Cloud And Saas Banking Startup nCino Raises $80M
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.”
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