The banking technology firm nCino has formed a joint venture to offer web-based SBA-lending software.
nCino, which offers cloud-based banking systems, has partnered with sbaOpen, a company that provides software for online SBA loan origination, underwriting and approval, the companies announced Wednesday.
The companies intend to integrate sbaOpen's product into nCino's bank operating system, which will allow nCino's customers to originate and service SBA loans, transmit loan data and receive payments.
"The strength and power of nCino's cloud banking platform, together with sbaOpen's thought leadership and SBA domain expertise, will enable us to create a market-leading SBA technology solution," nCino Chief Executive Pierre Naudé said in the news release.
Last month, nCino announced that it had raised $9 million in its first round of funding.