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Nordic Capital has agreed to amass Canadian banking know-how firm Zafin.
The acquisition will assist Zafin grow to be a “international chief in banking know-how options.”
Zafin made its Finvoate debut at FinovateFall in 2017.
Nordic Capital agreed this week to amass a majority share in Canadian SaaS core modernization resolution 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 predicted to be accomplished through the first quarter of this 12 months, topic to plain closing situations.
Zafin CEO Al Karim Somji referred to as the transaction an “absolute game-changer” for his workforce and its prospects. “Now we have 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 allows us to grow to be a world chief in banking know-how options.”
Nordic Capital Advisors Associate Mohit Agnihotri mentioned the deal will assist Zafin “emerge as a gold normal in financial institution IT modernization efforts.” He added, “Nordic Capital has been extremely impressed with Zafin’s progressive method to serving to its prospects react to a always altering enterprise panorama.” Primarily based in Stockholm, Sweden, Nordic Capital invests in corporations 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 consists of Finovate alums enhance.ai, Signicat, and Trustly amongst its portfolio corporations.
Zafin’s prospects embody FIs resembling Wells Fargo, US Financial institution, HSBC, Truist, and PNC. The corporate’s core SaaS platform allows customers to collaborate within the design and administration of pricing, merchandise, and packages. The platform additionally offers customers the flexibility to reply dynamically to altering buyer preferences and market alternatives. This implies quicker time to market, larger potential revenues, decrease working prices, and fewer operational dangers – all whereas sustaining compliance and transparency.
Banks utilizing Zafin’s know-how have skilled 129% improve in deposits, 50% enchancment in time to market, and 70% discount in annual charge 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 by 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 relating to digital transformation. Safadi additionally shared his ideas on what FIs can do to future-proof their companies.
Picture by Brett Sayles
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