Accenture invests in Zafin's $23 mln Series B financing

Zafin, a Toronto-based provider of financial services software, has raised about $22.9 million (US$17.2 million) in a Series B financing. The round was led by existing Canadian investors Vistara Capital Partners and Beedie Capital as well as Accenture Ventures, the venture capital arm of Irish professional services company Accenture. Vistara Managing Partner Randy Garg will join the board. Founded in 2002 by CEO Al Karim Somji, Zafin’s technology supports relationship pricing, bundling and rates management strategies for global financial institutions. It will use the funds raised for sales and marketing and product innovation. In December, Accenture agreed to acquire select assets of Zafin and back its growth.