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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."
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