Cloud banking provider nCino raises $80 million
The cloud banking provider nCino this week closed an $80 million funding round the company says it will use to increase research and development efforts as well as expand its global presence.
"Since day one, our vision has been to be the worldwide leader in cloud banking," Pierre Naudé, nCino's chief executive, said in a press release. "We believe that a strong partner ecosystem is critical to maintaining a customer-centric approach in everything we do.”
NCino to date has raised more than $213 million. T. Rowe Price led the funding round, with additional participation from existing investor 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 the T. Rowe Price New Horizons Fund, said in the press release.
In the past two years, NCino has grown its workforce to 750 employees from 300. The Wilmington, N.C.-based company now has offices in London, Sydney and Toronto and plans to open more locations abroad this year.
The company indicated that improvements to its Bank Operating System product are in the works and that the cash infusion will help make the platform more versatile.
NCino specializes in helping banks enhance the customer experience with onboarding, loan origination and deposit account opening. The company works with more than 200 banks of all sizes, most notably TD Bank, Santander and SunTrust.
Naudé said the latest investment will leverage “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."