MoFo Guides SoftBank In $250M Banking Technology Bet

Law360 (May 24, 2021, 3:37 PM EDT) -- U.K. banking technology company Zeta said Monday it had raised $250 million from Morrison & Foerster-guided SoftBank, a fundraise touted as one of the largest single investments in the sector to date.

London-based Zeta Services Inc. said the funds give it a $1.45 billion valuation. Zeta touts a platform that allows banks to use a single vendor for many of their technology needs. It handles credit and debit card processing; buy-now, pay-later and personal loans; deposit-taking; and a mobile app, according to its website.

"Most banks are using decades-old software," CEO Bhavin Turakhia said in a statement. "They have been slow...

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