Private equity firm Nordic Capital has announced the acquisition of Zafin, a Canada-based provider of Software-as-a-Service (SaaS) core modernisation and transformation solutions for banks and credit unions, for an undisclosed amount.
Founded in 2002, Zafin offers a product and pricing platform designed to help banks simplify and personalise their core modernisation. It says its offering “enables business users to work collaboratively to design and manage pricing, products, and packages, while technologists streamline core banking systems”.
Nordic Capital claims that the fintech’s software helps financial institutions to benefit from a “faster time to market, increased revenue opportunities, lower operating costs, and reduced operational risks”.
It adds that its investment has been made “in close partnership with Zafin’s founders and management, who will reinvest in the company alongside Nordic Capital”.
Mohit Agnihotri, partner at Nordic Capital, says that with the acquisition, the firm will work to assist Zafin’s management team with “the next phase of the company’s growth, including leveraging our seasoned inhouse operational team, deep expertise and expansive relationships in the sector”.
Zafin already boasts partnerships with several global banks, such as HSBC, ANZ, ING, Wells Fargo, and more.
Stockholm-headquartered Nordic Capital has a history of investing in SaaS fintechs, with the firm also backing London-based no-code data automation company Duco in 2021.
Source: Fintech Futures
