Bengaluru-based fintech firm Zeta has unveiled its banking platform Tachyon, which can be used to power debit, credit, and prepaid products for retail and commercial customers of banks and fintech firms. It has a comprehensive end-to-end card management system, universal switch and payment engine, it said.
The platform is connected to payment networks and supports multiple modes of payments. “Banks run several products on antiquated software that cannot cope with the ever-changing needs and demands of digital-native customers. Tachyon is a modular, mobile-first, banking platform that enables rapid product deployment, and provides a modern UX that helps banks increase customer engagement, retention and revenue,” said Bhavin Turakhia, co-founder, CEO, Zeta.
Founded in 2015, it claims that Tachyon’s platform is in-built with bank grade security and first in class features for end customers for a safer and peaceful banking experience. The platform, with its modules and apps, currently powers prepaid cards, employee benefits, expense management, gift cards and other experiences for millions of users and corporate customers of financial institutions and issuers within India and other countries globally.
Further, the company is looking to expand its business in the US and Europe. "We have been building the product for four years and will be launching it in the US, which is the biggest market for fintechs, and European countries this year,” said Turakhia who is known to bootstrap companies like Directi. Over $70 million has been invested in the company, including $40 million by him and co-founders, for creating a product suite targeted at banks, he said. Sodexo has funded the company at a valuation of $300 million.