Nordic Capital has acquired a majority share in Zafin, a leading provider of SaaS core modernisation and transformation solutions for financial institutions around the world.

Headquartered in Vancouver, Canada, Zafin has offices around the world including in Chennai and Thiruvananthapuram.

Zafin is an industry leader known for its innovative approach to bank core modernisation. Zafin serves a diverse base of customers including Wells Fargo, US Bank, HSBC, Truist, ING, CIBC, PNC, and ANZ.

The investment is made in close partnership with Zafin’s founders and management, who will reinvest in the company alongside Nordic Capital.

Zafin’s 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.

As a result of benefits such as faster time to market, increased revenue opportunities, lower operating costs and reduced operational risks, Zafin is recognised as a preferred partner for banks globally.

Nordic Capital has over 30 years of experience accelerating the growth of innovative technology companies. As a leading specialised technology investor globally, Nordic Capital has to date made 29technology investments with an aggregate enterprise value of close to Euro24 billion.

Al Karim Somji, CEO, Zafin, said,“We have been powering the modernization and transformation of banks and future-proofing their banking technology investments for years. With Nordic Capital’s scale, technology expertise, and deep market understanding, this partnership enables us to become a global leader in banking technology solutions.”

Mohit Agnihotri, Partner Nordic Capital Advisors, said:“Nordic Capital has been a keen observer of bank IT modernization efforts and has been highly impressed with Zafin’s innovative approach to helping its customers react to a constantly changing business landscape. We firmly believe that Zafin will emerge as a gold standard in bank IT modernization efforts. Nordic Capital looks forward to partnering with Zafin management on the next phase of the company’s growth, including leveraging our seasoned inhouse operational team, deep expertise and expansive relationships in the sector.”

The terms of the transaction were not disclosed. Completion of the transaction is expected during Q1 2024 and is subject to customary closing conditions.