Banking technology start-up Zeta is the latest entrant to the unicorn club after raising $250 million in its Series C round from SoftBank Vision Fund 2.
Sodexo participated as an additional minority investor in the round.
Founded by serial entrepreneur and billionaire Bhavin Thurakia, the startup is now valued at $1.4 billion.
It is the 14th company this year to cross the $1 billion valuation mark after Meesho, Cred, Pharmeasy, ShareChat, Moglix and others.
The proceeds of this funding round will be used to accelerate Zeta’s growth in the United States, Europe and India, including scaling its operations, team, and platform to meet the demands of its expanding customer base.
“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 cofounder, Zeta.