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Growth Equity
vistaragrowth.com

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Investments

24

Portfolio Exits

6

Funds

4

About Vistara Growth

Vistara Growth provides highly flexible Growth Debt & Growth Equity financing solutions to mid-later stage technology companies across North America. Vistara's typical investment size ranges from $3 million to $10 million per portfolio company. Managed and funded by seasoned technology finance and operating executives, "Vistara" (sanskrit for "Expansion") is focused on enabling the growth and expansion of companies it partners with.

Vistara Growth Headquarter Location

1622 West 7th Avenue Suite 200

Vancouver, British Columbia, V6J 1S5,

Canada

(604) 449-5620

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Latest Vistara Growth News

Zafin, the Vancouver fintech that helps banks fight off digital rivals, makes acquisition and eyes 2023 IPO

Jan 25, 2022

17 mins ago As part of this acquisition, Sean Silcoff from the Globe and Mail sat down with Zafin’s Founder and Group CEO, Al Karim Somji to discuss the details of the acquisition, and the company’s future plans as one of Canada’s leading B2B fintech companies. Continue reading below: Sean Silcoff, Technology Reporter Published January 24, 2022  A Vancouver software company that helps banks compete more effectively against fast-growing digital rivals has bought a quantitative analysis company to expand its products and clients ahead of possibly going public next year. Zafin Labs Americas Inc. is paying US$32.7-million for Surrey, B.C.-based FinancialCAD Corp., or Fincad, a provider of derivatives valuation software. The combined entity will have revenue in the high tens of millions of dollars and 500 employees. The deal enables Zafin to offer expanded analytics capabilities to its 30 bank customers, including Canada’s Big Five, Barclays PLC, ING Groep NV and Bank of America Corp., and to cross-sell to Fincad‘s 400 capital markets clients. The deal “allows Zafin to build depth around strong analytics they can do across the banking industry by leveraging Fincad’s strengths,” said Zafin board member Dave Revell , former Canadian Imperial Bank of Commerce chief information officer. “It helps enter an area [capital markets] where Zafin doesn’t really play today.”  Zafin has built one of Canada’s larger financial technology providers by selling software that doesn’t challenge banks but instead helps them fend off digital upstarts. Regulated banks typically have outdated, cumbersome computer systems where information on customers, products, pricing and billing is siloed across its mainframes. That makes it hard to innovate or nimbly change pricing or products or target offers to specific customers as they compete with cloud-based fintechs. Banks want to modernize their technology cores but that would be a timely, costly effort, said Daniel Moore, Bank of Nova Scotia’s former chief risk officer. “All banks know they need to evolve … and are working hard on this, but it’s hard to do when you have the weight of legacy systems and processes behind you.”  Zafin’s answer is not to replace its clients’ systems but give them an expedient workaround. Its cloud-based platform acts as an external layer, connecting to a bank’s billing, transaction and other systems and pulling out the necessary data. Bank product teams work with the data in Zafin’s software to hash out products and calculate pricing for new offers. Banks previously would “have to go into the systems and make all the changes manually, then patch together at the front end to deliver a solution for customers” every time they created products or changed prices, said Mr. Revell. “Once Zafin is installed, you no longer have to go to the IT department to make all those changes.”  Canada’s large banks spend billions of dollars annually on technology, and invest heavily in digitization initiatives to fend off the threat of disruption from digital-first competitors and tech giants. But they are also in a constant battle to keep a lid on costs so that rising expenses don’t outpace revenue growth, and sometimes turn to partnerships as a way to adapt quickly without significant up-front spending. CIBC CM-T -1.42% decrease used Zafin to automate pricing, billing and analytics for its business customers. That reduced IT expenses and costs to enact fee changes, identify revenue opportunities and ended manual billing errors, enabling CIBC to launch products much faster, a 2018 case study found. Australia and New Zealand Banking Group Ltd. used Zafin to create its 10-minute mortgage approval offering. Pittsburgh-based PNC Financial Services Group, Inc. PNC-P-N -0.47% decrease has used the platform extensively; PNC chief information officer of retail banking Charaka Kithulegoda said on a webinar last June that Zafin provides tools to “be able to live in both of these worlds in very effective ways” and “put on hyperdrive things like products, pricing, relationship management.”  Zafin was founded in 2002 by chief executive officer Al Karim Somji, chief product officer Dinesh Krishnan and chief customer officer Anugopal Venugopalan. They set out to help telecommunication companies increase revenue but shifted their focus to banks, realizing “the whole aspect of product and pricing was hard-coded into the mainframe systems,” Mr. Somji said in an interview. “There was no concept of how you create pricing based on the customer rather than on a single product you’re selling into the market.”  Banking executive Dubie Cunningham joined in 2021 as executive vice-president of strategic growth after calling bank chief information officers for their views on Zafin. “They raved about the capabilities and how much it helps them compete with fintechs and creating agility in terms of how they bring products to market” in retail and corporate-commercial segments, said Ms. Cunningham, now president of Zafin’s banking group. Zafin has raised more than US$30-million to date from Kayne Partners, Vistara Growth, Beedie Capital and Accenture Ventures. It is growing by about 35 per cent to 40 per cent a year and could accelerate that pace as banks step up digitization efforts, Mr. Somji said. Zafin generates between US$45-million and US$50-million in annual revenue and has 400 employees; Fincad generates “tens of millions of dollars” in revenue and has about 100 employees, Mr. Somji said. With the debt-funded deal closed, Zafin is looking to raise US$200-million next year, either by going public or from private funders, Mr. Somji said. Asked if he was worried about falling tech stock valuations, the CEO said: “Not really. Public markets are always happy to have quality companies come into play.”  Vistara managing partner Randy Garg said Zafin is “funded and well-run” and doesn’t need to raise, “but the opportunity is certainly there to look at a larger round” in the next year. With a report from James Bradshaw in Toronto  © Copyright 2021 The Globe and Mail Inc. All Rights Reserved. globeandmail.com and The Globe and Mail are divisions of The Globe and Mail Inc., The Globe and Mail Centre 351 King Street East, Suite 1600 Toronto, ON M5A 0N19 Phillip Crawley, Publisher  About Vistara Growth Vistara Growth provides highly flexible growth debt and equity solutions to leading technology companies across North America. Founded, managed, and funded by seasoned technology finance and operating executives, “Vistara” (Sanskrit for “expansion”) is focused on enabling growth for the ambitious entrepreneurs we invest in, our investors, our people, and the communities we operate in. For more information, visit  vistaragrowth.com Looking for Debt or Equity Funding? Read our case studies to learn how our flexible and tailored growth capital solutions have helped our portfolio companies.

Vistara Growth Investments

24 Investments

Vistara Growth has made 24 investments. Their latest investment was in meQuilibrium as part of their Series D on December 12, 2021.

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Vistara Growth Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

12/14/2021

Series D

meQuilibrium

Yes

3

11/4/2021

Series B

Sama

$70M

Yes

5

10/7/2021

Series D

Kentik Technologies

$40M

No

3

9/27/2021

Series C - II

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$99M

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10

8/31/2021

Growth Equity

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$99M

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10

Date

12/14/2021

11/4/2021

10/7/2021

9/27/2021

8/31/2021

Round

Series D

Series B

Series D

Series C - II

Growth Equity

Company

meQuilibrium

Sama

Kentik Technologies

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Amount

$70M

$40M

$99M

$99M

New?

Yes

Yes

No

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Co-Investors

Sources

3

5

3

10

10

Vistara Growth Portfolio Exits

6 Portfolio Exits

Vistara Growth has 6 portfolio exits. Their latest portfolio exit was FINCAD on January 24, 2022.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

1/24/2022

Acquired

2

10/28/2021

Acquired

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10

12/21/2020

Acquired

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10

10/2/2020

Acq - Fin

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10

9/5/2020

Acquired

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10

Date

1/24/2022

10/28/2021

12/21/2020

10/2/2020

9/5/2020

Exit

Acquired

Acquired

Acquired

Acq - Fin

Acquired

Companies

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Valuation

Acquirer

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Sources

2

10

10

10

10

Vistara Growth Fund History

4 Fund Histories

Vistara Growth has 4 funds, including Vistara Technology Growth Fund IV.

Closing Date

Fund

Fund Type

Status

Amount

Sources

6/23/2021

Vistara Technology Growth Fund IV

1

12/11/2019

Vistara Technology Growth Fund III

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$99M

10

7/29/2015

Vistara Capital Partners Fund I

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$99M

10

Vistara Technology Growth Fund II LP

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10

Closing Date

6/23/2021

12/11/2019

7/29/2015

Fund

Vistara Technology Growth Fund IV

Vistara Technology Growth Fund III

Vistara Capital Partners Fund I

Vistara Technology Growth Fund II LP

Fund Type

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Status

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Amount

$99M

$99M

Sources

1

10

10

10

Vistara Growth Team

2 Team Members

Vistara Growth has 2 team members, including current Founder, Managing Partner, Fabio Banducci.

Name

Work History

Title

Status

Fabio Banducci

Founder, Managing Partner

Current

Randy Garg

Founder

Current

Name

Fabio Banducci

Randy Garg

Work History

Title

Founder, Managing Partner

Founder

Status

Current

Current

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