Dubai-based banking tech startup raises US$250M from SoftBank in Series C

10X Technology

Mita Srinivasan
10X Technology
Published:

Dubai-based banking tech startup raises US$250M from SoftBank in Series C

The funding round will be used to accelerate Zeta’s growth in the Middle East, United States and Europe including scaling its operations, team, and platform, to meet the demands of its expanding customer base

Zeta, a Dubai-based banking tech startup with presence in North America, LATAM, UK, Europe and Asia, has secured US $250 million in investment from SoftBank Vision Fund 2. Sodexo participated as an additional minority investor in the round. The proceeds of this funding round will be used to accelerate Zeta’s growth in the Middle East, United States and Europe including scaling its operations, team, and platform to meet the demands of its expanding customer base.

Founded by serial entrepreneur, Bhavin Turakhia, this Series C investment values Zeta at US $1.45 billion. This is one of the largest single investments in a banking tech startup globally. Zeta’s Omni Stack provides all the functionality that banks need to launch new products relevant to consumers today.

Turakhia added, “Most banks have been slow to innovate and provide poor user experiences. With Zeta, they can leverage a modern, cloud native platform and improve speed to market, agility, cost to income ratio and user experience. We are privileged to have SoftBank join us in this exciting journey as we together disrupt the stagnant landscape of banking tech.”

Zeta counts over 10 Banks and 25 Fintechs, across 8 countries, as well as Sodexo and HDFC Bank among its customers.

A recent Aite Group study found that 61 percent of financial institution executives believe investment in newer technologies is the most important measure they must take to improve their customer experience. Zeta provides the only fully modern platform for banks that can be deployed in parallel for new programs and new customers without uprooting legacy technology. Banks across the globe have increased income, improved customer engagement and reduced fraud by leveraging Zeta’s Omni Stack.

Zeta is one of several Dubai-based tech startups led by Turakhia, who is also the founder and owner of 2 other Dubai-based startups including Radix, a leading new gTLD registry operator, and Flock, a workspace messaging platform.