nCino’s Tokyo-based subsidiary has gotten buy-in – literally – from two Japanese venture capital firms, the Wilmington-based company announced this week.
Mitsubishi UFJ Capital Co. Ltd., the venture capital arm of the Mitsubishi UFJ Financial Group, and SMBC Venture Capital Co. Ltd., an affiliate of Sumitomo Mitsui Banking Corp., have acquired an equity stake in nCino K.K., according to a news release. Launched in 2019 as a partnership between the banking software company and Japan Cloud
, nCino K.K. was designed to help transform the Japanese financial services industry.
The company did not disclose the amount of the investments.
“nCino’s comprehensive, cloud-based platform, the nCino Bank Operating System, enables financial institutions around the globe to increase profitability, productivity and operational efficiency while improving the employee and client experience,” the release stated.
nCino officials also announced in the release that the company has named Itsuki Nomura general manager of nCino’s Tokyo office. Nomura formerly was with Dell Technologies.
The involvement of Mitsubishi UFJ Capital and SMBC Venture Capital and the addition of Nomura to lead nCino’s Japanese operations “will help nCino further scale its business in Japan as it seeks to accelerate the digital transformation of financial institutions in the country,” the release stated.
Officials with Mitsubishi UFJ Capital and SMBC Venture Capital cited the need for Japanese financial institutions to become more efficient to meet the funding and digital services requirements of their commercial customers and their confidence that nCino’s Bank Operating System and knowledge of best practices globally will aid in the streamlining process.
Nomura, quoted in the release, pointed to even greater needs for efficiency during the COVID-19 pandemic.
“The financial services industry, as the engine of the Japanese economy, requires technological systems that allow for speed and agility, particularly now as the world responds to the global pandemic,” he said. “nCino, as a cloud-based platform, enables financial institutions to attend to their clients wherever they are without requiring face-to-face services.
"I look forward to helping nCino become an indispensable partner to Japanese financial institutions as they transform the way they do business.”