Vancouver’s FINCAD Acquired by Zafin and will operate as the Capital Markets Group

January 28, 2022 Digital, NEO, Open Banking, Open Finance, Enterprise, Entrepreneurs, Start-ups, Small Businesses, FinTech and Alternative Finance, Fundraising, Investing, Trading, Innovation and Resources No comments

Techouver | Robert Lewis | Jan 24, 2022

fistbump - Vancouver’s FINCAD Acquired by Zafin and will operate as the Capital Markets Group 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.

See: How Covid has kickstarted Canadian fintech

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.

“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.

FINCAD secured a USD $12 million growth financing round from Vancouver’s Vistara Growth in 2019.

See: McKinsey Global Banking: Revenue pools moving to customer-ownership with embedded digital financial services

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.

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