Bhavin Turakhia in the release. “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,” continued Turakhia. “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.”

According to Zeta, the firm’s only investors until now had been Turakhia and Ramki Gaddipati, the firm’s chief technology officer and co-founder.

“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,” Gaddipati said. “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.”