Zafin, a Canada-based financial services software developer, has raised $17.2m in Series B funding round to support its growth and innovation strategy.

The private growth financing round was led by Vistara Capital Partners, Beedie Capital and Accenture Ventures. Further details of the round were not disclosed.

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The funding round follows the strategic alliance Zafin formed with tech giant Accenture last month.

Zafin founder and group CEO Al Karim Somji said: “This round of funding will allow Zafin to fully execute on our business plans and strategy.

“We highly value our long-term partners at Vistara Capital and Beedie Capital and are excited to be working with Accenture as we jointly deliver value to our clients in the fields of open banking, core transformation, AI and machine learning.”

As a software solutions provider, Zaifin focuses on supporting financial institutions with power pricing, product and customer strategies.

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It delivers solutions to enable its clientele boost their revenues, maintain regulatory compliance, and drive customer experience.

Headquartered in Toronto, the company also enables the banks to upgrade their IT infrastructure through its technology platform.

Vistara Capital Partners founder and managing partner Randy Garg said: “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.

“We are delighted to further expand our long-term partnership with Zafin through this latest growth financing round.”