Toronto-based FinTech provider Zafin announced today the close of a $17.2 million ($22 million CAD) Series B round, led by Vistara Capital Partners, Beedie Capital, and Accenture Ventures.
Accenture recently became a preferred integrator of Zafin’s financial software platform.
The latter firm is notable as the financial services provider had announced the sale of select professional services assets to the global management consulting firm just before the holidays. As part of that deal, Accenture became a preferred integrator of Zafin’s financial software platform, with employees from Zafin’s professional services business joining Accenture.
Zafin said the new funding would go towards expanding its global market share as the company further develops its open banking, AI and machine learning offerings. Zafin’s platform focuses on modernizing legacy financial services IT infrastructure in the hopes of improving compliance, improving customer experience, and increasing revenue. The company has worked with over 35 different global banks, including CIBC, SEB, and Standard Chartered.
“Zafin’s innovative solutions have become increasingly known amongst global banks as the sector continues to go through its technologically driven evolution. Over the past several years of our involvement, it has been very satisfying to see the levels of adoption taking place with many of the world’s most discerning bank customers,” said Randy Garg, founder and managing partner of Vistara Capital Partners.
As part of the funding round, Garg will also take a seat on Zafin’s board of directors.
Feature photo via Unsplash.
