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

Ico insights

INSIGHTS

SPONSORS' CONTENT
Davidmcgowanapi300x300

This Election Year, Commit To Energy Security

David McGowan, III - N.C. Petroleum Council; American Petroleum Institute-NC
Cd

The Value Of Bouncing Back

Hoop Morgan - The Forté Institute, LLC
Dave sweyer 300 x 300

What You Should Know About Managing Your Own Rental

Dave Sweyer - Sweyer Property Management

Book On Business

2016 bob cover

The 2016 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!
Print Only
$24.95 - Qty
Print + Excel File
$79.95 - Qty

In The Current Issue

In The Loop: Upcoming Area Business Events

Business and networking events for Sept. 23-Oct. 31.

With Tax Help Comes Some Affordable Housing

Federal low-income housing tax credits are especially important, officials say, in areas like Wilmington, where housing and land costs are o...

Info Junkie: Kristin Walker

Info Junkie Kristin Walker, senior digital account manager at SISDigital, on her tech and app picks. ...

Ico topnews Editor's Picks

Hospital Hires New Executive For Gizdic's Former Role

Cece Nunn - About 23 hours ago Trending News

Craft Brew Shows No Sign Of Slowing

Vince Winkel - Sep 23, 2016

Results Junkies Tech Tour To Roll In

Jeff Hidek - Sep 23, 2016

USL: Hammerheads Swimming North

Vince Winkel - Sep 23, 2016
Technology

Professional Office Systems

Professional Office Systems offers a full line of office copy, fax and print machines, as well as monthly plans, sales and full-service of our copiers, to include network integration. We provide a var ...more

Ico trending Trending News

Hospital Hires New Executive For Gizdic's Former Role

Cece Nunn - Sep 26, 2016

Promotions At T.A. Woods Company

Staff Reports - Sep 27, 2016

Sage Island Firm Adds Two New Staff

Staff Reports - Sep 27, 2016

UNCW Names New Associate General Counsel

Staff Reports - Sep 27, 2016

William Curtis Joins NHRMC Maxillofacial Surgical Team

Staff Reports - Sep 27, 2016

Ico newsinimages News in Pictures

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

Gallery Galleries

Video Videos

WilmingtonBiz Expo - Key Note Lunch with Keynote Lunch with Chip Mahan - 2016
Health Care Heros 2015

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