VANCOUVER, British Columbia--(BUSINESS WIRE)--Zafin, a leading financial technology company serving financial institutions of all sizes, is pleased to announce the completion of a private financing arrangement with Vancouver-based Vistara Capital Partners and Beedie Capital Partners, committing a total of USD $10 million in additional growth capital to Zafin.
“We are extremely pleased to partner with the team at Zafin and support the company’s growth plans,” said Randy Garg, Managing Partner at Vistara Capital Partners and Observer on Zafin’s Board of Directors, who led the current financing round. “As banking undergoes a transformation on a global basis, technologies that enable banks to gain a better understanding of their customers and more effectively compete in a digital banking world have become vital in the marketplace.”
Vistara Capital Partners led the creation of a flexible growth capital solution that enables Zafin’s continued expansion of its product and market development roadmap. This announcement marks the continuation of a strong relationship with Zafin, building from a prior investment by Beedie Capital Partners in 2013 and Randy Garg’s ongoing role as a Zafin board observer since that time.
“Since our original investment in 2013, Zafin has consistently delivered on its strategic growth plan, and we look forward to continue working with Zafin through this next phase of growth,” said David Bell, Director, Beedie Capital Partners.
“We’re proud to galvanize our strong partnership with both Vistara Capital Partners and Beedie Capital Partners as we execute on our growth plans,” said Zafin Founder and Group CEO, Al Karim Somji. “We continue to add top tier banks to our growing client list. With our proven platform strategy and recent additions to our Executive Leadership Team, we have a tremendous opportunity to gain substantial market share moving forward."
As a leading financial technology provider, Zafin’s mission is to make banking better for both the customer and the bank. Our award-winning platform, miRevenue, helps banks deepen customer relationships by uniting common customer, product, pricing and billing functions in one integrated solution. Today, financial institutions of all sizes use miRevenue to increase revenue, enhance operational efficiency, streamline regulatory compliance and enable a connected digital banking ecosystem. Each year, our clients trust miRevenue to process billions of transactions for hundreds of millions of their customers across retail banking, cash management, wealth management and custody services. As a proud Canadian company, Zafin’s 100 percent retention rate underscores our proven track record as a trusted partner for our clients. For more information, please visit www.zafin.com.
About Vistara Capital Partners
Vistara Capital Partners provides highly flexible growth debt and growth equity financing solutions to mid-later stage technology companies across North America. Vistara’s typical investment size ranges from $3 million to $10 million per portfolio company. Managed and funded by seasoned technology finance and operating executives, “Vistara” (sanskrit for “Expansion”) is focused on enabling the growth and expansion of companies it partners with. For more information, please visit www.vistaracapital.com.
About Beedie Capital Partners
Beedie Capital Partners ("BCP") is the non-real estate investment arm of Beedie Development Group, the largest private industrial land owner, developer and landlord in British Columbia. BCP seeks to deploy private equity and private debt by collaborating with ambitious operators of high-growth public and private companies. BCP is managed by Bond Capital, a leading mezzanine finance provider to established companies across North America. Please also visit www.beediecapital.com and www.beediegroup.ca for further details.