Indian fintech startup Zeta has recently acquired external funding after its participation in its first funding round. TechCrunch reported that the Zeta’s valuation jumped to $300 million after getting support from an external backer.
One of the biggest contributors to Zeta’s growth was Sodexo, a global quality of life service provider. While the fintech company refused to disclose the funding it received from Sodexo, a source informed TechCrunch that Zeta acquired less than $60 million from the French firm.
CEO and co-founder Bhavin Turakhia said that this round is the first time the company was able to obtain an external entity. The 39year-old CEO also revealed that Flock, a team collaboration company he co-founded, has also failed to get outside funding.
Turakhia is the co-founder of several web companies. He sold the firms in 2016, earning $160 million in the process.
Zeta is a payment solutions company offering neo-banking services in Asia and Latin America. It utilizes a full-stack cloud-native platform to supports its services. Some of its offers include credit, debit and prepaid products issuance.
According to TechCrunch, the platform now has more than 2 million users and over 14,000 corporate clients, as of this writing. It has also partnered up with three banking and financial institutions, one of which is Sodexo.
With the additional funds, Zeta is planning to expand toward new regions such as the United States, as well as some parts of Europe and Asia. In a report by Tech.eu, Turakhia said that the firm has plans to penetrate the UK market, as it “has seen significant innovation in the fintech space.” To achieve this goal, the firm has started hiring staff for senior leadership positions.
Zeta and Sodexo are reportedly working to provide Zeta’s services to subsidiaries of Sodexo various regions.