Wilmingtonbiz logo
Print
Banking & Finance

NCino Attracts $10M Investment

By Jenny Callison, posted Feb 11, 2014

Wilmington-based nCino Inc., which provides secure, cloud-based operating systems to the financial services industry, announced Tuesday that it has received a $10 million investment from Boston-based Wellington Management Co. LLP.
 
The capital infusion will help accelerate nCino’s further growth into the community bank and credit union markets, resulting in the creation of more jobs at the company’s Wilmington headquarters, CEO Pierre Naudé said in an interview Tuesday.
 
“This was a very strategic investment,” Naudé said. “Wellington was known to us in our previous careers from their record of investing in community banks. We share mutual interests in banking. We met with Wellington, laid out our vision and explained the benefits to banks of nCino software. They saw this as a complementary investment to their other investments in banks, especially community banks.”
 
Wellington Management has about $834 billion in client assets under management as of Dec. 31 and serves as an investment advisor to more than 2,100 institutions located in more than 50 countries, according to a news release from nCino.
 
Although Wellington Management will not promote nCino software to its bank network, having the Wellington name associated with its products will be advantageous, Naudé said.
 
He said that the capital would be used, in part, to foster continued innovation that would enhance nCino’s software for broader applicability in banking operations.
 
“Our software originally focused on loan origination. Then we expanded it for use in commercial banking in general. Now we’re expanding into the branches and retail banking,” he said. “We believe, in the end, everybody [in a bank] should have a login to nCino.”
 
Increased activity at nCino means the addition of more jobs in Wilmington, Naudé said.
 
“We currently employ 78 people – 65 of whom are in Wilmington – and will add 30-50 more over the next year,” he said. “These will be a blend of programming, business analyst and customer support positions.
 
“Our commitment to Wilmington is more solid than ever, and most of the people we hire are local. It requires an exception by me to hire from outside Wilmington.”
 
This is the second major capital infusion for nCino, which began as the software component of Live Oak Bank and was spun off as a separate business entity in 2012. Last June, nCino announced it had raised $9 million from several individuals in its Series A round of funding.

Join The Discussion

Similar Stories

In The Current Issue

The Byrd Group Gains Certification

Interim Health Care-The Byrd Group received certification from The Joint Commission, the nation’s oldest and largest standards-setting and accrediting body in health care.

Skating Towards Sustainability, Sales

When Sean Meyers needed a quick and easy way to get to class, he created an electric skateboard to take him from point A to point B. Now as ...

Medical Residents Complete Programs

South East Area Health Education Center (SEAHEC) recently held graduation ceremonies for the latest group of physicians completing the resid...

Ico topnews Editor's Picks

Film Grant Program Included In Draft State Budget

Jenny Callison - About 17 hours ago Trending News

CastleBranch Represented On Panel At State Technology Conference

Jenny Callison - About 19 hours ago

New Location Gives CrossFit Coastal More Flexing Space

Cece Nunn - About 18 hours ago Trending News

GE Hitachi's Laser Enrichment Activity Powering Down

Jenny Callison - Jul 28, 2014 Trending News
Consulting

Thayer Consulting LLC

Thayer Consulting LLC specializes in media placement. Whether it's television, radio, print, billboards or digital marketing, Thayer Consulting LLC will management your advertising buys. Just provide ...more

Ico trending Trending News

Ico newsinimages News in Pictures

Have a tip, pitch or guest column?  Send us a tip.

Gallery Galleries

Video Videos

Power Breakfast Series - Special Sauce for Economic Development - March. 2014
WilmingtonBiz Expo Keynote - Ken Lowe - Founder HGTV, CEO Scripps Networks - March. 2014

Register to Continue Seeing Wilmington's Best Business Coverage!


There are three ways to register for free.

Sign in with LinkedIn, Facebook or create an account:



Already registered? Login here.

Your free registration includes:

  • Access to 10 articles per month on WilmingtonBiz.com
  • Email updates to stay informed on local business news
  • A mobile optimized website
  • Advanced notification of Business Journal events
  • Management of your digital and print subscriptions
Laptop iphone ipad