Zeta, the startup in the banking technology sector headquartered in Dubai, announced today that it has raised $250 million in Series C investment from SoftBank Al Thani Vision Fund. The new investment bring the company’s valuation to $1.45 billion. This is one of the largest single investments in a banking tech startup globally.
The company, which operates in North and Latin America, the United Kingdom, Europe and Asia, was founded by Dubai-based serial entrepreneur Bhavin Torakhia and his colleague Ramki Jadebatti.
While banks are cooperating with dozens of tech providers, the integrated Zeta package offers all the functional characteristics that banks need to introduce new products that meet the needs of consumers today. Zeta’s client portfolio includes more than 10 banks and 25 fintech companies in eight countries, including Sodexo, the industry leader in the issuance of employee benefits and benefits with more than 30 million users worldwide; And HDFC Bank, which ranks 14th in the world by market capitalization, and much more.
“Most banks are using decades old software built at a time when Mainframes and Cobol were in vogue. As a result they have been slow to innovate and provide poor user experiences” said Bhavin Turakhia, CEO, Zeta. “With Zeta, FIs can leverage a modern, cloud native platform and improve speed to market, agility, cost to income ratio and user experience.” said Bhavin Turakhia, CEO & Co-founder, Zeta. “We are privileged to have SoftBank join us in this exciting journey as we together disrupt the stagnant landscape of banking tech” Bhavin added.
“The global market for banking software is worth $ 300 billion,” said Munish Pharma, Managing Partner at SoftBank Investment Advisors. In light of the dependence of most banks on a set of very old technical solutions that affect the users’ experience and the prospects for their interaction, the integrated and modern Zeta package comes to update this banking software and meet the needs of digital users and keep pace with innovations in the financial services sector around the world.
Zeta is one of a group of startups founded by Bhavin Torakhia and headquartered in Dubai, along with Viz Radix, operator of generic top-level domain registries, and Flock, the workplace messaging platform.
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