Following this announcement, Nordic Capital is expected to leverage its expertise, experience, and resources as a technology investor in order to further optimise Zafin’s commitment and strategy to simplify bank core modernisation. At the same time, both firms will focus on the development of tangible and secure business results for banks and financial institutions around the world.
Nordic Capital signed an agreement to acquire a majority share in Zafin, focusing on leveraging the latter’s Software-as-a-Service (SaaS) core modernisation and development solutions, alongside delivering them to financial institutions around the world.
According to the official press release, the investment was made in close partnership with Zafin’s founders and management, who are set to reinvest in the enterprise alongside Nordic Capital.
Zafin represents a global organisation that services a diverse base of clients, including the US Bank, HSBC, Truist, ING, CIBC, ANZ, PNC, and Wells Fargo. The financial institution will continue its approach to bank core modernisation, leveraging its SaaS platform in order to extract product and pricing from multiple core systems in a secure and efficient manner. This process is expected to enable users to work collaboratively to design and manage relationship pricing, packages, products, and personalised propositions or offerings.
The platform will allow banks and financial institutions to dynamically respond to changing customer and market needs across their entire bank core system footprint, alongside ensuring regulatory compliance, operational control, and transparency. At the same time, clients will be enabled to access multiple benefits, such as faster time to market, lower operating costs, increased revenue opportunities, or reduced operational risks.
Both organisations will prioritise the process of meeting the needs, preferences, and demands of their customers and clients in an ever-evolving industry, while also remaining compliant with the regulations and laws of the local markets.
The terms and conditions of the transaction were not disclosed, while the completion of the acquisition is expected to take place during Q1 2024, being subject to customary closing conditions.
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