Zeta launches new stack for banks to power credit transactions on UPI
Fintech startup Zeta, which builds technology backend for banks, has launched a new stack to support credit line-based transactions on Unified Payments Interface (UPI).
Zeta cofounder Bhavin Turakhia expects credit disbursals on UPI to touch a trillion dollars by 2030, and Zeta wants to process 50% of those transactions, he told ET. The firm will work as a technology service provider (TSP) for financial institutions.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Product ManagementVisitIIT DelhiCertificate Programme in Data Science & Machine LearningVisitIndian School of BusinessProfessional Certificate in Product ManagementVisitThe company wants to work with major banks who can offer this service to their consumers. By using their tech stack, banks can just focus on acquiring customers and underwriting. Beyond that, every kind of service from origination of the customer, management of the customer’s lifecycle, analytics and experience management can be managed by the Zeta team, he said.
“The growth of UPI has shown that all forms of credit, be it consumer loans, personal loans, EMI loans, everything will eventually come on UPI, we want to enable all such transactions,” Turakhia said.
Zeta, which has raised $340 million in equity funding from SoftBank, Sodexo and Mastercard, was last valued at $1.5 billion in 2022. While he’s not looking for fresh funding immediately, Turakhia said he will raise money only if there is a strategic partnership
