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

Enchanted Airlie Goes International

The Enchanted Airlie event, created by the Airlie Gardens Foundation 10 years ago, has gained national and international acclaim.

Info Junkie: Neal Whittington

Media and tech recommendations from this issue's Info Junkie Neal Whittington, CEO of Indigru.com....

Local Retailers Tackle Holiday Sales

Online sales are helping small business owners boost activity this holiday shopping season in the local market, which is expected to see a 1...

Ico topnews Editor's Picks

New NHC Commissioners Sworn In; Statements Opposing Porters Neck Development Recorded

Jenny Callison - About 4 hours ago

Digital Company Moving To Mayfaire Office Space

Cece Nunn - About 5 hours ago Trending News

Parent Of Local Engineering Firm Announces Planned Acquisition

Jenny Callison - Dec 19, 2014

Decision Rescues Local Homeowners From 35 Percent Insurance Rate Hike

Staff Reports - Dec 19, 2014
Other

Markraft Cabinets

MarKraft Cabinets specializes in cabinet and countertop design and installation in both new residential and commercial construction, as well as custom remodeling projects.

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