Al Karim Somji, founder and CEO of Zafin

Toronto-based financial services software provider Zafin today announced fund raising to the tune of $17.2 million in Series B round. The fresh capital will be directed towards growth, innovation and expanding its market share in global financial services.

The financing was led by Vistara Capital Partners, Beedie Capital and Accenture Ventures. Randy Garg, Managing Partner at Vistara Capital Partners will hold a seat on Zafin’s Board of Directors.

“This round of funding will allow Zafin to fully execute on our business plans and strategy,” said Al Karim Somji, founder and group chief executive officer, Zafin. “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.”

Last year, Accenture had entered into a strategic alliance with Zafin and agreed to acquire its select professional services assets.

“Technology continues to drive changes in consumer behavior and how they prefer to receive products and services from financial institutions. We are pleased to extend our relationship with Zafin and invest in its software solution, which can help enable financial institutions to improve pricing, personalization 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,” said Alan McIntyre, senior managing director and head, global banking practice, Accenture.

“We are excited to continue to expand our partnership with Zafin and look forward to supporting the team through its next phase of growth as a market leader in digital banking solutions,” said David Bell, director, Beedie Capital.

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by Parnika Sokhi
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