Nordic Capital is to acquire a majority stake in Zafin, SaaS core modernisation and transformation solutions provider for financial institutions. The investment is made in close partnership with Zafin’s founders and management. Specifically, they will reinvest in the company alongside Nordic Capital.

Zafin’s core SaaS platform extracts product and pricing from multiple core systems. According to Zafin, this enables users to work collaboratively to design and manage relationship pricing, products, and packages. This includes personalised 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.

Zafin client banks include HSBC, Wells Fargo, ING, Truist, CIBC, PNC, ANZ and US Bank

Moreover, Zafin says clients benefit from faster time to market, increased revenue opportunities, lower operating costs and reduced operational risks, Zafin’s client banks include Wells Fargo, US Bank, HSBC, Truist, ING, CIBC, PNC, and ANZ.

Al Karim Somji, CEO, Zafin, said“This partnership is an absolute game-changer for the Zafin team and our customers. We have been powering the modernisation 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, Partners, Nordic Capital Advisors, added: “Nordic Capital has been a keen observer of bank IT modernisation efforts. It has been highly impressed with Zafin’s innovative approach to helping its customers react to a constantly changing business landscape. The company’s exceptional track record of success and resoundingly positive customer feedback are a testament to the entire Zafin team and product they have built. We firmly believe that Zafin will emerge as a gold standard in bank IT modernisation efforts.”

Nordic Capital: 29 technology investments, aggregate value of €24bn

Nordic Capital has over 30 years of experience accelerating the growth of innovative technology companies. To date, it has made 29 technology investments with an aggregate enterprise value of close to €24bn. The terms of the transaction were not disclosed. Completion of the transaction is expected during Q1 2024 and is subject to customary closing conditions.

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