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Zafin raises $17.2M in Series B funding led by Vistara Capital

Zafin, a Toronto-based provider of financial services and digital banking software, has raised $17.2 million in Series B funding led by Vistara Capital Partners, Beedie Capital and Accenture Ventures.

The funding, according to a press release, will be used to expand sales and marketing and to develop products. Randy Garg, managing partner at Vistara Capital Partners, is joining Zafin's board.

"This round of funding will allow Zafin to fully execute on our business plans and strategy," Al Karim Somji, Zafin founder and group CEO, said in the release. "We highly value our long-term partners at Vistara Capital and Beedie Capital and are excited to be working with Accenture as we jointly deliver value to our clients in the fields of open banking, core transformation, AI and machine learning."

The investment follows a December agreement with Accenture on a strategic alliance and acquisition of certain Zafin assets in the professional services area.