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Banking & Finance

NCino To Use $17.8M Raised Recently To Fund Ongoing Growth

By Cece Nunn, posted Aug 16, 2017
The $17.8 million raised by nCino recently will enable the Wilmington-based banking software company to continue to grow, a company official said Wednesday.

“As of July 2017, nCino had approximately 325 full-time employees, the majority of whom are based here in our Wilmington, NC headquarters. We also opened our first international office earlier this summer, located in central London,” said Kathryn Cook, spokeswoman for nCino, in an email. 

The firm, a spin-off of Wilmington's Live Oak Bank, had 150 employees in 2015. That’s the same year the rapidly expanding cloud banking company relocated its offices from midtown Wilmington to the Mayfaire area.

“We are planning to hire additional employees this year -- both domestically and internationally -- with a primary focus on expanding our product development & engineering and customer success teams,” Cook wrote in Wednesday’s email. “The proceeds from this latest capital raise will be used to support nCino's growth, global expansion and continued product innovation.”

The company, founded in 2012 and led by CEO Pierre Naudé, raised the $17.8 million through a private equity offering, according to a Securities and Exchange Commission filing Tuesday. The money came from three investors, said the filing, which was reported this week by the North Carolina Business News Wire, a service of UNC Chapel Hill’s School of Media and Journalism.

The company raised $15.7 million in June 2016 and $29 million in February 2015, according to the report.

In June, nCino announced that London-based OakNorth Bank had successfully deployed its Bank Operating System, the first financial institution outside of the U.S. to do so, which resulted in an expansion of the company’s presence to new markets in Europe, according to a news release. 

On Wednesday, nCino marked the second straight year that the firm had made the Inc. 500 list of the fastest-growing private companies in America.
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