Modern banking tech company Zeta has raised $30 million as a part of strategic investment from Mastercard and other investors, taking the company’s valuation to $1.5 billion.
This is a continuation of the SoftBank led $240 million funding round that Zeta raised in May last year. The round valued the company at $1.45 billion, marking its entry into India’s unicorn club.
Mastercard’s investment in the Mumbai-based Zeta is a part of a strategic five-year partnership in which both companies will offer their credit management offerings and card-processing product stack.
Founded in April 2015 by Bhavin Thurakia and Ramki Gadipatti, Zeta provides technology infrastructure to banks, helping them manage customer payments and deposits while helping them embed offerings from fintech firms.
At present, Zeta continues to be focused on India, the US and Southeast Asia. It will look to launch its solutions in Brazil and the UK by the first half of 2023.
While there is no direct competition for Zeta, Yap, Decentro and Setu are other companies in the API infrastructure segment. Zeta also competes with the likes of FamPay, Junio, Walrus and Yodda by providing a feature through which users can instantaneously generate a digital card for their family members including teenagers.