The funding round helps the company attain unicorn status at a valuation of $1.45B. Here are the top-line bullets you need to know.
Zeta, a banking technology company, has raised $250M in a Series C with participation from SoftBank Group and Sodexo Ventures.
HOW’S THE COMPANY PERFORMING?
- California-based Zeta is a banking tech organization offering its services to banks, fintech firms, and other online consumer platforms. It provides an Omni Stack for banks, which includes credit, debit, and prepaid card processing and personal finance management, among others.
- The company has a team of 750 employees with offices in the US, the UK, the Middle East, and Asia.
- Zeta reportedly serves over 14,000 corporate customers, 2M users, and records over 1M transactions per day. Its customer base includes banks like Axis Bank, Kotak Mahindra Bank, Yes Bank, Induslnd Bank, HDFC Bank, and RBL Bank, among others.
- The company expects to generate 70% of its revenue from its banking-centric SaaS solution, Tachyon, and the remaining from its fintech product verticals.
Source: Zeta
WHY DOES THE MARKET MATTER?
- The fintech market is projected to grow at a CAGR of 22.2% to reach a value of $305B by 2025, according to Market Data Forecast.
- Global fintech adoption stands at 25% and provides enormous opportunities for growth to providers and first movers.
- The market has seen a funding boom in recent years. In 2020, VCs infused $42B into fintech companies.
- The Covid-19 pandemic drove the adoption of cashless transactions and increasing demand for digital payment solutions and online payment gateways.
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