Financial software provider Zafin secures $17m funding
Canadian financial software provider Zafin has raised $17.2 million in financing led by Vistara Capital Partners, Beedie Capital, and Accenture Ventures.
This round “strengthens Zafin’s balance sheet and will fuel growth and innovation for the company”.
Al Karim Somji, Zafin founder and group CEO, says the firm plans to “jointly deliver value to our clients in the fields of open banking, core transformation, artificial intelligence (AI) and machine learning”.
Alan McIntyre, a senior managing director and head of Accenture’s global banking practice, adds that Zafin’s software can help financial institutions “improve pricing, personalisation 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”.
This funding announcement comes as a follow up to a partial acquisition and alliance between Zafin and Accenture in December 2018. Further terms of the round were not disclosed.
Established in 2002, Zafin is headquartered in Toronto.