Accenture finalizes acquisition of financial services assets from Zafin

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Accenture has announced the completion of a transaction with Toronto-based Zafin, which will see select professional-services employees at Zafin, join Accenture as a part of an acquisition deal announced in December.

Accenture says the employees, based in Canada, India, and the UK, will assist with technical integration and developmental capabilities that will, in turn, help it aid financial companies in improving pricing and personalization. The terms of the deal were not disclosed.

The employees will assist with technical integration that will help Accenture aid financial companies in improving pricing and personalization.

The partnership between Accenture and Zafin includes a strategic alliance between the two, where in addition to the acquisition, Accenture became a preferred integrator of Zafin’s software platform.

This announcement comes after FinTech software provider Zafin secured a $22 million CAD Series B round last month, which was led by Accenture Ventures, Vistara Capital Partners, and Beedie Capital. The new funding is going towards expanding its global market share. As part of the funding round, Randy Garg, founder and managing partner of Vistara Capital Partners took a seat on Zafin’s board of directors.

Zafin works with financial institutions in the hopes of increasing revenue and efficiency, and improving customer experience. The company has worked with more than 35 global banks, including CIBC, SEB, and Standard Chartered.

In 2017, Zafin announced its digital platform, Zafin Origin, which was designed towards helping banks increase the number of products and services sold when an account is opened. In the same year, Zafin launched Client Offer Management, a banking tool to reduce operational costs by automating manual processes.

Regarding the acquisition, Karim Somji, founder and group CEO of Zafin said in December, “These agreements with Accenture will enable us to sharpen our focus squarely on product innovation and technology. This deal simplifies our operating model and provides Zafin with rapid scalability.”

Featured image via Pixabay.


Sera Wong

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