ContentBuffer

Zeta Raises $50M at $2B Valuation to Modernize Banking

•

11 hours ago

Summary

Zeta raises $50 million from Optum at a $2 billion valuation to modernize banking. The company serves 25 million accounts through its platform and has contracts to add another 25 million. Zeta's flagship customer is HDFC Bank in India, which used the startup's technology to rebuild its PayZapp digital payments platform.

Key Points

Zeta helps banks use modern tech and cloud infrastructure to launch and manage credit cards, checking accounts, and loans.
The company serves 25 million accounts through its platform and has contracts to add another 25 million.
Zeta's flagship customer is HDFC Bank in India, which used the startup's technology to rebuild its PayZapp digital payments platform.

Why It Matters

This funding will help Zeta modernize banking systems, making it more efficient and accessible to customers.

Author

Manish Singh

More Headlines

Rivian Sells Commercial Electric Vans

Rivian is now selling its commercial electric vans to any US-based business, marking a significant shift after ending its exclusive deal with Amazon. The company will offer two van models: the 500 and the 700. This move opens up a potential revenue stream for Rivian as it prepares for the launch of a more-affordable SUV next year.

Plaid Taps Goldman Sachs for Share Sale

Plaid, a fintech startup that connects bank accounts to financial applications, is working with Goldman Sachs on a deal to allow early-stage investors and employees to sell existing shares. The tender offer will likely value the company lower than its previous financing round.

Google Maps Renames Gulf of Mexico to Gulf of America

In a move seen as a gesture towards 'restoring American pride in the history of American greatness', Google Maps has updated the name of the Gulf of Mexico to Gulf of America. The change is part of an executive order by President Donald Trump that also reverses an Obama-era decision to rename Mount McKinley to Denali.

EU AI Champions Initiative Unveiled

The EU AI Champions Initiative was unveiled at the Artificial Intelligence Action Summit in Paris, where 60 European companies signed up to an initiative to help establish Europe as a leader in AI. The initiative is being led by General Catalyst, a U.S. venture capital firm, driven by the idea that Europe's approach to AI has been overly complicated and dragged down by regulation.

Perplexity's Super Bowl Contest Boosts Downloads

Perplexity, an AI search engine, chose to run a social media contest instead of a Super Bowl ad. The contest encouraged users to download its mobile app and ask at least five questions on the app during the big game. This strategy resulted in a 50% increase in mobile app installs, making it one of the most successful campaigns during the event.

TikTok Restores Service in US Temporarily

TikTok has restored its service in the US temporarily by making its Android app available for direct download on its website. This move allows users to sideload the app, bypassing the current ban.

Bird Cuts Jobs Amid AI Boom

Bird, a cloud communication service, has cut 120 jobs, roughly one-third of its total workforce. The move comes amid the ongoing AI boom and the company's plan to realign its global operations.

Tech Layoff Wave Continues in 2024

The tech layoff wave continued through 2024, with companies like Flexe, Nuscale, Trigo, Invision, Videoamp, Orca Security, and Frontdesk announcing significant layoffs. Warehousing and logistics company Flexe laid off 38% of its staff in January, while Nuscale, a small modular nuclear reactor company, let go 28% of its workforce.

The Impact of Generative AI on Critical Thinking

A recent study published by Microsoft and Carnegie Mellon University found that relying too heavily on generative AI at work can negatively impact critical thinking skills. Researchers discovered that when people rely on generative AI, they shift their effort towards verifying the AI's response rather than using higher-order critical thinking skills.

Elon Musk-led team submits $97.4B bid for OpenAI

In a surprise move, Elon Musk and his investors have offered nearly $97.4 billion to buy OpenAI, the artificial intelligence research organization he co-founded in 2015. The offer comes as OpenAI's CEO Sam Altman has been seeking to restructure the company into a for-profit entity.

Apple and Google Pull 20 Apps Over Data-Stealing Malware

Apple and Google have pulled as many as 20 apps from their respective app stores after security researchers found the apps were carrying data-stealing malware for almost a year. The malware, dubbed SparkCat, has been active since March 2024.

Apple Watch Ankles: A Growing Trend?

A growing trend among Apple Watch users is wearing the device on their ankles instead of wrists. This stems from small wrist sizes preventing proper readouts, as well as concerns over heart-rate monitoring accuracy. Healthcare workers and individuals with wrist tattoos also join the movement.

Current AI Forms Partnership to Foster Open AI Development

Current AI has formed a new partnership aimed at fostering the development of open AI. The initiative will provide grants to support research and innovation in AI, with a focus on transparency, safety, and accessibility. Backers include industry figures such as Arthur Mensch, Brent Hoberman, and Reid Hoffman.

International Law Enforcement Agencies Seize Dark Web Leak Site of 8base Ransomware Gang

International law enforcement agencies have seized the dark web leak site of the 8base ransomware gang as part of a takedown operation. The site was taken down by the Bavarian State Criminal Police Office on behalf of the Office of the Public Prosecutor General in Bamberg.