Nordic Capital’s New Acquisition of Zafin: Banking Revolution Begins
In a significant move set to redefine the banking technology landscape, Nordic Capital has recently announced its acquisition of a majority share in Zafin, a trailblazing provider of SaaS core modernisation and transformation solutions for financial institutions worldwide. This landmark investment, made in collaboration with Zafin’s founders and management, marks a pivotal moment in the journey towards simplifying banks’ core modernisation and delivering tangible business outcomes for banks globally.
Innovative Solutions Redefining Banking Dynamics
Zafin’s reputation as an industry leader stems from its innovative approach to bank core modmodernisation Central to its offerings is a core SaaS platform that adeptly extracts product and pricing data from multiple core systems, empowering users to collaboratively design and manage relationship pricing, products, and packages with unmatched efficiency. This platform enables banks to dynamically respond to evolving customer and market needs while maintaining regulatory compliance, transparency, and operational control—a feat that has positioned Zafin as the preferred partner for banks worldwide.
Visionary Leadership Driving Transformation
Al Karim Somji, Founder and CEO of Zafin, expressed enthusiasm about the partnership, highlighting its transformative potential for Zafin and its clientele. “This partnership is an absolute game-changer,” Somji remarked, emphasising synergies between Zafin’s innovative solutions and Nordic Capital’s scale and market expertise. With Nordic Capital’s backing, Zafin aims to solidify its position as a global leader in banking technology solutions, driving financial institutions’ modernisation and transformation efforts forward.
Nordic: Strategic Alliance for Global Impact
Echoing Somji’s sentiments, Mohit Agnihotri, Partner at Nordic Capital, underscored the strategic significance of the acquisition. Nordic Capital, renowned for its three-decade-long track record of fostering the growth of technology companies, recognise ZaFin’s unparalleled potential to set a new standard in bank IT modernisation forts. Leveraging its operational prowess and expansive network, Nordic Capital is poised to propel Zafin into its next phase of growth and innovation.
Anticipating a Future of Innovation and Collaboration
With the completion of the transaction anticipated in Q1 2024, the terms of the deal remain undisclosed, subject to customary closing conditions. Goldman Sachs & Co. LLC served as Zafin’s exclusive financial advisor, while Fasken Martineau DuMoulin LLP provided legal counsel.
About Zafin and Nordic Capital: Champions of Technological Advancement
Founded in 2002, Zafin has emerged as a beacon of innovation in the banking technology sector. Its SaaS product and pricing platform streamlines core modernisation forts for top banks worldwide, enabling accelerated time to market for new products and offers while optimising and mitigating risks. Headquartered in Vancouver, Canada, Zafin boasts a global presence, serving a diverse clientele, including renowned institutions such as Wells Fargo, HSBC, and CIBC.
On the other hand, Nordic Capital stands as a stalwart in private equity investment, steadfastly committed to fostering sustainable businesses through operational enhancement and transformative growth. With deep sectoral expertise and a global footprint, Nordic Capital is primed to propel Zafin to new heights of success, heralding a new era of innovation in banking technology.
Conclusion: A New Chapter of Innovation Begins
As the curtain rises on this new chapter of collaboration, all eyes are on Zafin and Nordic Capital as they embark on a journey to revolutionise technology and shape the future of financial services worldwide.
