nCino

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nCino
TypePublic
Nasdaq: NCNO
IndustryBanking Software
Founded2012
FounderPierre Naudé (CEO)
Pullen Daniel
Nathan Snell
James "Chip" S. Mahan III
Neil Underwood
HeadquartersWilmington, North Carolina
Key people
Pierre Naudé (CEO)
David Rudow (CFO)
Josh Glover (CRO)
Products
  • Commercial Loan Origination
  • Retail Loan Origination
  • Deposit Account Opening
  • Portfolio Analytics
  • Digital Customer Engagement
  • Treasury Management
RevenueIncrease $204 Million(2020)[1]
Number of employees
934 (2020)[2]
Websitewww.ncino.com

nCino is a financial technology company founded in 2012 by Chip Mahan and Neil Underwood. It is headquartered in Wilmington, North Carolina. nCino's customers include TD Bank, Truist Financial, and Santander Bank.[3][4][5] nCino's strategic partners include Accenture, Deloitte Digital, PwC and West Monroe Partners.[6][7][8][9] Pierre Naudé has served as CEO of nCino since its inception.

History[]

nCino was founded by a team of bankers. Since then, nCino's Bank Operating System has expanded beyond commercial banking, also addressing small business and retail banking as well.

In 2013 nCino hosted its first nSight User Conference. In 2015, nCino signed its 100th customer. In 2017, nCino opened its first international office in London, England.[10] In 2018, nCino expanded its global office footprint to Sydney, Australia.[11] nCino closed out the decade strong as it executed on its first two acquisitions, opened an office in Canada, and formed a joint venture to bring the Bank Operating System to the Japanese market.[12][13] Also in 2019, the company announced the launch of nCino IQ, a collection of artificial intelligence and machine learning solutions[buzzword] within the Bank Operating System.[14] At the end of 2019, nCino's customer base included over 1,100 financial institutions.

Products[]

The nCino Bank Operating System, the company's core product, spans Commercial, Small Business, and Retail lines of business. The Bank Operating System encompasses the following capabilities: loan origination, portfolio analytics, compliance and risk management, digital customer engagement, customer relationship management (CRM), client onboarding, deposit account opening, business process automation and enterprise content management.[citation needed]

Business and Markets[]

nCino is headquartered in Wilmington, North Carolina, with offices in London, Melbourne, Salt Lake City, Sydney, Tokyo, and Toronto.[15][16] The company's Bank Operating System is used by banks and credit unions with assets ranging from $30 million to $2 trillion. nCino currently serves the following markets: United States, Canada, Western Europe, Australia, and Japan.

Acquisitions[]

In July 2019, nCino acquired Visible Equity, a financial analytics and compliance software company based in Salt Lake City, Utah.[17] Visible Equity added the following capabilities to the nCino Bank Operating System: Loan Analytics, Deposit Analytics, Application Analytics, Customer Analytics, ALLL/CECL Compliance Analytics, Fair Lending Analytics.[18]

In November 2019, nCino announced its second acquisition, that of FinSuite, a software company based in Melbourne, Australia.[19]

Funding[]

nCino was originally founded as a majority-owned subsidiary of Live Oak Bancshares, a bank holding company.[20][21][15] In 2013, nCino raised $9 million in investment funding from a group of investors that included former Morgan Stanley Chairman and CEO John Mack, Promontory Financial Group CEO Eugene Ludwig, and Live Oak Bank Chairman and CEO Chip Mahan.[22] In 2014, nCino received its Series A investment, a $10 million round, from Wellington Management Company LLP, after it experienced a 206% growth in revenue.[23] In February 2015, nCino secured an additional $29 million in a Series B Financing, led by Insight Venture Partners.[24][25] In 2018, nCino received a $51 million Series C round of venture funding led by Salesforce Ventures, the corporate investment group of Salesforce.[26][27] In October 2019, nCino closed its Series D round of funding, a raise of $80 million, led by T. Rowe Price Associates, Inc. Existing investor, Salesforce Ventures, also participated in the Series D round.[citation needed] nCino has been a Salesforce partner since its founding in 2012.[28]

On June 22, 2020 nCino announced that it had filed a Form S-1 with the Securities and Exchange Commission, relating to a proposed initial public offering of its stock.[29] The S-1 filing noted that nCino's revenue in fiscal year 2020 was $138 million, up from $91.5 million in fiscal year 2019.[30]

Awards and recognition[]

In 2019, nCino was recognized as the top vendor by Aite Group in the analyst firm's report titled "Commercial Loan Origination: Evaluating Vendors That Hone the Tip of the Spear".[31]

In 2019, nCino ranked No. 20 Forbes Cloud 100 List, an annual ranking of private cloud-computing companies in the tech sector.[32]

In 2019, nCino was named as the #1 Best Fintech to Work For by American Banker magazine.[31]

In 2018, nCino ranked No. 24 on the Forbes Cloud 100 List, an annual ranking of private cloud-computing companies in the tech sector.[33]

nCino was named to the Inc. 500, an annual ranking of the fastest growing privately held companies in America, in 2016 and 2017.[34]

References[]

  1. ^ https://investor.ncino.com/news-releases/news-release-details/ncino-reports-fourth-quarter-and-fiscal-year-2021-financial
  2. ^ "nCino, Inc. S-1". U.S. Securities and Exchange Commission. Retrieved 15 July 2020.
  3. ^ "Santander Creates Digital Investment Unit". PYMNTS.com. 16 July 2018. Retrieved 8 March 2019.
  4. ^ Penn, David (26 March 2018). "TD Bank to Deploy nCino's Bank Operating System". Finovate. Retrieved 8 March 2019.
  5. ^ Yurcan, Bryan. "SunTrust Pursues Tech Edge in Commercial Banking". American Banker. Retrieved 8 March 2019.
  6. ^ "Accenture and nCino Expand Alliance to Accelerate Digital Transformation Within Top U.S. Banks | Accenture Newsroom". accntu.re. Retrieved 8 March 2019.
  7. ^ "Deloitte partners with nCino to accelerate innovation in banking industry". Retail Banker International. Retrieved 8 March 2019.
  8. ^ "nCino and PwC Australia Collaborate to Deliver Cloud-based Digital Banking Platform". PwC. Retrieved 8 March 2019.
  9. ^ "West Monroe and nCino partner to offer cloud banking". www.consultancy.uk. Retrieved 8 March 2019.
  10. ^ "nCino Strengthens European Presence". www.businesswire.com. 2017-09-27. Retrieved 2020-05-27.
  11. ^ nCino. "nCino Expands Presence to Sydney, Australia to Meet Increasing Demand in Asia Pacific for Advanced Technology and Digital Transformation in Banking". www.prnewswire.com. Retrieved 2020-05-27.
  12. ^ "Fintech startup nCino expands with acquisition, office in Canada | WRAL TechWire". 2019-07-17. Retrieved 2020-05-27.
  13. ^ nCino. "nCino Partners with Japan Cloud to Transform Financial Services in Japan". www.prnewswire.com. Retrieved 2020-05-27.
  14. ^ "nCino Boosts Its Bank Operating System with Artificial Intelligence to Drive Automation and Provide Predictive Analytics". finance.yahoo.com. Retrieved 2020-05-27.
  15. ^ Jump up to: a b Lee, Peter. "Fintech: NCino offers to overhaul European banks". Euromoney. Retrieved 8 March 2019.
  16. ^ www.bloomberg.com https://www.bloomberg.com/news/audio/2019-01-23/ai-will-enhance-consumer-access-to-credit-ncino-ceo-radio. Retrieved 8 March 2019. Missing or empty |title= (help)
  17. ^ "Fintech startup nCino expands with acquisition, office in Canada". WRAL TechWire. 2019-07-17. Retrieved 2020-04-07.
  18. ^ "nCino Portfolio Analytics". www.ncino.com. Retrieved 2020-05-27.
  19. ^ nCino. "nCino Boosts Its Bank Operating System with Artificial Intelligence to Drive Automation and Provide Predictive Analytics". www.prnewswire.com. Retrieved 2020-05-27.
  20. ^ Sposito, Sean. "Lending in the Cloud: Man Behind First Web Bank Is Back". American Banker. Retrieved 8 March 2019.
  21. ^ Greenland, Martin. "Yorkshire Building Society implements cloud-based platform". specialistbanking.co.uk. Retrieved 8 March 2019.
  22. ^ Cumming, Chris. "nCino Raises $9M in First Funding Round". American Banker. Retrieved 8 March 2019.
  23. ^ "NCino Banks $10M for Financial-Services Technology". Wall Street Journal. 11 February 2014. Retrieved 8 March 2019.
  24. ^ "nCino Secures $29M in Series B Financing | News & Press". Insight Venture Partners. 24 February 2015. Retrieved 8 March 2019.
  25. ^ Strauss, Karsten. "A $29 Million Bet On Banking Software". Forbes. Retrieved 8 March 2019.
  26. ^ Yurcan, Bryan. "Salesforce boosts nCino global expansion plans". American Banker. Retrieved 8 March 2019.
  27. ^ Schaber, Olivia (31 January 2018). "Wilmington cloud banking firm nCino lands $51.4M; Salesforce is an investor (+ video)". WRAL TechWire. Retrieved 8 March 2019.
  28. ^ Mari, Angelica (16 February 2018). "nCino's role at the heart of Salesforce's retail banking cloud solution". diginomica. Retrieved 8 March 2019.
  29. ^ nCino. "nCino Files Registration Statement for Proposed Initial Public Offering". www.prnewswire.com. Retrieved 2020-06-28.
  30. ^ Jeans, David. "NCino, Cloud-Based Financial Services Firm, Aims To Raise $100 Million In IPO". Forbes. Retrieved 2020-06-28.
  31. ^ Jump up to: a b nCino. "nCino Once Again Named Leading Commercial Loan Origination System by Aite Group". www.prnewswire.com. Retrieved 2020-05-21.
  32. ^ "The Cloud 100 2019". Forbes. Retrieved 2020-05-21.
  33. ^ "nCino on the Forbes Cloud 100 List". Forbes. Retrieved 8 March 2019.
  34. ^ "Spread the Word: nCino Is No. 361 on the Inc. 5000 This Year!". Inc.com. Retrieved 8 March 2019.
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