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Banking & Finance

NCino Raises $80M

By Johanna Cano, posted Oct 1, 2019
Wilmington-based nCino has raised $80 million in its latest round of funding, according to a filing with the Securities and Exchange Commission on Tuesday.

The banking software company acquired the funding from 31 investors, and it raised the total amount of money it was seeking to raise.

nCino officials said in an email that they were not discussing any additional details Tuesday on the recent funding but would have more information Wednesday.

This new funding brings the company’s total amount of money raised to about $205 million since 2014.

According to the filing, the date of the sale was Sept. 16, and the money was raised through a private equity offering.

nCino is a spinoff from Wilmington-based Live Oak Bank founded in 2012. The company is led by CEO Pierre Naudé, with its headquarters in Wilmington and offices in London, Sydney and a recent acquisition in Salt Lake City, Utah.

The company is regarded as Wilmington's  "unicorn" a term used for startups that are valued over $1 billion.

Recently, the company announced it opened an office in Toronto to expand its Bank Operating System in Canada.

The fintech company previously raised $51 million in January 2018 to fund its global growth and product innovation, officials said at the time.
 
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