Banking Tech Startup Is Unicorn With $250 Million From SoftBank
- Zeta is looking to disrupt banking backbone technology
- Startup with Indian roots increases its value to $1.45 billion
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Banking technology provider Zeta raised $250 million from SoftBank Vision Fund II at a valuation of $1.45 billion, winning its first venture backing to help fuel its expansion.
The deal pushes Zeta’s valuation up more than fourfold from 2019, when an investment by strategic partner Sodexo SA valued the startup with Indian roots at about $300 million. Sodexo also participated in the latest round as a minority investor, Zeta said in a statement on Monday.
Zeta plans to expand in the U.S. and Europe as banks increasingly move online and away from operating branches. It provides backbone technology for credit and credit-card processing, core banking, loans, mobile banking and personal finance management.