Zafin Acquires FinCAD to Accelerate Growth

Portfolio News

Two of Vistara Growth’s portfolio companies Zafin and FinCAD have become one. In January 2022, Zafin (Vancouver, BC) announced that it has acquired FinCAD (Vancouver, BC).

In October 2016, Vistara initially made a growth debt investment in Zafin. After seeing the company’s sustained growth, Vistara continued its support of the company’s strategic plans leading another growth equity investment in Jan 2019. In addition to our financial support, Randy Garg, Vistara’s Managing Partner joined Zafin’s Board of Directors.

Vistara made a growth debt investment in FinCAD in 2019 to support its ongoing growth and launch of new product capabilities.  By acquiring FINCAD (established in 1990), a global leader in pricing and risk analytics of financial derivatives and fixed income products, Zafin plans to expand its product portfolio and analytics capabilities to become one of Canada’s largest B2B fintech companies with significant global presence and a marquee customer base.

“We have had a longstanding relationship with both companies and very pleased to see a successful homegrown outcome for FinCAD, its employees, and its shareholders.” said Randy Garg, Founder and Managing Partner. “We are even more excited to now support the opportunity for further significant growth, building on Zafin’s growing leadership position for its software solutions across the broader financial services industry.”

Randy has been a very helpful and collaborative investor and partner over a number of years, and has been an insightful contributor to the executive team and Board, said CEO & Founder, Al Karim Somji.  Zafin has used capital provided by Vistara in order to accomplish goals at different points in our growth cycle. Their patient and creative investment structures have enabled us to fund our continued accelerated growth path, while creating the flexibility to raise traditional equity capital at more optimal junctures and limit overall dilution.”

About Vistara Growth

Vistara Growth provides highly flexible growth debt and equity solutions to leading technology companies across North America. Founded, managed, and funded by seasoned technology finance and operating executives, “Vistara” (Sanskrit for “expansion”) is focused on enabling growth for the ambitious entrepreneurs we invest in, our investors, our people, and the communities we operate in.  For more information, visit

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