Zafin Founder Al Karim Somji Steps Down After Two Decades; Charbel Safadi Assumes CEO Role
Following more than 20 years of leadership, Al Karim Somji, the founder of Zafin, is transitioning from his role amidst a wave of executive turnover in Canadian tech, following the company’s acquisition in February.
Charbel Safadi, previously serving as the banking platform’s group president, will immediately assume the position of CEO, while Somji will remain a “substantial stakeholder” and board member of the company.
Expressing confidence in Safadi’s capabilities, Somji stated in a LinkedIn post, “I have full confidence in Charbel’s vision and capabilities to propel Zafin to even greater heights.”
In a statement, Safadi reiterated his commitment to building on Zafin’s foundation, focusing on sustainable revenue growth and profitability.
Established in 2002 by Somji and COO Anugopal Venugopalan, Zafin offers a range of FinTech software solutions, including automated pricing, billing, and analytical tools, catering to traditional banks grappling with legacy infrastructure challenges. The company boasts a global clientele, including CIBC, HSBC, and Wells Fargo.
Under Somji’s leadership, Zafin successfully closed a $22-million Series B round in 2019, led by Vistara Growth Partners, which also participated in a $13-million raise in 2016. The firm was acquired by Nordic Capital in February for an undisclosed sum, marking one of the largest recent exits in the Canadian software industry.
Nordic Capital’s investment was made in collaboration with Zafin’s founders and management, who reinvested in the company and became “significant minority owners” following the transaction.
Zafin’s leadership transition is part of a broader trend of executive changes noted in 2024, with other companies such as Martello, Boast, and Illumin also undergoing CEO shifts. Additionally, numerous other firms in the Canadian tech landscape have experienced executive changes this year.
Source: betakit.com
