Print
Banking & Finance

2017 Top Stories: No. 2 - Local Fintech Sector Expands Its Reach

By Jenny Callison, posted Dec 15, 2017
Trisha Price, nCino’s executive vice president of product development and engineering, is shown at the company’s existing office, where hiring has led nCino officials to need more space. (File photo)
The area’s financial tech footprint took a substantial step up in 2017, largely because of projects with their roots tying back to Wilmington-based Live Oak Bank.
 
Live Oak, the only public company headquartered locally, operates outside the traditional bank model. A lender without branches that relies on the technology it helped develop to interact with small-business customers across the country, the bank expanded its focus this year in targeting additional niche industries and launching new products.
 
In November, Live Oak Bancshares’ stock closed at $26 per share on the Nasdaq exchange, giving the company a market capitalization of slightly over the $1 billion mark.
 
The banking company this year added seven new verticals: five in the specific industries of tax credit leasing for renewable energy projects, early education services, senior care, professional services and auto care and two for lending to existing customers for mergers and acquisitions and financing for equipment leasing.
 
In October, Live Oak closed on a joint venture with First Data to create a new company called Apiture that will be based in Wilmington and operate in the digital banking space.
 
Live Oak brings the work it has done on an initiative it dubbed “Acorn,” designed to bring innovation to merchant services, online banking and bill payment products and services. Atlanta- based First Data supplies the online banking tools, which stem from the company’s acquisition of FundsXpress 10 years ago.
 
“With Live Oak’s cloud-based banking technologies, First Data’s digital banking solutions, and the combined research and development of two global leaders in financial services technology, Apiture will accelerate the delivery of new digital banking solutions to the market,” an announcement stated.
 
Apiture’s digital banking systems include online and mobile platforms designed to make it easier for consumers and businesses to manage such transactions as digital bill payments, balance inquiries, fund transfers, mobile check deposits, according to the release. The goal is to enable financial institutions to provide customized online banking websites and mobile applications.
 
Officials for the new venture leased the fifth floor of the Bank of America building, about 12,000 square feet, in downtown Wilmington at 319 N. Third St.
 
Meanwhile, Live Oak spinoff company nCino has grown further into its own this year, both in the scope of customers for its Bank Operating System and its local workforce size.
 
nCino’s milestones this year included completing a private equity offering that netted nearly $18 million, entering the international banking market with customers and offices overseas and expanding its offices physically. nCino CEO Pierre Naudé said that nCino’s 170-plus customers include nine of the largest banks in the U.S.

For a list of the Top 10 local business stories of the year, click here.
Ico insights

INSIGHTS

SPONSORS' CONTENT
Headshot 131850046

What We Do is Open Doors

Kirk Pugh - KBT Realty
Volety 0020 1121724229

UNCW to Develop Graduate Programs in Pharmaceutical Sciences

Aswani Volety - UNCW College of Arts and Sciences
Stoyc 3 300x300

FHA Keeps Pace with Appreciation of Housing Market

Patrick Stoy - Market Consulting Mortgage

Trending News

Organic Grocer Earth Fare Coming To Wilmington

Cece Nunn - Jan 19, 2018

Local Screen Printing Shop Gets New Owners, Plans To Relocate

Christina Haley O'Neal - Jan 19, 2018

New Office Condo Fully Leased; Includes Stevens Fine Homes Design Center

Cece Nunn - Jan 19, 2018

BCC, UNCW Construct Allied Health Facilities To Meet Demand

Christina Haley O'Neal - Jan 18, 2018

Lifeline Treatment Center Expanding With Oleander Drive Lease

Cece Nunn - Jan 18, 2018

In The Current Issue

Keeping An Eye On Affordable Housing

Wilmington-area officials made some strides toward improving the local affordable housing picture in 2017, though the complicated issue is e...


For Leland Firm, A Clear Road Ahead

If solving a client’s pain point is the key to developing sustainable business relationships, then Lucid Innovative Technologies appears to...


MADE: Making Inroads In A Medical Market

MADE in the Cape Fear: spotlighting goods manufactured in Southeastern North Carolina. Leland-based Lucid Innovative Technologies makes medi...

Book On Business

The 2017 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

WilmingtonBiz Expo - Keynote Lunch with John Gizdic, CEO, New Hanover Regional Medical Center
Wilmington's Most Intriguing People of 2017
2017 Health Care Heroes