On May 25, 2021, the Indian fintech startup Zeta had become a unicorn after getting the funds of USD 250 million from SoftBank Vision Fund 2 and thus raising the value of the company to USD 1.25 billion. Founded in April 2015, Zetsahs decided to use 70% of the funds received for business development and the remaining 30% will be used to introduce new technology areas and welcome new clients. Now, the startup is in the news for setting up high goals.
The Bengaluru-based startup has now set the target of entering 30 new countries in the next two financial years and is targeting new areas like wealth management. The company currently provides financial institutions with the technology to help them create digital products that increase the user experience and reduce the time to the market. It is a modern banking tech company that gives an Omni Stack which consists of modern credit and debit processing BNPL, core banking, and mobile experiences. It also provides a platform for loan facility where buying now and paying later facility is followed and it also provides personal loan facility.
The company currently is working with more than 10 banks and 25 financial institutions like HDFC, Axis Bank, Kotak Mahindra Bank, IndusInd Bank, RBL Bank, and SBM Bank India. The startup has now the aim to expand its sales and marketing team which is at present 50 to 250 as Zeta has plans to handle 300 global banks as clients in the next 18 months. The company is planning to expand itself in Canada, Mexico, Brazil, and Argentina and is also looking towards entering Europe for the first time by targeting Germany and France as the first counties to enter through the continent. It also has its eyes on Eastern Europe, Middle East, and countries like Dubai, UAE, Saudi Arabia.
The startup aims to increase its existence in Southeast Asia, Japan, and other Asian countries by the next two fiscal years. By 2023, it will be entering the African Market.
Zeta is presently operational in eight geographical areas which are North America, India, Brazil, UK, Philippines, Vietnam, Italy, and Spain.
The company- Zeta now has plans to expand itself in the wealth management area by introducing investments and saving solutions for banks. According to the Chief Technological Officer, Bhavin Turakhia, who is also the co-founder of the startup along with Ramki Gaddipati, the company is currently not looking towards any acquisitions. But the company says that it can always look up to acquisitions in the future as this is a way to grow more clients, to solve what is missing in their technology stack, and a means to grow their presence and operations internationally.
The startup has high aims and goals, if able to achieve them it will become a successful case to look up to for other startups. What we can do is wait and watch, how much it is able to move ahead and whether will be able to fulfill all the plans it has made. So, only time will tell what happens next!
