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Banking & Finance

NCino Raises More Than $51M To Fund Growth, Innovation

By Cece Nunn, posted Jan 31, 2018

Wilmington-based banking software firm nCino recently raised nearly $51.5 million to fuel its global growth and product innovation, company officials said Wednesday.

The funding round was led by Salesforce Ventures, the corporate investment group of Salesforce, with participation from another existing nCino shareholder, according to a news release. nCino filed a form D with the SEC for the $51.46 million on Jan. 30.

nCino's Bank Operating System is built on the Salesforce platform and integrated with Salesforce Financial Services Cloud.

"From day one, our vision has been to be the worldwide leader in cloud banking," said Pierre Naudé, CEO of nCino, in the release. "We are successfully executing on that vision and empowering financial institutions around the globe to grow their business and better serve their customers. Our strong alignment with Salesforce has been a key factor in our growth and success. We are thrilled to deepen our partnership with them and further our joint efforts to transform the financial services industry."

According to Wednesday's announcement, nCino, a Live Oak Bank spinoff that was founded in 2012, is among the most popular apps in the Salesforce ecosystem.

"nCino extends the power of the Salesforce platform, enabling banks to get closer to their customers than ever before," said Rohit Mahna, senior vice president and general manager of financial services for Salesforce, in the release. "The investment from Salesforce Ventures is the latest evolution in our strong partnership, and we're thrilled to help fuel nCino's global growth and innovation."

nCino also announced Wednesday that its customer portfolio now includes more than 180 financial institutions across multiple countries, including 10 of the top 30 U.S. banks by asset size and Navy Federal, the world's largest credit union.

In addition to Salesforce Ventures, nCino is backed by other investors including Insight Venture Partners and Wellington Management.

Last year, nCino raised $17.8 million in a private equity offering.

The firm has created hundreds of jobs in Wilmington since 2012. nCino's office footprint in the Mayfaire area of Wilmington will encompass nearly 150,000 square feet over the next few years.

Company officials said Wednesday that nCino currently has more than 400 full-time employees, the majority of whom are based in Wilmington. 

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