Cloud-based banking operations software company nCino has received an additional investment as part of its Series B financing round, the Wilmington-based company announced Tuesday.
The new investor is Salesforce Ventures, which produces the platform on which nCino’s Bank Operating System is built. Salesforce is not disclosing publicly the amount of its investment, according to nCino officials.
An original total of $29 million, announced Feb. 24, was raised from several investors, led by Insight Venture Partners, a global private equity and venture capital firm. Other investors included existing nCino investors Wellington Management Co. LLP; John Mack, former Morgan Stanley chairman and CEO; and Gene Ludwig, Promontory Financial Group founder and CEO.
Jeff Horing, managing director of Insight Venture Partners, will join nCino’s board of directors.
The proceeds from Series B funding will allow nCino to continue expansion of its domestic operations and to enter international markets. It will also accelerate product innovation and enable the young company to “further engage with large, enterprise banks; and grow its team with a key focus on product development and customer success,” according to a news release.
To support its expansion, nCino plans to add 40 to 75 jobs in 2015 and, in an announcement earlier this month, said it will “be looking to hire a number of information technology candidates, including developer and programmer positions.”
nCino is committed to hiring people from the Wilmington area whenever possible, CEO Pierre Naudé has said in the past. To enhance the local pool of applicants, nCino is offering Salesforce certification training in a course that started earlier this month. Knowledge of Salesforce is important to nCino’s programmers and other IT professionals because it is the basis for nCino’s software.
While there is a cost for an individual to take the course, it’s a fraction of what is normally charged and those who complete the program successfully would be competitive for a job with nCino, company officials said.
The banking software provider, spun off in 2012 from Live Oak Bank and named the Spanish word for live oak, announced in January that 2014 was a year of record growth in revenue, customer acquisition and number of employees. During the year, nCino saw its revenue increase 206 percent from the previous calendar year. More than $10 billion in loans was processed using nCino software in 2014.
