Banks Challenger Banks Fintech Middle East & Africa Open Finance Paytech

Zeta Raises $250M From SoftBank; Becoming Fintech’s Latest Unicorn

Zeta, a Dubai-based banking tech startup, has announced that it has secured $250 million in investment from SoftBank Vision Fund 2. This Series C investment values Zeta at $1.45 billion. This is one of the largest single investments in a banking tech startup globally.

Founded by serial entrepreneur Bhavin Turakhia – a Dubai resident since 2012 – along with Ramki Gaddipati, Zeta also has a presence in North America, LATAM, UK, Europe, and Asia.

Banks work with dozens of tech vendors – most offering discrete pieces of functionality and archaic stacks that are older than the internet. Zeta’s Omni Stack provides all the functionality that banks need to launch new products relevant to consumers today.

Bhavin Turakhia, CEO & Co-founder, Zeta
Bhavin Turakhia, CEO & Co-founder, Zeta

“Most banks are using decades-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” comments Bhavin Turakhia, CEO & Co-founder, Zeta. “We are privileged to have SoftBank join us in this exciting journey as we together disrupt the stagnant landscape of banking tech” Bhavin added.

Zeta’s Omni Stack comprises:

  • Zeta Tachyon Credit, Debit, and Prepaid processing with card controls and personal finance management capabilities
  • Zeta Tachyon Loans – a modern Buy-Now-Pay-Later and personal loan management platform.
  • Zeta Tachyon Deposits – a modern core for DDA, checking accounts, savings accounts, and deposits.
  • and Zeta Tachyon Mobile – a ready-made, white-labeled, customizable mobile app for credit cards, checking accounts, prepaid, loans, Buy-Now-Pay-Later, personal finance management, and more.

Zeta counts amongst its customers, over 10 Banks and 25 Fintechs, across 8 countries, including Sodexo – a leading Issuer of Employee Benefits & Rewards with over 30 million global users and HDFC Bank – the 14th largest bank by market cap in the world and others.

Munish Varma, Managing Partner, SoftBank Investment Advisers added “Banking software is a $300 billion industry globally. Most banks still employ technology which is significantly older than their customers, 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.”

A recent Aite Group study found that 61% 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 programmes 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.

“As the world moves to real-time payments and digital financial services, the number of transactions per day between banks and customers are expected to grow exponentially,” comments Ramki Gaddipati, CTO & Co-founder, Zeta. “The increasingly digital world represents evolving security, privacy, and data protection challenges to banks. The industry needs systems reinvented with security, privacy, scalability, and reliability as the core foundations. Zeta’s Omni Stack answers that need.”

Zeta is one of several Dubai-based tech startups of Bhavin 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.

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, the United States, and Europe including scaling its operations, team, and platform to meet the demands of its expanding customer base.

Avendus Capital acted as the exclusive financial advisor on this transaction.


  • Tyler is a fintech journalist with specific interests in online banking and emerging AI technologies. He began his career writing with a plethora of national and international publications.

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