Nordic Capital has signed an agreement to acquire a majority share in Zafin, a Vancouver, Canada-based provider of SaaS core modernization and transformation solutions for financial institutions around the world.
The amount of the deal was not disclosed. Completion of the transaction is expected during Q1 2024 and is subject to customary closing conditions.
The investment was made in close partnership with Zafin’s founders and management, who will reinvest in the company alongside Nordic Capital.
Led by Al Karim Somji, CEO, Zafin provides bank core modernization solutions. Its core SaaS platform extracts product and pricing from multiple core systems, enabling users to work collaboratively to design and manage relationship pricing, products, and packages, including personalized propositions. The platform allows banks to dynamically respond to changing customer and market needs across their entire bank core system footprint, all while ensuring regulatory compliance, transparency, and operational control. Zafin is a global organization serving a diverse base of customers including Wells Fargo, US Bank, HSBC, Truist, ING, CIBC, PNC, and ANZ.
The company has offices and customers around the globe.