Nordic Capital Acquires Vistara Portfolio Company Zafin

Portfolio News

Vistara Growth is excited to share today’s news on its longstanding portfolio company Zafin.  Initially providing debt and then leading the Company’s Series B financing in 2019, the growth capital helped enable continued productization and leap from a perpetual on-premise product requiring a large internal services organization, to the leading cloud-based core banking modernization SaaS company it has become.

Randy Garg, Founder and Managing Partner at Vistara and Zafin Board member commented, “Today’s announcement marks the culmination of a long-term partnership with Zafin.  The Company was highly capital efficient throughout its growth journey and raised strategically timed funding as both debt and equity reducing overall dilution, while supporting ambitious global growth and product development initiatives.  We thank and congratulate the founders, management team, and our fellow Board members and investors on this tremendous outcome for all involved.”

Nordic Capital acquires Zafin, a leading provider of SaaS Core Modernization and Transformation solutions

  • Investment made in partnership with Zafin’s founders and management, with the intention to accelerate the Company’s growth and product / platform roadmap
  • As a leading technology investor, Nordic Capital will leverage its expertise, experience and resources to further support Zafin’s commitment to simplify bank core modernization and create tangible business results for banks globally

VANCOUVER, B.C., Feb. 12, 2024 /PRNewswire/ — Nordic Capital has signed an agreement to acquire a majority share in Zafin, a leading provider of SaaS core modernization and transformation solution 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 as an industry leader for its innovative approach to bank core modernization. Zafin’s 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, such as faster time to market, increased revenue opportunities, lower operating costs, and reduced operational risks, Zafin is recognized as a preferred partner for banks globally. Zafin is a global organization serving a diverse base of customers including 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 modernization and transformation of banks and futureproofing 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 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 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 inhouse 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. As a leading specialized technology investor globally, Nordic Capital has to date made 29 technology investments with an aggregate enterprise value of close to EUR 24 bn. The terms of the transaction were not disclosed. Completion of the transaction is expected during Q1 2024 and is subject to customary closing conditions. Goldman Sachs & Co. LLC served as exclusive financial advisor to Zafin and Fasken Martineau DuMoulin LLP served as legal counsel to Zafin.

About Zafin

Founded in 2002, Zafin offers a SaaS product and pricing platform that simplifies core modernization for top banks worldwide. Its platform enables business users to work collaboratively to design and manage pricing, products, and packages, while technologists streamline core banking systems. With Zafin, banks accelerate time to market for new products and offers while lowering the cost of change and achieving tangible business and risk outcomes. The Zafin platform increases business agility while enabling personalized pricing and dynamic responses to evolving customer and market needs. Zafin is headquartered in Vancouver, Canada, with offices and customers around the globe, including ING, CIBC, HSBC, Wells Fargo, US Bank, Truist, PNC, and ANZ. For further information about Zafin, please visit

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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