WILMINGTON – Cloud banking software company nCino is one of North Carolina’s fastest growing companies, and it doesn’t plan to slow down anytime soon.
Today, the Wilmington-based firm announced that it has acquired Visible Equity, a financial analytics and compliance software company based in Salt Lake City, Utah.
Founded in 2008, Visible Equity is a software as a service (SaaS) company that provides portfolio management, analytics and compliance solutions to banks and credit unions.
nCino plans to incorporate the firm’s advanced analytics software into its Bank Operating System, expanding its portfolio management and portfolio risk assessment capabilities.
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“Visible Equity is a perfect complement to our vision, mission and company culture,” Pierre Naudé, CEO of nCino, said in a statement. “From the very beginning, nCino’s mission has been to transform financial services through innovation, reputation and speed, and we believe this acquisition will further enable us to execute on that mission.”
New office in Canada
Earlier this month, nCino also added a fourth office in Toronto, Canada in a bid to better support the adoption of its operating system within Canadian financial institutions. This office follows the opening of offices in London and Sydney. Its headquarters remain in Wilmington.
“The establishment of a Canadian office is an exciting milestone in nCino’s continued global expansion. As we continue our aggressive investment in innovation, we are thoughtfully expanding our in-country teams and leadership to ensure the company is prepared to meet the needs of our global customers,” Josh Glover, nCino’s chief revenue officer, said in a statement.
“We are excited to bring the Bank Operating System to more financial institutions in Canada and we look forward to helping them realize true business value.”
A meteoric rise
nCino was started in 2012 by bankers and entrepreneurs who found the commercial lending process to be inefficient and time-consuming.
Led by James (Chip) Mahan III, the CEO of Live Oak Bancshares Inc., this team recognized the need for secure cloud-based solution that would enable banks to increase transparency, efficiency and profitability while ensuring regulatory compliance.
The nCino Bank Operating System filled that void at Live Oak and soon attracted interest from other financial institutions.
Today, it works with more than 250 financial institutions globally whose assets range in size from $200 million to $2 trillion, and has been featured by top publications such as Forbes, Entrepreneur and American Banker.
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