Banking technology provider Zeta has entered into a partnership with Mastercard and also secured $30m in funding from Mastercard and other investors.
Speaking to VCCircle, Zeta co-founder and CEO Bhavin Turakhia said that an unidentified fund from the Middle East and North Africa region also joined the fundraising.
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Zeta and Mastercard plan to jointly roll out credit cards with issuers across the globe under the five-year global alliance between the two.
The fintech firm claims that the move will enable issuers to launch cards faster as well as ease the process of designing and launching tailored card programmes.
This latest alliance builds on the two parties’ existing partnership, which dates back to 2018 in Asia Pacific with the fintech joining Mastercard’s Start Path, its global startup engagement programme.
Recently, the fintech joined Engage, Mastercard Developers Partner Network, which will enable it to tap the Mastercard network to pre-integrate or bundle offerings.
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By GlobalDataThis includes the card giant’s Digital First and Fintech Express programmes, designed to support instant digital card issuance, instant customer KYC and verification, among others.
Mastercard executive vice president for Products & Innovation in Asia Pacific Sandeep Malhotra said: “By deploying Zeta’s credit processing stack, issuers will have an opportunity to grow their user base, drive higher usage and enter new geographical markets, all while accelerating the cashless revolution around the world.”
Zeta plans to bring in single vendor systems responsive to cardholders’ evolving requirements in place of fragmented, multi-vendor systems using Mastercard’s digital issuance, fraud and risk, loyalty solutions and other capabilities.
Zeta’s technology stack is designed to help issuers launch card programmes.
The latest development comes after the Indian start-up joined the unicorn club by raising $250m in May last year. That fundraising, which valued the firm at $1.45bn, saw the participation of SoftBank Vision Fund 2 and Sodexo.
Turakhia noted: “Amongst other benefits, our stack allows issuers to increase the lending book by composing contextual upsells using our extensive APIs and SDKs; reduce costs via pay-as-you-go SaaS billing; improve customer satisfaction by launching rich, self-serve experiences for card holders; and launch and iterate faster using our infinitely scalable cloud-native deployment.”
