Zeta, the payments financial technology startup, has collaborated with Kotak Mahindra Bank to extend its corporate payment solutions to companies who have their employees’ salary accounts with the bank. The Mumbai-based startup is looking to partner with banks to scale-up operations rapidly as the next round of fintech growth is expected through collaboration between banks and technology startups. Zeta is hoping for a 50-times growth in transaction volume through its platform, and it currently has ~20,000 corporates and manages close to 2.4 million salary accounts.
Bhavin Turakhia, CEO of Zeta, commented that “In collaboration with Kotak Mahindra Bank, we are offering 10 digital tax benefit solutions to their customers who have salary accounts and through this partnership we have the scope to reach out to more than 10 million employees”. As per the firm, a customer who has the salary account with Kotak Mahindra Bank will now be getting two cards, one debit card for his salary account and another Zeta-Kotak cobranded card which can be used for all his employee benefit payments like petrol, medical expenses, meals among others. Expenses incurred in this account will not only be digitally checked and tabulated by Zeta but also integrated seamlessly with the corporate’s back-end thereby reducing hassles and paperwork.