Nordic Capital has agreed to accumulate Canadian banking know-how firm Zafin.
The acquisition will assist Zafin turn out to be a “world chief in banking know-how options.”
Zafin made its Finvoate debut at FinovateFall in 2017.
Nordic Capital agreed this week to accumulate a majority share in Canadian SaaS core modernization answer supplier for FIs, Zafin. In an announcement, Nordic Capital famous that the funding was made “in shut partnership with Zafin’s founders and administration, who will reinvest within the firm alongside Nordic Capital.”
Phrases of the transaction weren’t disclosed. The deal is anticipated to be accomplished throughout the first quarter of this yr, topic to straightforward closing circumstances.
Zafin CEO Al Karim Somji referred to as the transaction an “absolute game-changer” for his group and its clients. “We’ve got been powering the modernization and transformation of banks and future-proofing their banking know-how investments for years,” Somji mentioned. “With Nordic Capital’s scale, know-how experience, and deep market understanding, this partnership permits us to turn out to be a worldwide chief in banking know-how options.”
Nordic Capital Advisors Associate Mohit Agnihotri mentioned the deal will assist Zafin “emerge as a gold customary in financial institution IT modernization efforts.” He added, “Nordic Capital has been extremely impressed with Zafin’s revolutionary strategy to serving to its clients react to a continually altering enterprise panorama.” Primarily based in Stockholm, Sweden, Nordic Capital invests in firms headquartered in each Northern Europe and North America. The agency has made 24 know-how and funds platform investments since 2001, deploying $6.5 billion (€5.8 billion) in fairness capital. Nordic Capital contains Finovate alums enhance.ai, Signicat, and Trustly amongst its portfolio firms.
Zafin’s clients embrace FIs comparable to Wells Fargo, US Financial institution, HSBC, Truist, and PNC. The corporate’s core SaaS platform permits customers to collaborate within the design and administration of pricing, merchandise, and packages. The platform additionally provides customers the power to reply dynamically to altering buyer preferences and market alternatives. This implies quicker time to market, better potential revenues, decrease working prices, and fewer operational dangers – all whereas sustaining compliance and transparency.
Banks utilizing Zafin’s know-how have skilled 129% enhance in deposits, 50% enchancment in time to market, and 70% discount in annual price change processing prices. 5 of the highest seven banks within the U.S. run on Zafin’s platform. The corporate processes greater than 500 million accounts day-after-day.
Zafin made its Finovate debut at FinovateFall in 2017. On the convention, the corporate demoed its enterprise banking platform that allows FIs to handle dynamic multi-product choices, real-time pricing and billing, loyalty and rewards, analytics, and money administration.
Headquartered in Toronto, Ontario, Canada, Zafin was based in 2002. A couple of months in the past, we caught up with Zafin President of Modernization and Transformation Charbel Safadi. In a wide-ranging dialog, we mentioned the challenges confronted by banks on the subject of digital transformation. Safadi additionally shared his ideas on what FIs can do to future-proof their companies.
Picture by Brett Sayles
