Wilmington cloud banking startup nCino targets $100M IPO

WILMINGTON – nCino, a fast-growing global provider of cloud-based banking services, is looking to go public.

The Wilmington-based firm disclosed it had filed a registration statement with the SEC for an initial public offering of stock. nCino says it is seeking as much as $100 million.

However, the number of shares and any pricing range was not disclosed.

nCino intends to be listed on the Nasdaq under the symbol “NCNO.”

The firm “booked $153 million in revenue for the 12 months ended April 30,” according to Reniassance Capital.

But it goes looking for investors with a record of growing revenue – and losses.

Crunchbase says nCino “had revenue of $138.2 million in its last fiscal year, which ended in January. That’s a sharp increase from the $91.5 million in revenue posted for the prior fiscal year. Meanwhile, nCino posted a net loss of $27.7 million in its most recent fiscal year, a slight increase from its $22.3 million loss in the year-ago period.”

nCino

nCino is among the handful of privately held companies in North Carolina that hold so-called “unicorn” status – valuations of $1 billion or more. Others include AvidXchange in Charlotte and Epic Games in Cary.

Bank of America Securities and Barclays are handling the offering along withKeyBanc Capital Markets, SunTrust Robinson Humphrey, Piper Sandler, Raymond James and Macquarie Capital.

nCino has more than 1,100 clients around the world ranging in assets of $30 million to $2 trillion, according to the company.

Last fall, the company raised $80 million in equity. Thirty-one investors contributed to this latest round of funding.

That brings the total amount of money raised by the Wilmington-based startup to more than $210 million since 2013.

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., his team set out to develop a secure cloud-based solution that would enable banks to increase transparency, efficiency and profitability while ensuring regulatory compliance.

Enter nCino Bank Operating System, which filled that void at Live Oak. Soon it attracted interest from other financial institutions.