The Indian Unicorn Club – 2021 Entrants – Zeta – Omni Stack For Modern Financial Institutions

Zeta, the Banking tech startup has reached a valuation of $1.45 billion, joining the Unicorn Club after its latest successful round of funding. The firm is dedicated to providing tech services to banks across the globe, and modernizing the software platforms upon which the majority of these banks function. 

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Zeta- About The Company

Founded by Ramki Gaddipati and Bhavin Turakhia in 2015, the Bengaluru based startup is a new age cloud-based banking platform. The company provides full-stack software services for all kinds of Banking tasks and operations that allow its clients to modernize its working platform. While banks fo works with other firms to modernize their systems to an extent, Zeta provides all the tools necessary in one place, with their Omni stack. 

Many banks worldwide still run on old software built during the era of Cobol and Mainframe. These are rather stagnant and are sometimes older than a lot of customers themselves. Zeta plans on changing this situation by providing full-stack cloud-based modern software that can work in parallel to these traditional working platforms without replacing them suddenly. The company aims to leverage this to their advantage to carve out its own space in the industry and modernize as much of the status quo as possible. 

The Product

Zeta offers their Omni Stack, which is a comprehensive set of Banking solutions with the necessary functionality for all kinds of financial interactions. 

Zeta Tachyon credits, debit and prepaid processing specialize in credit and debit card controls along with personal finance management. Zeta Tachyon Deposits is their solution for checking and savings accounts. DDA as well as Deposits. Personal loans can be managed by using Zeta Tachyon Loans. 

Perhaps the most important and modernized aspect of the Omni stack is the Zeta Tachyon Mobile, which is a ready-made and customizable Mobile platform that comprises all basic Banking functionalities. In a time where online payment is gaining traction, such a platform can empower banks to deploy mobile solutions faster and more efficiently. And with a dedicated company like Zeta managing the general aspects of the platform, it is also easier for banks to use this solution.

The Mission

By infusing the latest tech into the industry, they can improve it to a large extent, without uprooting legacy technology. Since many firms are hesitant to make the switch, and rightfully so, the latest working in parallel with the old guard is the optimal solution at the time.  

Currently, Zeta works with over 10 banks and 25 25 Fintech companies across eight countries. Some of their biggest clients include Sodexo, HDFC Bank, Axis Bank, IndusInd Bank, Yes Bank and others. 

Conclusion

Zeta recently made headlines by amassing a $250 million investment from SoftBank in their Series C round of investment. This is one of the largest single investments in the banking tech sector ever, says Zeta. Sodexo also participated as a minority investor in this round, and Series C has pushed the company to Unicorn Status.

Zeta plans to use the funding to boost the growth of the firm in the US, Europe and India. This would be by scaling up their operations, platform and team to meet the rising demand. By disrupting the traditional business of banking, Zeta aims to lead innovation in their sector.