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Nordic Capital acquires bank modernization software provider Zafin

By Gloria Methri

February 13, 2024

  • Core Banking Modernization
  • Digital Transformation
  • Europe
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Nordic Capital, Zafin, SaaS, Core Banking Modernization, FinTech Acquisition, UK, Sweden, EuropeNordic Capital has signed an agreement to acquire a majority share in Zafin, a provider of SaaS core modernization and transformation solutions for financial institutions around the world. The investment is made in close partnership with Zafin’s founders and management, who will reinvest in the company alongside Nordic Capital.

Zafin is recognized for its innovative approach to bank core modernization. Its 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 these benefits, Zafin is a preferred partner for banks globally, serving a diverse base of customers including Wells Fargo, US Bank, HSBC, Truist, ING, CIBC, PNC, and ANZ.

Al Karim Somji, CEO of Zafin, said, “This partnership is an absolute game-changer for the Zafin team and our customers. 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 at 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. The Company’s exceptional track record of success and resoundingly positive customer feedback are a testament to the entire Zafin team and the product they have built. 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 in-house operational team, deep expertise, and expansive relationships in the sector.”

Nordic Capital has over 30 years of experience accelerating the growth of innovative technology companies. It has to date made 29 technology investments with an aggregate enterprise value of close to EUR 24 billion.

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