Wilmington-based banking software company nCino has leased more office space in the Mayfaire area, bringing the rapidly growing firm's total footprint there to about 75,000 square feet.
In addition to its current offices at Parker Farm Drive, the Live Oak Bank spinoff plans to occupy the 17,000-square-foot third floor of The Offices at Mayfaire IV.
The company is scheduled to move in to the recently completed Mayfaire IV building
at 6740 Rock Spring Road in early 2018, said Natalia Moose, nCino's public and analyst relations coordinator, in an email this week.
nCino currently has more than 350 full-time employees, most of whom are based in Wilmington, she said.
"We are planning to add approximately 100 more employees this year – based domestically and abroad – and are primarily expanding our product development & engineering, and customer success teams," Moose said in the email.
The Mayfaire IV lease represents one of the latest signs of growth for nCino, which for the second year in a row made the Inc. 500 list of the fastest-growing private companies
in the U.S., ranking No. 361. The company, led by CEO Pierre Naudé, grew 1,218 percent between 2013 and 2016, according to an August announcement about its placement on the 2017 Inc. 500 list.
Founded in 2012, nCino leased 40,000 square feet in the former Wachovia building
at Parker Farm Drive for an initial term of two years in 2015, moving there from midtown Wilmington. Recently, the firm chose to expand
with another 17,000 square feet on the third floor of that building "to accommodate our growing workforce, and will be moved into that space by the end of this month," Moose said.
Including its latest lease of Mayfaire IV, nCino will occupy about 75,000 square feet in total between the two buildings.
Explaining the factors behind nCino's growth, Moose said, "nCino has more than 170 bank and credit union customers of all sizes and across multiple countries, and has seen a significant increase in the level of interest from enterprise banks in working with nCino and using our Bank Operating System. Our rapid growth can be attributed to a best-in-class product and customer-centric approach to staying on the cutting edge of software delivery and technology transformation in the financial services."
With expanding companies comes the need for more office space. The Offices at Mayfaire IV is the latest office building in the Mayfaire series from developer Steve Anderson.
"It’s really surprising -- when I started to develop The Offices at Mayfaire six years ago, I had no idea that New Hanover County and certainly Wilmington had such a pent-up demand of larger office users needing greater than 10,000 square feet of contiguous office space," Anderson said Thursday.
He said these days in the four three-story Offices at Mayfaire buildings, counting the upcoming move-in of nCino, there are six tenants that take up more than 10,000 square feet. Anderson is currently planning the fifth and sixth buildings in the group next to Mayfaire Community Center.
"We have permit and bank approval to start both buildings at the same time if the market demand is there," Anderson said. "And we are in talks with several different groups concerning both buildings."