Bengaluru headquartered fintech firm Zeta has signed management services company Sodexo as its first client in Vietnam and the Philippines, foraying into the Southeast Asian market.
Zeta’s platform-as-a-service (PaaS) solution will power the backend of Sodexo’s employee benefit and rewards programmes, and launch digital and customisable corporate solutions for the latter’s employees, as per a statement.
Founded in April 2015, Zeta has a minority stake in the joint entity of Sodexo-BRS India, through which it sells promotional solutions to corporates. In July last year, Zeta merged its employee benefits business with Sodexo Benefits and Rewards India (BRS India). The company claims it has 15,000 clients and over two million users on its platform.
“We already have a strong relationship with Sodexo, and we are happy to provide our services in other countries as well,” Bhavin Turakhia, co-founder and CEO of Zeta, said.
The company also forayed into the banking sector this year, launching three products, Tachyon, Fusion and Cipher, which are full-stack, cloud-native, banking products designed primarily for mobile use. The products sought to help legacy banks and new-age fintechs launch modern retail and corporate financial products.
“By 2025, digital payments in Southeast Asia will exceed $1 trillion in gross transaction value and digital financial services will generate an annual revenue of $38 billion,” Nikhil Mangal, vice president of the global benefits business at Zeta, said.
Organisations such as RBL Bank, IDFC First Bank and Kotak Mahindra Bank use Zeta’s solutions. The firm said it currently employs over 500 people and processes more than one million transactions a day.