CHENNAI: Fintech unicorn Zeta said on Monday it has entered into a five-year global partnership with payments giant Mastercard, under which the firms will jointly launch credit cards with issuers worldwide on Zeta’s API-ready credit processing stack.
Mastercard has also made a financial investment in Zeta, a statement from Zeta said. While the amount invested by Mastercard is not specified, it forms part of a total of $30 million raised by Zeta from various investors, and has pushed the valuation to $1.5 billion.
With both Mastercard and Zeta pre-configuring key capabilities, issuers will now be able to launch cards much faster, making it easier to rapidly design and launch flexible, highly customizable card programs.
“With Zeta’s next-gen credit card processing platform, we are fundamentally rewiring how issuers launch credit card programmes by offering new paradigms over legacy mainframe systems,” Bhavin Turakhia, co-founder & CEO of Zeta.
“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, ” he added.
“As people shop and bank online more than ever before, Mastercard is partnering with Zeta to provide issuing banks and fintech innovators with modern credit card processing capabilities at scale that will maximize the safety, security and convenience of e-commerce, online banking, and contactless transactions. 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,” Sandeep Malhotra, executive vice-president, products & innovation, Asia Pacific, Mastercard, said.
Zeta’s stack offers functionality that spans the entire credit card programme lifecycle including issuance, core, payments, BNPL loans, fraud and risk, rewards and more. Additionally, Zeta offers a suite of managed services to its customers that includes servicing and collections amongst others.
Mastercard has also made a financial investment in Zeta, a statement from Zeta said. While the amount invested by Mastercard is not specified, it forms part of a total of $30 million raised by Zeta from various investors, and has pushed the valuation to $1.5 billion.
With both Mastercard and Zeta pre-configuring key capabilities, issuers will now be able to launch cards much faster, making it easier to rapidly design and launch flexible, highly customizable card programs.
“With Zeta’s next-gen credit card processing platform, we are fundamentally rewiring how issuers launch credit card programmes by offering new paradigms over legacy mainframe systems,” Bhavin Turakhia, co-founder & CEO of Zeta.
“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, ” he added.
“As people shop and bank online more than ever before, Mastercard is partnering with Zeta to provide issuing banks and fintech innovators with modern credit card processing capabilities at scale that will maximize the safety, security and convenience of e-commerce, online banking, and contactless transactions. 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,” Sandeep Malhotra, executive vice-president, products & innovation, Asia Pacific, Mastercard, said.
Zeta’s stack offers functionality that spans the entire credit card programme lifecycle including issuance, core, payments, BNPL loans, fraud and risk, rewards and more. Additionally, Zeta offers a suite of managed services to its customers that includes servicing and collections amongst others.
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