Zafin, a Toronto-based banking software services company has raised US$17.2mn as part of its series B financing round. The funding injection will allow Zafin to strengthen its balance sheet and will be used to fuel growth and innovation within the company.
Founded in 2002, Zafin designs customer centric financial services software solutions focused around relationship pricing, bundling and rates management strategies for global financial institutions. The company’s technology platform is designed to modernize and augment legacy IT infrastructures that underpin the financial services industry. Its solutions enable banks to increase revenue generation, drive customer transparency and aid in regulatory compliance, ultimately enhancing their agility and their ability to improve the customer experience and build more personalized and profitable relationships.
“Zafin’s innovative solutions have become increasingly known amongst global banks as the sector continues to go through its technologically driven evolution. Over the past several years of our involvement, it has been very satisfying to see the levels of adoption taking place with many of the world’s most discerning bank customers,” said Randy Garg, Founder and Managing Partner of Vistara Capital Partners. “We are delighted to further expand our long-term partnership with Zafin through this latest growth financing round. With capital and partnerships in place, Zafin is ideally positioned to now accelerate its growth trajectory and become the latest technology success story coming out of Canada.”
Along with Vistara Capital Partners, the $17.2mn funding round was lead by Beedie Capital and Accenture Ventures. Alan McIntyre, a Senior Managing Director and head of Accenture’s global banking practice said: “Technology continues to drive changes in consumer behavior and how they prefer to receive products and services from financial institutions. We are pleased to extend our relationship with Zafin and invest in its software solution, which can help enable financial institutions to improve pricing, personalization and product make-up without having to replace their legacy systems – an essential component for many of those not among the top ten players in the market.”