Zafin, a FinTech software provider, is acquiring Fincad, a FinTech analytics startup.
The Toronto-based company claims with the acquisition of Fincad that it is now one of Canada’s largest B2B FinTech startups, with more than 450 institutional clients, over 60 ecosystem partners, and more than 500 employees in 13 offices globally.
Zafin also announced the launch of a new banking group that will focus on delivering its product and pricing platform for banks and credit unions.
Zafin said it will now be able to offer pricing and advanced analytics solutions to institutions across all segments of banking, including retail, corporate and commercial, and capital markets.
Fincad will retain its name, and operate as the capital markets group of Zafin.
Fincad claims it provides derivative and fixed-income pricing, modeling, and risk analytics to many of the world’s banks, asset management firms, insurance companies and hedge funds.
The Globe and Mail reported the deal was worth $41.3 million CAD ($32.7 million USD).
Christian Kahl, head of product strategy and client service at Fincad, will become interim president, capital markets at Zafin. Fincad analytics leader and current head of product development, Russell Goyder will become chief analytics officer of Zafin. Both Kahl and Goyder will report to Al Karim Somji, founder and group CEO of Zafin.
The acquisition enables Fincad to use Zafin’s client support, and cloud platform technology with its suite of products, and claims that will give it the ability to solve complex analytics problems with simplicity and speed.
Zafin also announced the launch of a new banking group that will focus on delivering its product and pricing platform for banks and credit unions. Zafin works with financial institutions with the aim of increasing revenue and efficiency, and improving customer experience.
Dubie Cunningham is promoted to the role of president of the new group. Cunningham is an industry veteran in leveraging technology to drive digital transformation. Before Zafin, Cunningham served as head of innovation at the Bank of Nova Scotia, Canada’s third largest bank. In her new role, Cunningham will have direct oversight of Zafin’s overall banking strategy, sales, client success, and industry engagement.
Zafin closed a $22 million CAD ($17.2 million (USD) Series B round in 2019.
Zafin announced its digital platform, Zafin Origin, in 2017, and which aims to help banks increase the number of products and services sold when an account is opened. The same year, Zafin launched Client Offer Management, a banking tool to reduce operational costs by automating manual processes.
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