Vancouver’s FINCAD has been acquired by Toronto-headquartered Zafin for an undisclosed amount.
Founded in 1990 by Bob Park, FINCAD is a leader in pricing and risk analytics of financial derivatives and fixed income products.
Zafin is the world’s leading SaaS cloud-native product and pricing platform for banks and credit unions.
By acquiring FINCAD, Zafin expands its product portfolio and analytics capabilities to become one of Canada’s largest B2B fintech companies with significant global presence including more than 450 institutional clients and more than 500 employees spread out across 13 global offices.
FINCAD will operate as the Capital Markets Group of Zafin under the established FINCAD brand.
For Zafin, the consolidation move is a key milestone as they 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 secured a USD $12 million growth financing round from Vancouver’s Vistara Growth in 2019.
“We have had a longstanding relationship with both companies and are very pleased to see a successful homegrown outcome for FinCAD, its employees, and its shareholders.” said Randy Garg, Founder and Managing Partner of Vistara.
“We are even more excited to now support the opportunity for further significant growth, building on Zafin’s growing leadership position for its software solutions across the broader financial services industry.”
Also part of today’s announcement, Zafin announced it has launched a new Banking Group focused on delivering radical innovation of its award-winning product and pricing platform for banks and credit unions.
“As we look to further accelerate our global growth and enhance our end-to-end pricing and analytics offering to the marketplace, this move into the Capital Markets space is a key step. FINCAD naturally stood out to us given their impressive track record of being the leading provider of derivative analytics and pricing with a strong team that delivers for some of the world’s most trusted institutions,” said Al Karim Somji, Founder and Group CEO of Zafin.
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