WILMINGTON — Cloud banking software company nCino Inc. has raised $51.4 million, according to a filingWednesday with the Securities and Exchange Commission.
The money was raised in the form of equity from two investors, according to the filing.
One of the investors is Salesforce, the company disclosed in a press release.
“From day one, our vision has been to be the worldwide leader in cloud banking,” said Pierre Naudé, CEO of nCino, in a press release. “We are successfully executing on that vision and empowering financial institutions around the globe to grow their business and better serve their customers. Our strong alignment with Salesforce has been a key factor in our growth and success. We are thrilled to deepen our partnership with them and further our joint efforts to transform the financial services industry.”
The Wilmington-based company produces software designed to make the commercial lending process more streamlined, efficient and profitable while ensuring regulatory compliance.
“nCino extends the power of the Salesforce platform, enabling banks to get closer to their customers than ever before,” said Rohit Mahna, senior vice president and general manager of financial services for Salesforce, in the release. “The investment from Salesforce Ventures is the latest evolution in our strong partnership, and we’re thrilled to help fuel nCino’s global growth and innovation.”
Founded in 2012, nCino spun out of Live Oak Bancshares Inc., one of the top small business lenders in the country.
The company’s bank operating system caters to a variety of financial institutions ranging in asset size and location, including credit unions, regional banks, and top national commercial lenders.
NCino is one of the fastest-growing financial technology companies in the U.S., and opened its first international office in London in 2017. London-based OakNorth bank was the first financial institution outside the U.S. to implement the nCino bank operating system in June of last year.
The company hopes to “continue to expand internationally,” said Natalia Moose, public and analyst relations associate at nCino, in December.
The company raised $17.8 million nCino raised $17.8 million in a private equity offering in August, in addition to $15.7 million in June 2016 and $29 million in February 2015.
Pierre Naudé, chief executive officer of nCino, oversees strategy, sales, marketing, professional services, customer support and product engineering at the company. Naudé graduated Upper Iowa University with a degree in management and finance.
Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.
This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism
