Fintech company Zeta has raised funds from global payments major Mastercard by selling an undisclosed stake.

Share Market Live

NSE

The two companies on Monday also announced a five-year partnership to launch credit cards globally, which will be powered by the processing stack of Zeta, which had acquired unicorn status in its first fundraise last year.

"We are fundamentally rewiring how issuers launch credit card programs by offering new paradigms over legacy mainframe systems," said Bhavin Turakhia, co-founder and chief executive of Zeta.

Also Read:

MG Motor expects 25% sales volume from EVs next year

He said the stack allows for expanding lending books, reducing costs, and improving customer satisfaction.

As both the partners will be pre-configuring key capabilities behind the scenes, issuers will be able to launch cards much faster, making it easier than ever to rapidly design and launch flexible, highly customisable card programs, a statement said.

"Mastercard is partnering with Zeta to provide issuing banks and fintech innovators with modern credit card processing capabilities at a scale that will maximize the safety, security, and convenience of e-commerce, online banking, and contactless transactions," the payments company's executive vice president Sandeep Malhotra said.

Both the companies have been working together since 2018 in the Asia Pacific region.

(Edited by : Jomy Jos Pullokaran)