Nordic Capital finalized an agreement to purchase a majority stake in Zafin, a top SaaS core modernization provider for financial institutions globally. This strategic move was orchestrated in tight collaboration with Zafin's founders and management, who will also reinvest in the firm alongside Nordic Capital. Zafin is celebrated for its groundbreaking approach to banking core modernization, offering a core SaaS platform that simplifies product and pricing management across banking systems, ensuring regulatory compliance and operational efficiency. This platform has positioned Zafin as a preferred partner for major banks worldwide, including Wells Fargo, US Bank, and HSBC, by offering benefits such as quicker market entry, enhanced revenue streams, reduced operational costs, and minimized risks.

Al Karim Somji, Zafin's CEO, hailed the partnership as a transformative opportunity for both Zafin and its clients, highlighting Nordic Capital's contribution towards establishing Zafin as a global banking technology leader. Mohit Agnihotri of Nordic Capital Advisors praised Zafin's innovative solutions and its significant impact on bank IT modernization, expressing confidence in Zafin's future growth and success under this new partnership.

Nordic Capital, a specialized technology investor with over 30 years of experience, has made 29 technology investments totaling nearly EUR 24 billion in enterprise value. The transaction's financial details were not disclosed, with its completion anticipated in Q1 2024, pending standard closing conditions. Blake, Cassels & Graydon LLP represented Nordic Capital. Goldman Sachs & Co. LLC and Fasken Martineau DuMoulin LLP provided exclusive financial and legal advisory services to Zafin, respectively.