Bangalore-Based Zeta Expands Its Footprint In Vietnam and Philippines
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Bangalore-based fintech startup Zeta on Wednesday announced its expansion into southeast Asian markets. The company has launched its technology platform-as-a-service in the Philippines and Vietnam with Sodexo being its first client in these countries.
Zeta’s platform will power Sodexo’s employee benefits and rewards programmes enabling it to launch digital and customizable solutions for corporates and its employees in these respective countries.
Speaking on the international debut, Bhavin Turakhia, co-founder and chief executive officer of Zeta, said “This is a huge milestone for us, and we are extremely excited. After building our benefits solution in India, we realize there is huge potential for our platform in markets outside India as well. We already have a strong relationship with Sodexo, and we are happy to provide our services to Sodexo in other countries as well. Vietnam and The Philippines are the first Sodexo markets to go live on the Zeta platform.”
With this expansion, Zeta has become one of the first Indian fintech companies to launch its business in the ASEAN region.
Nikhil Mangal, vice-president, global benefits business at Zeta, added, ''We have extremely ambitious plans to scale Zeta across the globe. Our tech platform has already brought about a revolutionary change in the corporate payments space in India and we are excited to showcase it to the world. By 2025, digital payments in South East Asia will exceed $1 trillion in gross transaction value and the digital financial services will generate annual revenue of $38 billion. This presents a huge opportunity for us to grow our business and to demonstrate our technological capabilities”.
Founded in 2015 by Bhavin Turakhia and Ramki Gaddipati, Zeta is in the business of providing a full-stack, cloud-native, API first neo-banking platform including a digital core and a payment engine for issuance of credit, debit and prepaid products that enable legacy banks and new-age fintech institutions to launch modern retail and corporate fintech products. The startup currently serves around 15,000 clients and 2 million users on its platform. It recently forayed into the banking sector and launched three new products called Tachyon, Fusion and Cipher.
In India, Zeta has a minority stake in the joint entity with Sodexo BRS India to sell multi-benefit solutions to corporates.