NCino, a vendor of cloud-based banking technology, announced a new round of funding led by Salesforce Ventures to help fund its global expansion strategy.
The funding round led by Salesforce Ventures, the corporate investment group of Salesforce, also featured participation from another existing nCino shareholder. The amount of investment was not disclosed.
The vendor said this additional investment will further fuel the company’s global growth initiatives and accelerate the continued development and innovation of its Bank Operating System, built on the Salesforce platform, and integrated with Salesforce Financial Services Cloud.
The firm noted that it now counts more than 180 financial clients worldwide. At the beginning of January, nCino announced Navy Federal would use its technology. The credit union said nCino's platform would streamline the commercial lending process across its organization.
The Wilmington, N.C., company was initially created in 2012 as a digital lending platform by Live Oak Bancshares and was later spun out in and is now a separate entity. It has since branched out to offer nonlending services, such as deposit account opening.
Overall, the firm says it has raised $140 million in investments; that figure includes the latest round of funding. The company's investors include former Morgan Stanley Chief Executive John Mack, Promontory Financial founder Eugene Ludwig and Live Oak Bank Chairman Chip Mahan.
“From day one, our vision has been to be the worldwide leader in cloud banking,” Pierre Naudé, nCino's CEO, said in a press release Wednesday. “We are successfully executing on that vision and empowering financial institutions around the globe to grow their business and better serve their customers. Our strong alignment with Salesforce has been a key factor in our growth and success.”