An announcement from nCino Wednesday revealed one major factor in the Wilmington-based banking software company’s rapid growth.
In a joint news release, nCino and Accenture announced a minority investment in nCino by the New York City-based professional services firm, and the success of an ongoing alliance between the two companies.
“Accenture has numerous relationships with larger financial institutions, and is looking for software systems [to support] some of its projects,” Jonathan Rowe, nCino’s director of marketing, said Wednesday. “Accenture provides consulting expertise with these larger institutions, and the technology solution is nCino.”
Rowe said that nCino has expanded its product, the Bank Operating System, to help client banks and credit unions with such matters as regulatory requirements, efficiency and data projects.
Accenture’s investment in nCino was part of nCino’s 2016 funding round, Rowe said. In mid-2016, nCino raised nearly $15.7 million in capital from a variety of investors, but Rowe declined to say how much of that total came from Accenture.
While the nCino-Accenture partnership is already “strong and robust,” Rowe said, his company waited to announce it – along with the Accenture investment – until the partners had a story to tell.
With several successful implementations in large financial institutions, including SunTrust Bank, under their collective belt, nCino and Accenture are now ready to tell that “very strong story,” Rowe said.
Both partners will benefit from the alliance, according to nCino spokeswoman Kathryn Cook.
“What’s relevant for nCino in this case is that our product [the Bank Operating System] has continued to expand, and we offer that functionality to our clients. Accenture is expanding with us,” Cook said Wednesday.
Accenture has now added treasury management origination and onboarding to its services to align with nCino’s product solutions and help even more financial institutions accelerate their digital transformation, according to the release.
Treasury management services typically have been paper-intensive, slow and costly, the release stated, and were ripe for digital innovation.
“There was no software for these services. nCino has now built treasury management software, which Accenture has helped implement,” Rowe said.
The partnership also gives nCino access to Accenture’s clients in the U.S. and abroad, as the Wilmington company extends its geographic reach.
“Accenture is global,” Rowe said. “Now that we have such a strong partnership, we are often working together on some of those [international] projects. We can leverage both [companies’] knowledge.”
nCino’s growth is visible from a real estate standpoint, as the company expands its footprint in the Mayfaire area. It currently occupies 57,000 square feet in the former Wachovia building at 6770 Parker Farm Drive and recently leased 17,400 square feet of space in the newly completed Offices At Mayfaire IV building.
Tuesday, nCino officials said the company will occupy another 40,000 square feet, this time leasing all of the Offices At Mayfaire VI
, on which construction will begin this year. According to nCino officials, the company workforce has grown from 350 to 375 employees just since last month.
“We now have more than 175 customers here and abroad,” Rowe said. “Their range in asset size is $200 million on the small end up to $2 trillion.”