Banking tech startup Zeta is inching nearer to the a lot sought-after unicorn standing because it engages with traders to finalize a brand new spherical, two sources acquainted with the matter advised TechCrunch.
SoftBank Vision Fund 2 is in superior levels of talks to lead a ~$250 million Series D spherical in the five-year-old startup, the sources mentioned. The funding proposal values the Indian startup, co-founded by high-profile entrepreneur Bhavin Turakhia, at over $1 billion, up from $300 million in its maiden external funding (Series C) in 2019.
The spherical has but to shut, a 3rd individual mentioned.
A SoftBank spokesperson declined to remark.
Five-year-old Zeta helps banks launch fashionable retail and fintech merchandise. The thesis is that banks — largely working on antiquated applied sciences — at this time don’t have the time and experience to provide the most effective expertise to lots of of thousands and thousands of shoppers and fintech corporations 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 providers atop it to provide higher a expertise to all prospects — consider improved cell app and debit and credit score options. It additionally affords API, SDKs and fee gateways to banks to work extra effectively with fintech corporations.
The startup has amassed purchasers in a number of Asian and Latin American markets.
Turakhia, with his brother Divyank, began his first enterprise in 1998. Along the way in which, they bought 4 net corporations to Endurance for $160 million. Zeta is the third startup Bhavin has co-founded since then — the opposite being enterprise messaging platform Flock and Radix.
When the deal is finalized, Zeta would be a part of a rising record of Indian startups which have turned a unicorn in latest months. Last week, social commerce Meesho — additionally backed by SoftBank Vision Fund 2 — fintech agency CRED, e-pharmacy agency PharmEasy, millennials-focused Groww, business messaging platform Gupshup and social network ShareChat attained the unicorn standing.
The story was up to date with extra particulars and to notice that the spherical hasn’t closed.