Posted on July 25, 2019 by staff

London FinTech valued at $300m with new investment


London FinTech Zeta has been valued at $300 million following Series C investment.

The banking tech platform serves companies in Asia and Latin America and will now look at expanding into the UK, United States, Europe and Southeast Asia.

Zeta secured the investment from Sodexo Benefits and Rewards Services, which now has a minority stake in the company.

It describes its products as a full-stack cloud native neo-banking platform for issuance of credit, debit and prepaid products that enable legacy banks and FinTech institutions to launch retail and corporate FinTech products.

It also has an enterprise payments solution including expense management and salary disbursement.

BusinessCloud interviewed co-founder and CEO Bhavin Turakhia recently to hear about his journey from sharing a bedroom with three family members to the life of a self-made billionaire.

“FinTech has gone through a significant transformation in the past couple of years, as consumers demand more control and a decentralised banking experience,” said Turakhia.

“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.

“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.”

Until now, Zeta has been funded by co-founders Bhavin Turakhia and Ramki Gaddipati. Avendus Capital was the exclusive financial advisor to Zeta in the entire investment process.

“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,” said Ramki Gaddipati, CTO and co-founder of Zeta.

“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.”

Aurelien Sonet, CEO of Sodexo BRS, said: “Sodexo has been a strategic partner of Zeta since 2017. This investment will enable the Sodexo group to benefit from Zeta’s seamless payment experience and offer a comprehensive suite of solutions to our consumers.

“Zeta and Sodexo are already working together on deploying Zeta’s platform across several Sodexo subsidiaries across different regions.”