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Scotiabank Digital Banking Lab


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Infrastructure & Services | Toronto, ON | Founded: 2002 | Employees: 501-1,000 |



Last updated November 12, 2018 | To download a PDF version, click here.


Company Overview

Zafin is a platform designed and built for financial services that provides customer-focused, relationship banking solutions to a variety of banks (including global, regional, and super regional). The service offers dynamic pricing, bundling, and rate management execution capabilities to corporate and retail banks globally. Zafin’s flagship product is the award-winning miRevenue Solutions Suite.

Senior Management

Al Karim Somji: Founder, Group CEO, Board Member (2002-Present). Previously: Advisor, Communicant Technologies A.G. (2002-2007); Founder and CEO, Eftia OSS Solutions (1997-2000); President, OpCom Solutions (1993-1997). Education: B.Eng. Computer Engineering (1989), University of Ottawa.

Anu Venuopalan: Co-Founder and President, Business Development (2002-Present). Previously: Director, Pre-Sales, Eftia OSS Solutions (1997-200); Product Manager, Fujitsu ICIM (1994-1997). Education: B.Eng. Electrical and Electronics Engineering, College of Engineering, Trivandrum (1990-1994).

Rajesh Uttamchandani: Chief People Officer and Managing Director (2016-Present). Previously: Human Capital Management Consultant, Deloitte (2011-2015); Global Head of HR: Wholesale Bank, Corporate Risk and Corporate Development, CIBC (2009-2010); SVP Human Resources & Corporate Affairs, CIBC Mellon (2006-2009), Canadian Head of HR, IT & Administration, Gap Inc., (2003-2006). Education: B.Sc. Psychology, University of Toronto (1987-1991); MBA, Human Resources, Chaminade University of Honolulu (1994-1995); J.D. York University (199-2004).


Zafin was founded by Al Karim Somji and Anu Verupalan in 2002. Zafin is used by over 30 global banks, and has won multiple awards – the most recent being the Best Banking Infrastructure Software in the Fintech Breakthrough Awards.[1]



To date, Zafin has raised a total of $30MM in funding over three rounds. The firm had a debt financing round in December of 2013, where they raised $5M. A venture round in October of 2014 raised $15M from Kayne Partners.[2] Most recently, Zafin secured a total of $10M from a debt financing round. Zafin’s backers were Vistara Capital Partners and Beedie Capital Partners.[3]


Key Corporate Developments

Press releases:
Feb 5, 2014: Zafin and IBM join forces
Nov 15, 2016: Zafin recognized on the Deloitte Technology Fast 50 list for the third year in a row
May 9, 2018: Zafin partners with Celero to better service credit unions with customized offerings


Business Highlights


Zafin leverages technology that designed and built specifically for financial services in order to provide banks with the ability to offer its customers the right products, at the right times and at the right price.


  1. Zafin Cloud: Through a partnership with Microsoft Azure, Zafin Cloud allows retail banks to automate manual processing, monitoring, and governance functions. This increases cost efficiencies, minimizes time to market, and tailor multi-product packages quickly to serve clients at the right time.[4]
  2. Zafin Analytics: Zafin ‘s relationship analytics tool provides Product Managers with strategic insights into the breadth of customer relationships and profitability. The firm also has a Customer Relationship Score (patent-pending) that they assign to each of the bank’s clients, a metric that allows managers to improve the strength of each relationship – maximizing profitability and customer centricity.[5]
  3. Zafin Catalogue: This is a flexible, easy to use, product cataloguing software that allows managers to access information about all of the bank’s products from a single platform. This tool also offers dynamic bundling capabilities that allow large financial institutions to tailor products to niche segments that were previously under-served. Since all product changes are logged and updated in real time within the Catalogue, this product also offers improved regulatory compliance.[6]
  4. Zafin Origin: Zafin offers a digital purchasing platform for corporate banks that enables customers to identify and select the right financial products through online and mobile channels.[7]
  5. Client Offer Management: Zafin’s platform for deal management and pricing governance is tailored to corporate banks. It allows users to create personalized deals quickly and minimize revenue leakage. [8]




Zafin’s flagship product is a Product and Pricing Lifecycle Management (PPLM) platform that is designed and built for financial services.



Zafin has offices in the US and Canada, India, Dubai, Malaysia, South Africa, UK, and Germany. Zafin products have been implemented in over 40 countries.


Through a partnership with IBM, Zafin has made their products accessible to a wide variety of corporate and retail banks, integrating seamlessly with legacy systems.



The various functionalities of miRevenue Suite are not exclusive to Zafin; there are many firms that offer CRM to financial institutions. For example:

  1. bpm’online – (Boston, MA) bpm’online is software company that specializes in process automation and financial CRM.
  2. Salesforce – (San Francisco, CA) Salesforce is a CRM platform that consolidates marketing, sales, and personalized customer service capabilities.


Corporate Profile Created By: Tayssir Ben Ali, Ivey HBA 2019
Tayssir Ben Ali

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