Cloud And Saas Banking Startup nCino Raises $80M

October 3, 2019 | FinTech, News
https://dailyalts.com/wp-content/uploads/2019/10/network-2402637-ncino.jpg

nCino, the startup known for its cloud-based, SaaS solution for banking operating systems, raised $80 million.

nCino’s cloud-based, banking operating system runs off the Salesforce platform. Existing investor Salesforce Ventures participated in the funding round, which was led by funds and accounts advised by T. Rowe Price Associates, Inc.

nCino’s cloud-based banking OS

Founded in 2012, nCino’s core mission was to develop a single, end-to-end cloud-based solution. A core objective was to enable banks to increase transparency, efficiency and profitability while ensuring regulatory compliance.

nCino’s founders were bankers, which is why its website says it was “built by bankers for bankers.” Amongst its founders were James (Chip) Mahan III, Chairman and CEO of Live Oak Bank, and Pullen Daniel.

nCino’s cloud-based OS started life at Live Oak, and was soon drawing interest from other banks and financial institutions.

However, in its current avatar, nCino’s Bank Operating System removes channel and business line silos, replacing them with a unified solution. Moreover, it integrates with a bank’s core accounting system and covers all of a bank’s major activity areas. These include customer relationships, deposits, loans, document flow, and data analytics.

Further, the scalable, digital platform integrates with all accounting systems and facilitates risk management.

The nCino product has catapulted the company to worldwide leadership in cloud banking.

nCino’s financial backers

Finally, to date nCino has raised $213 million, including from Insight Partners and Bessemer Venture Partners.

Meanwhile, the banking startup will use the latest funding to “accelerate innovation of the nCino Bank Operating System through increased research and development, global expansion, and new talent acquisition and employee development.”

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Alt Insights

January 29, 2020

Venture Capital: The Kobe in “Bryant Stibel & Co”

Venture Capital: The Kobe in “Bryant Stibel & Co”
Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2020/02/57e2d64b4354a814ea898579ce203e7c1d22dfe05b53774f712e73d5_640.jpg
Private Equity Shops are Going on a Startup Spending Spree, Says Pitchbook
February 25, 2020     News, Private Equity, Venture Capital

A new Pitchbook report shows that private equity shops are snapping up an interesting alternative investment. Flush with dry powder, PE shops have been snapping up VC-backed startups, according to…

https://dailyalts.com/wp-content/uploads/2020/02/51e6dd454b52b114a6d98074cf213576083edbed5157774a702f7b_640.jpg
Activist Hedge Fund Looks to Shake Up Insurance Giant Prudential
February 25, 2020     Activist Updates, Hedge Funds, News

Activist hedge fund Third Point has taken aim at the 172-year-old insurance giant Prudential (LON: PRU). According to a new filing, Dan Loeb’s shop wants to split the firm into…

https://dailyalts.com/wp-content/uploads/2019/12/dices-over-newspaper-2656028_1920-preqin.jpg
Alternative Assets: Funds Surpass $10 Trillion In AUM in 2019
February 25, 2020     Alternative Investments, Latest News, News

A new Preqin report shows that the alternative assets industry has reached “14 figures.” Total AUM surpassed $10 trillion for the first time in 2019. The industry added at least…

https://dailyalts.com/wp-content/uploads/2020/02/money-29047_640-qcash.png
FinTech: QCash Signs Up Tropical Financial Credit Union For Small Loans
February 25, 2020     FinTech, News

QCash Financial, the US fintech and digital loan marketplace gained a major new client in Tropical Financial Credit Union (TFCU). TFCU has $700 million in assets and 65,000 members. QCash…

Scroll to Top