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nCino is a financial technology[3] company headquartered in Wilmington, North Carolina. The company's cloud-based banking software helps financial institutions to gain efficiencies from digitizing and streamlining processes in commercial banking, small business banking, and retail banking.[3] Pierre Naudé has served as CEO of nCino since its inception. The company's Bank Operating System is used by banks and credit unions with assets ranging from $30 million to $2 trillion.[4] As of 2022, nCino is used in more than 1,750 financial institutions.[5] nCino's customers include TD Bank, Truist Financial, and Santander Bank.[6][7][8] nCino's strategic partners include Accenture, Deloitte Digital, PwC and West Monroe Partners.[9][10][11][12]

History

nCino was founded by a team of bankers in 2011. Since then, nCino's Bank Operating System has expanded beyond commercial banking, also addressing small business and retail banking.

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.[13] In 2018, nCino expanded its global office footprint to Sydney, Australia.[14] 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.[15][16] Also in 2019, the company announced the launch of nCino IQ, a suite of artificial intelligence and machine learning software within the Bank Operating System.[17]

Products

The nCino Bank Operating System spans Commercial, Small Business, and Retail lines of business. The Bank Operating System encompasses the following capabilities: new customer onboarding, digital customer engagement, customer relationship management, deposit account opening, loan origination, underwriting/spreading, loan pricing and profitability optimization, business process automation, document management, portfolio analytics, and compliance and risk management.[18]

Business and Markets

nCino serves the following countries: United States, Canada, Western Europe, Australia, and Japan.[19] nCino serves those markets from its offices in Wilmington, North Carolina, Salt Lake City, London, Melbourne, Sydney, Tokyo, and Toronto.[20][21]

Acquisitions

In July 2019, nCino acquired Visible Equity, a financial analytics and compliance software company based in Salt Lake City, Utah.[22] 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.[23] Today, these capabilities are branded as nCino Portfolio Analytics.[24]

In November 2019, nCino announced its second acquisition, that of FinSuite, a software company based in Melbourne, Australia.[25] FinSuite specialized in process automation software leveraging optical character recognition (OCR) and artificial intelligence (AI) for automating the analysis of complex, unstructured financial statements. nCino has since integrated the FinSuite technology into its Automated Spreading solution.[26]

In January 2022, nCino closed its acquisition of Utah-based company SimpleNexus, a digital homeownership platform designed to improve the home buying and mortgage processes.[27]

Funding and IPO

nCino was originally founded as a majority-owned subsidiary of Live Oak Bancshares, a bank holding company.[28][29][20] 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.[30] 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.[31] In February 2015, nCino secured an additional $29 million in a Series B Financing, led by Insight Venture Partners.[32][33] In 2018, nCino received a $51 million Series C round of venture funding led by Salesforce Ventures, the corporate investment group of Salesforce.[34][35] 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.[36] nCino has been a Salesforce partner since its founding in 2012.[37]

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.[38] 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.[39]

Philanthropy & Sponsorships

In 2021, nCino donated $1.3 million to the city of Wilmington sports complex park, becoming the official new sponsor. Formerly known as the Cape Fear Regional Sports Park, the park is now named the nCino Sports Park and is scheduled to open in the fall of 2022.[40][41]

nCino partnered with the Food Bank of Central & Eastern North Carolina in the fall of 2021, pledging to donate $1 million over a five-year period toward a new Hunger Solutions Center.[42][43]

Legal issues

Antitrust and wage suppression investigations

nCino faced antitrust investigations and a lawsuit in 2021. The company filed an SEC Form 8-K in February 2021, stating it received grand jury subpoenas from the Department of Justice's Antitrust Division seeking information on its hiring and wage practices.[44] In March 2021, a class-action lawsuit was filed alleging nCino, Live Oak Bank, and Apiture conspired to avoid hiring each other's employees.[45]

The Department of Justice closed its investigation into nCino's hiring and wage practices in February 2023, stating there would be no further action taken in the matter. While Live Oak Bank settled the class action lawsuit for $4.65 million in March 2022, nCino did not sign the settlement agreement and continues to repudiate the allegations following the conclusion of the government's investigation.[46][47]

Insider trading allegations

In September 2022, nCino's majority owner Insight Ventures as well as the nCino board members were sued by The City of Hialeah Employee Retirement System for "using nonpublic information about ongoing discussions between nCino and SimpleNexus to substantially increase its investment and ownership interests in SimpleNexus before the transaction took place."[48]

"The City of Hialeah Employees' Retirement System is suing on behalf of nominal defendant nCino Inc. It names as defendants Insight Venture Partners LLC, its affiliates and members of nCino's board of directors "in connection with the approval of nCino's unfair acquisition of SimpleNexus," according to the lawsuit."[49]

References

  1. ^ "NCino, Inc. - nCino Reports Fourth Quarter and Fiscal Year 2021 Financial Results".
  2. ^ "NCino, Inc - Cautionary Note Regarding Forward-Looking Statements, Disclaimers and Financial Measures - March 31, 2022".
  3. ^ a b "nCino's role at the heart of Salesforce's retail banking cloud solution". diginomica.com. 2018-02-15. Retrieved 2022-02-25.
  4. ^ "First Horizon Bank Deploys the nCino Bank Operating System® to Streamline Commercial and Small Business Lending and Treasury". Bloomberg.com. 9 March 2021. Retrieved 2022-02-25.
  5. ^ "nCino Appoints New Board Member". Retrieved 2022-11-29.
  6. ^ "Santander Creates Digital Investment Unit". PYMNTS.com. 16 July 2018. Retrieved 8 March 2019.
  7. ^ Penn, David (26 March 2018). "TD Bank to Deploy nCino's Bank Operating System". Finovate. Retrieved 8 March 2019.
  8. ^ Yurcan, Bryan (11 November 2016). "SunTrust Pursues Tech Edge in Commercial Banking". American Banker. Retrieved 8 March 2019.
  9. ^ "Accenture and nCino Expand Alliance to Accelerate Digital Transformation Within Top U.S. Banks | Accenture Newsroom". accntu.re. Retrieved 8 March 2019.
  10. ^ "Deloitte partners with nCino to accelerate innovation in banking industry". Retail Banker International. 13 May 2015. Retrieved 8 March 2019.
  11. ^ "nCino and PwC Australia Collaborate to Deliver Cloud-based Digital Banking Platform". PwC. Retrieved 8 March 2019.
  12. ^ "West Monroe and nCino partner to offer cloud banking". www.consultancy.uk. 28 December 2015. Retrieved 8 March 2019.
  13. ^ "nCino Strengthens European Presence". www.businesswire.com. 2017-09-27. Retrieved 2020-05-27.
  14. ^ 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 (Press release). Retrieved 2020-05-27.
  15. ^ "Fintech startup nCino expands with acquisition, office in Canada | WRAL TechWire". 2019-07-17. Retrieved 2020-05-27.
  16. ^ nCino. "nCino Partners with Japan Cloud to Transform Financial Services in Japan". www.prnewswire.com (Press release). Retrieved 2020-05-27.
  17. ^ "nCino Boosts Its Bank Operating System with Artificial Intelligence to Drive Automation and Provide Predictive Analytics". finance.yahoo.com. Retrieved 2020-05-27.
  18. ^ "Bank Operating System® Solutions". Retrieved 2022-11-30.
  19. ^ "nCINO - Fintech". Retrieved 2022-03-18.
  20. ^ a b Lee, Peter (22 March 2017). "Fintech: NCino offers to overhaul European banks". Euromoney. Retrieved 8 March 2019.
  21. ^ "AI Will Enhance Consumer Access to Credit: NCino CEO (Radio) - Bloomberg". www.bloomberg.com. Retrieved 8 March 2019.
  22. ^ "Fintech startup nCino expands with acquisition, office in Canada". WRAL TechWire. 2019-07-17. Retrieved 2020-04-07.
  23. ^ "nCino Portfolio Analytics". www.ncino.com. Retrieved 2020-05-27.
  24. ^ "nCino Portfolio Analytics". www.ncino.com. Retrieved 2022-11-30.
  25. ^ nCino. "nCino Boosts Its Bank Operating System with Artificial Intelligence to Drive Automation and Provide Predictive Analytics". www.prnewswire.com (Press release). Retrieved 2020-05-27.
  26. ^ "nCino's Automated Spreading". www.ncino.com. Retrieved 2022-11-30.
  27. ^ "nCino inks $1.2B agreement to acquire digital mortgage platform SimpleNexus in early 2022". Port City Daily. 2021-11-23. Retrieved 2022-03-18.
  28. ^ Sposito, Sean (June 2013). "Lending in the Cloud: Man Behind First Web Bank Is Back". American Banker. Retrieved 8 March 2019.
  29. ^ Greenland, Martin. "Yorkshire Building Society implements cloud-based platform". specialistbanking.co.uk. Retrieved 8 March 2019.
  30. ^ Cumming, Chris (11 June 2013). "nCino Raises $9M in First Funding Round". American Banker. Retrieved 8 March 2019.
  31. ^ "NCino Banks $10M for Financial-Services Technology". Wall Street Journal. 11 February 2014. Retrieved 8 March 2019.
  32. ^ "nCino Secures $29M in Series B Financing | News & Press". Insight Venture Partners. 24 February 2015. Retrieved 8 March 2019.
  33. ^ Strauss, Karsten. "A $29 Million Bet On Banking Software". Forbes. Retrieved 8 March 2019.
  34. ^ Yurcan, Bryan (31 January 2018). "Salesforce boosts nCino global expansion plans". American Banker. Retrieved 8 March 2019.
  35. ^ Schaber, Olivia (31 January 2018). "Wilmington cloud banking firm nCino lands $51.4M; Salesforce is an investor (+ video)". WRAL TechWire. Retrieved 8 March 2019.
  36. ^ Baranouski, Artsiom (2024-04-21). "10 Salesforce Alternatives for Canadian B2B Organizations: A Comprehensive CRM Guide - Shalkin Consulting". Retrieved 2024-04-21.
  37. ^ Mari, Angelica (16 February 2018). "nCino's role at the heart of Salesforce's retail banking cloud solution". diginomica. Retrieved 8 March 2019.
  38. ^ nCino. "nCino Files Registration Statement for Proposed Initial Public Offering". www.prnewswire.com (Press release). Retrieved 2020-06-28.
  39. ^ Jeans, David. "NCino, Cloud-Based Financial Services Firm, Aims To Raise $100 Million In IPO". Forbes. Retrieved 2020-06-28.
  40. ^ Dill, Emma. "'A historic day': Wilmington approves $1.3 million sponsorship deal for sports complex". Wilmington Star-News. Retrieved 2022-03-30.
  41. ^ WECT Staff (6 May 2021). "nCino becomes title sponsor of new sports complex in Wilmington". www.wect.com. Retrieved 2022-03-30.
  42. ^ Staff Writers (September 11, 2021). "nCino donates over $1M to expand local food bank's hunger relief efforts". Port City Daily. Retrieved March 30, 2022.
  43. ^ "nCino donates $1M for new facility to address food insecurity in Wilmington area". WWAYTV3. September 8, 2021. Retrieved March 30, 2022.
  44. ^ "Feds Investigating NCino Employment Practices Under Antitrust Laws". WilmingtonBiz.com. Retrieved 2023-04-10.
  45. ^ "Lawsuit filed over 'gentleman's' no-hire agreement between nCino, Live Oak Bank". WECT.com. 16 March 2021. Retrieved 2023-04-10.
  46. ^ "DOJ Drops Probe Of NCino's Hiring, Wage Practices". WilmingtonBiz.com. Retrieved 2023-04-10.
  47. ^ "$4.65M settlement agreement at hand in Live Oak Bank, nCino no-hire suit". PortCityDaily.com. 10 March 2022. Retrieved 2023-04-10.
  48. ^ "Investor Sues Venture Firm, Co. Board Over 'Unfair' $1.2B Deal". Law360. Retrieved 2023-04-10.
  49. ^ "City of Hialeah Employees' Retirement System, et al. v. Insight Venture Partners, LLC, et al". Justia Law. Retrieved 2024-04-21.
source: https://en.wikipedia.org/wiki/NCino