The cloud-technology company nCino has secured investments from some of the biggest names in banking in its first funding round.
Former Morgan Stanley (MS) Chief Executive John Mack, Promontory Financial founder Eugene Ludwig and Live Oak Bank Chairman Chip Mahan are among the investors in nCino's Series A funding round. nCino raised a total of $9 million in the round, which closed Tuesday.
The Wilmington, N.C., company will use the new capital to continue developing its Bank Operating System, it said. nCino makes cloud-based banking systems.
Other investors included William Ruh, managing principal of banking-focused private equity firm Castle Creek Capita, and Jeff Lunsford, chief executive of the software company Telium, along with nCino employees. The $369 million-asset Live Oak Bancshares founded nCino and holds a stake of approximately 40%.
"The investor response has been fantastic, and includes participation from nCino employees," said nCino CEO Pierre Naude in the news release. "The $9 million in funding will be used to continue expanding nCino's efforts in the community bank and credit union sectors and to maintain its leadership position in cloud banking."