Zeta, a banking tech unicorn, has launched a digital credit-as-a-service product for banks in India. Built on NPCI’s credit line on UPI scheme, it aims to expedite credit issuance. Zeta aims to capture a significant portion of the projected $1 trillion transaction volume by 2030, assisting banks in swiftly creating and launching credit products.
According to Ramki Gaddipati, CEO APAC & Global CTO of Zeta, the Credit Line on UPI has revolutionized retail lending by providing credit when needed, changing the way banks discover, access, and cost retail lending. The pricing for Zeta’s product will be tailored to each bank’s requirements. Gaddipati also highlighted the need for banking infrastructure capable of processing millions of credit accounts due to the expected increase in volumes on Credit Line on UPI.
Zeta, founded by Gaddipati and Bhavin Turakhia in 2015, offers a comprehensive omni-stack platform for financial institutions. Their digital credit-as-a-service solution includes a range of services and technology powered by Zeta’s core banking and payments platform. It provides pre-integrated systems, bundled services, and various product blueprints for efficient operations. Zeta also offers process consulting support to integrate Credit Line on UPI with existing bank systems. In FY23, Zeta reported a profit after tax of INR 21.94 Cr, with revenue from operations growing by almost 33%. The company became a unicorn in 2021 after a funding round led by SoftBank.