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.
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