Dubai tech startup Zeta raises $250m to accelerate growth

Dubai tech startup Zeta raises $250m to accelerate growth

Dubai-based banking tech startup, Zeta, has secured $250m in investment from SoftBank Vision Fund 2, it announced on May 24. The proceeds will be used to accelerate Zeta's growth in the Middle East, the US and Europe, including scaling its operations, team, and platform to meet growing customer demands, a statement said. This Series C investment values Zeta at $1.45bn. Avendus Capital acted as the financial advisor on this transaction. "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,“ said Bhavin Turakhia, CEO and co-founder, Zeta. The startup's Omni Stack, which provides the functionality banks need to launch new products relevant to consumers, comprises of Zeta's client base includes over 10 banks and 25 fintechs across 8 countries, including Sodexo - an issuer of employee benefits and rewards; and HDFC Bank. Sodexo also participated as a minority investor in the funding round. Munish Varma, managing partner, SoftBank Investment Advisers, said: "Banking software is a $300bn industry globally. Most banks still