Print
Banking & Finance

How NCino Plans To Use Its Recent $80M Funding

By Johanna Cano, posted Oct 2, 2019
nCino, a Wilmington-based banking software company, recently raised $80 million in equity to be used for product innovation, expansion and hiring. (Photo by Cece Nunn)
With its newest funding of $80 million, nCino officials plan on using the money for product innovation, global expansion and hiring of new talent, according to a news release Wednesday.

On Tuesday, a Securities and Exchange Commission filing showed that the Wilmington-based banking software company had raised $80 million in equity.

The funding round was led by T. Rowe Price Group and Salesforce Ventures.

"This investment reflects our belief that nCino's technology and team have the potential to transform even more financial institutions globally,” Joshua Spencer, portfolio manager of T. Rowe Price New Horizons fund, said in the release. “We look forward to supporting nCino through this next phase of growth and innovation.”

Salesforce Ventures, an investment group of software company Salesforce, also participated in nCino’s previous funding round in 2018, when it raised $51.1 million. Salesforce Ventures is a longtime existing investor in nCino.

“This capital will enable the company to further scale its global workforce and accelerate investment in research and development to bring innovations such as analytics, artificial intelligence and pricing to its growing roster of more than 1,100 customers,” the release stated.

The funding will be used to accelerate the company’s growth and expansion; this year nCino opened two new offices.

In July, nCino acquired Visible Equity, a financial analytics and compliance software company based in Salt Lake City, Utah. Earlier that month, the company opened an office in Toronto.

"The rapid pace of growth underway at nCino is evident in the numbers alone – in just two years nCino grew from 300 professionals to more than 750," officials said in an email.

The money will also be used to continue to develop its software as a service product.

The company’s Bank Operating System is a software for financial services built on the Salesforce platform. It provides customer onboarding, loan origination and deposit account opening services, according to the release.

The company will seek to increase research and development to further its use of analytics and artificial intelligence. The Bank Operating System currently uses advanced analytics and data-driven insights to help deliver its banking experience, the release stated.

"nIQ – nCino IQ – is our AI-powered solution that further delivers on our vision for The Intelligent Enterprise, where analytics and insights are provided to financial institutions at every stage of production," officials said,

Since its start in 2012, nCino has grown to five offices worldwide and it's recognized as Wilmington’s “unicorn” for its valuation of over $1 billion.

"We believe that a strong partner ecosystem is critical to maintaining a customer-centric approach in everything we do,” Pierre Naudé, CEO of nCino, said in the release. “This strategic fundraise aligns with that vision and mission by leveraging the investment approaches of two industry leaders to help us further scale our business and Bank Operating System to continue enabling financial institutions to provide the kind of personalized, streamlined and fast experiences that customers have come to expect in the digital era."
Ico insights

INSIGHTS

SPONSORS' CONTENT
Headshot2 3182020512

How To Protect Your HVAC From Hurricanes

Chris Jones - Green Dot Heating & Air
Alycephillipsnew2

Unemployed? Put Yourself On A Well-Planned Financial ‘Diet’

Alyce Phillips - Old North State Trust LLC
Dallas headshot 300x300

Growing Business Value When Times Are Tough

Dallas Romanowski - Cornerstone Business Advisors

Trending News

Office And Retail Complex Under Construction Gets Protective Touches

Cece Nunn - May 29, 2020

Attorney: Business Interruption Insurance Should Cover Virus Losses

Jenny Callison - May 28, 2020

For County's $1.3M Small Business Grant Program, More Details Coming

Cece Nunn and Christina Haley O'Neal - May 29, 2020

Chamber Launches Latin American Business Council

Christina Haley O'Neal - May 28, 2020

Local Nursing Homes Work To Keep Residents Safe And Connected

Jenny Callison - May 29, 2020

In The Current Issue

NHRMC: Suitors Come Calling

Of the six health systems that submitted proposals for buying or partnering with NHRMC, three have moved ahead of the rest of the pack for f...


Education Leader Forges Way Forward

Burns was tapped as interim superintendent of NHCS in February, following the resignation of Tim Markley. Burns assumed his new role in Marc...


Stay-at-home Improvement

As hardware and other do-it-yourself (DIY) home improvement retailers and gardening supply stores begin to enter their busy season, they are...

Book On Business

The 2020 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2019 Health Care Heroes
August 26, 2019 Power Breakfast: A Healthy Sale?
2019 WILMA Leadership Accelerator
2019 WilmingtonBiz Expo Keynote Lunch - CEO, nCino, Pierre Naude`