Fintech company nCino has taken in a strategic round of more than $51 million, led by existing investor Salesforce Venture, to aid global expansion and product innovation. The cloud-based bank operating system is built on the Salesforce platform and integrates with Salesforce Financial Services Cloud.
“Salesforce has been a valued partner to nCino since our inception in 2012,” says Pierre Naudé, nCino’s CEO. “This strategic round of funding from Salesforce Ventures will be used to support nCino’s global expansion, product innovation and continued growth.”
This raise follows a $17.8 million raise last summer which went towards expansion into Europe, including the opening of a London office last September.
The Wilmington, NC-based company now has a client list of more than 180 financial institutions around the world including the Navy Federal, the world’s largest credit union, and 10 of the top 30 U.S. banks by asset size. They were named to the Inc 500 ranking of fast growing companies for the second year in 2017.
nCino helps banks digitize and streamline complex processes, anything from applying for a loan to opening a checking account, by combining real-time reporting with workflow, content management, and loan origination under one umbrella. They can help a bank move all these operations into the cloud, improving the experience of both bankers and bank customers.
“One of the keys of nCino is that we are building software for bankers, by bankers,” Trisha Price, EVP of Product Development and Engineering, shared with Hypepotamus about their product. “If you walk around this company, a good almost half of the employees have worked at a bank at some point in their lives.
“I think because of that we can build a product that the banking industry gets, and they’re not scared of because when we get in there we talk their talk. We have created an integration strategy and an integration framework to help banks integrate with both legacy and modern applications. That’s been a big part of our strategy from day one,” said Price in the interview.
That attention to the product and its customers, in an industry still catching up to technology trends, makes nCino stand out in the Southeast and catch the eye of investment partner Salesforce.
“nCino extends the power of the Salesforce platform, enabling banks to get closer to their customers than ever before,” said Rohit Mahna, SVP and GM of Financial Services, Salesforce, in a statement. “The investment from Salesforce Ventures is the latest evolution in our strong partnership, and we’re thrilled to help fuel nCino’s global growth and innovation.”