Zafin is a banking software enterprise platform company that provides

relationship-based pricing Relationship-based pricing (RBP) is a pricing and billing framework in the banking industry where pricing is determined based on a customer's overall purchases and circumstances, rather than being delivered on a product-by-product basis. With RBP, ...

to banks and financial institutions. The company has offices in Canada, USA, UK, Germany, Dubai, Malaysia, South Africa, and India.

History

The company is founded and led by Karim Somji in 2002. In March 2020, Zafin announced the appointment of Venkataraman Balasubramanian to its senior leadership team as executive vice president and chief technology officer. In early 2022, Zafin purchased Surrey, B.C.-based FinancialCAD Corp. (Fincad), a provider of derivatives valuation software, for $32.7 million USD. However, instead of integrating Fincad into its own platform, Zafin sold the business to New York-based financial analytics provider Numerix LLC in April 2023 for an undisclosed amount.

Nordic Capital Nordic Capital is a global private equity firm focused on leveraged buyouts of established companies in Northern Europe and North America. Founded in 1989, the firm manages about $50 billion of capital, with offices in New York, London, Stockh ...

has acquired a majority stake in Zafin. As part of the transaction, long-time investors Beedie Capital, Kayne Partners, and Vistara Growth have sold their stakes in the company. Beedie Capital first invested in Zafin in 2012, followed by Kayne Partners in 2014 and Vistara Growth in 2018.

Products

Zafin's main product, miRevenue, is used by banks to enable

and enterprise billing functionalities.

Clients

The company's clients include banks and financial institutions such as

Standard Chartered Bank Standard Chartered PLC is a British multinational bank with operations in wealth management, Wholesale banking, corporate and investment banking, and treasury services. Despite being headquartered in the United Kingdom, it does not conduct retai ...

, Bank of the West,

CIMB CIMB Group Holdings Berhad () is a Malaysian universal bank headquartered in Kuala Lumpur and operating in high growth economies in ASEAN. CIMB Group is an indigenous ASEAN investment bank. CIMB has a wide retail branch network with 1,080 branch ...

, ZKB,

Nedbank Nedbank Group is a financial services group in South Africa offering wholesale and retail banking services as well as insurance, asset management, and wealth management. Nedbank Limited is a wholly owned subsidiary of Nedbank Group. Headquarter ...

HDFC Bank HDFC Bank Limited is an Indian banking and financial services company, headquartered in Mumbai. It is India's largest private sector bank by assets and market capitalisation. The Reserve Bank of India (RBI) has identified the HDFC Bank, Stat ...

, National Bank of Abu Dhabi, and SEB.

Partners

Zafin sells with IT partners including

IBM International Business Machines Corporation (using the trademark IBM), nicknamed Big Blue, is an American Multinational corporation, multinational technology company headquartered in Armonk, New York, and present in over 175 countries. It is ...

, Silverlake, CGI and Dell Services.

Awards

Zafin won a Technology Award in 2007, courtesy of

The Banker ''The Banker'' is an English-language monthly international financial affairs publication owned by '' The Financial Times'' and edited in London, United Kingdom. The magazine was first published in January 1926 through founding editor Brendan ...

magazine, for Best Implementation in the Retail Banking Project category. The award represented the first implementation of miRevenue in a bank and was awarded for the retail banking implementation at

. Zafin was recognized as one of the "Top 10 FinTech Companies to Watch" by American Banker in 2013. Zafin was listed on the Deloitte Fast 50 and Deloitte Fast 500 lists in 2014. The company experienced 865% revenue growth over the previous five-year period

Projects

Zafin completed a customized pricing system for ZKB in 2008. The complexity of the integration, which resulted in allowing ZKB to perform relationship-based pricing for large customers in real time, was featured in an academic text, "Management von Integrationsprojekten: Konzeptionelle Grundlagen und Fallstudien aus fachlicher und IT-Sicht", edited by Dr. Robert Winter of the University of St. Gallen. In October 2017, the company launched new fintech partner ecosystem to assist the banks with a one-stop origination platform.

References

External links

* {{official website, http://zafin.com/ Companies based in Vancouver Financial services companies of Canada Banking software companies Financial software companies Banking technology Financial technology companies Canadian brands Canadian companies established in 2002