India-based payment technology provider Zeta has received an investment of undisclosed size from facilities management and food service provider Sodexo that was reported by TechCrunch to sized at under $60m.
Sodexo’s Benefits and Rewards (BRS) unit acquired a minority stake in Zeta through the deal, which valued the company at $300m according to a statement.
Founded in 2015, Zeta has developed a cloud-based banking platform that allows business customers to issue debit, credit and prepaid products. It also provides more than 14,000 corporations with the tools to manage employee benefits, allowances and reimbursements.
The product is currently available in India, Latin America and Asia, and the capital will be used accelerate its expansion in the US, UK, mainland Europe and Southeast Asia. Zeta had not disclosed any earlier funding.
Aurelien Sonet, CEO of Sodexo Benefits and Rewards Services, said: “Sodexo has been a strategic partner of Zeta since 2017. This investment will enable the Sodexo group to benefit from Zeta’s seamless payment experience and offer a comprehensive suite of solutions to our consumers.
“Zeta and Sodexo are already working together on deploying Zeta’s platform across several Sodexo subsidiaries across different regions.”