Bangalore-based fintech startup Zeta has clinched the a lot sought-after unicorn standing after finalizing a brand new financing spherical led by SoftBank Vision Fund 2, sources aware of the matter informed TechCrunch.
SoftBank Vision Fund 2 has led a ~$250 million Series D spherical within the five-year-old Indian startup, the sources stated. The new spherical valued the Indian startup, co-founded by high-profile entrepreneur Bhavin Turakhia, at about $1.three billion, up from $300 million in its maiden exterior funding (Series C) in 2019.
A SoftBank spokesperson declined to remark. Turakhia didn’t reply to a request for remark.
Five-year-old Zeta helps banks launch trendy retail and fintech merchandise. The thesis is that banks — largely working on antiquated applied sciences — right this moment don’t have the time and experience to supply the most effective expertise to lots of of thousands and thousands of consumers and fintech companies they serve.
Zeta is making an attempt to assist banks both use the startup’s cloud-native, API-first banking stack as its core framework or construct companies atop it to supply higher a expertise to all prospects — consider improved cellular app and debit and credit score options. It additionally provides API, SDKs and fee gateways to banks to work extra effectively with fintech companies.
The startup has amassed purchasers in a number of Asian and Latin American markets.
Turakhia, together with his brother Divyank, began his first enterprise in 1998. Along the way in which, they bought Media.internet for $900 million. In 2014, they bought 4 internet firms to Endurance for $160 million. Zeta is the second startup Bhavin has co-founded since then — the opposite being enterprise messaging platform Flock.
Zeta is the seventh Indian startup to develop into a unicorn this month. Last week, social commerce Meesho — additionally backed by SoftBank Vision Fund 2 — fintech agency CRED, e-pharmacy agency PharmEasy, millennials-focused Groww, enterprise messaging platform Gupshup and social community ShareChat attained the unicorn standing.
