UAE-based Fintech Zeta Raises Massive $250 Million Investment

UAE-based banking technology startup Zeta has secured a massive Series C investment worth $250 million from the SoftBank Vision Fund 2. The move raises the startup’s value to a staggering $1.45 billion.

The funds will be funneled into expanding Zeta’s operations in the Middle East, Europe, and the U.S. The startup’s team, platform, and operations will be scaled up in order to meet the demands of its growing customer base.

Zeta’s services include a banking app, loans, and deposits system, as well as credit, debit, and prepaid cards. Its client base includes 25 fintech companies across eight countries, and over 10 banks.

“Most banks are using decades-old software, built when Mainframes and Cobol were in vogue,” said Bhavin Turakhia, Zeta’s CEO and Co-Founder. “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.”