Zeta, a banking tech start-up, turned unicorn after raising $250 million from Softbank fund. It has become the latest unicorn in India, with its Series C round of investment from Softbank Vision Fund 2, Zeta’s valuation stands at $1.45 billion.

One of the most surprising fact stated by the start-up after the valuation was that, ‘this is one of the largest single investments in a banking tech start-up globally’. On Monday, Zeta announced that they are a part of $250 million fundraising from Japanese investment behemoth Softbank. And after it the valuation took place which made the start-up turn unicorn.

While describing the fund’s usage the company told that the proceeds of this funding will be used to boost up the company’s growth in the United States, Europe and India including scaling its operations, team, and platform to meet the demands of its expanding customer base.

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Adding further to the usage plan the company said that they also plan to boost its Omni Stack for banks. Zeta’s Omni Stack provides all the functionality that banks need to launch new products relevant to the consumers today and their demands.

Bhavin Turakhia, CEO and Co-founder of Zeta said that-

“Most banks are using decade’s old software built when Mainframes and Cobol were in vogue. They have been slow to innovate and provide poor user experiences. With Zeta, FIs can leverage a modern, cloud native platform and improve speed to market, agility, cost to income ratio and user experience.”

Zeta provides their services to over 10 banks and 25 fintech firms in over eight countries, including Sodexo, HDFC Bank, Kotak Mahindra Bank, Axis Bank, IndusInd Bank, Yes Bank, RBL Bank, SBM Bank India and many more. The company further added that with SoftBank’s investment, the company is planning forward to disrupt the “stagnant landscape of banking tech”.

Talking further about Zeta and its Omni stacks, the firm said that, Zeta’s Omni Stack comprises of Zeta Tachyon credit, debit and prepaid processing with card controls and personal finance management capabilities. It also has Zeta Tachyon Loans which is a modern buy-now-pay-later and personal loan management platform.

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Adding further, they informed that Zeta Tachyon Deposits, which is a modern core for DDA, checking accounts, savings accounts and deposits and Zeta Tachyon Mobile which is a ready-made, white labeled, customizable mobile app for credit cards, checking accounts, prepaid, loans, buy-now-pay-later, personal finance management and many more services at a single click.

“Banking software is a $300 billion industry globally. Most banks still employ technology which is significantly older than their customers, heavily impacting user experience and engagement. Zeta’s modern Omni Stack will drive banking software upgrades catering to the digital consumer, and innovations in financial services globally and by providing the interaction they want.”

-Softbank Managing partner Munish Varma said this during an interview.

CTO and Co-Founder of Zeta, Ramki Gaddipati, said that the industry needs systems redeveloped with security, privacy, scalability and reliability as the basic fundamental foundations. And according to him Zeta’s Omni stacks are the most relevant answer to these problems.

Zeta is founded by Bhavin Turakhia and Ramki Gaddipati. It has their chains spread in North America, LATAM, UK, Europe and Asia.

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