Proceeds will accelerate product development and innovation to enhance customer success, increase platform scalability and further grow team
WILMINGTON, N.C.--(BUSINESS WIRE)--nCino, the leader in secure, cloud-based operating solutions to the financial services industry, today announced the successful completion of $29 million in Series B financing. Led by Insight Venture Partners, the round also includes investments from existing investors Wellington Management Company LLP, former Morgan Stanley Chairman and CEO John Mack and Promontory Financial Group Founder and CEO Gene Ludwig.
“We appreciate the strong support of our existing and new investors in this round, who have demonstrated their confidence in our strategy and progressive approach to cloud-based banking”
This announcement follows the recent news of a record 2014 for nCino, highlighted by 206 percent revenue growth and the addition of more than 40 financial institutions to nCino’s rapidly growing customer base of banks and credit unions with assets ranging from $150 million to $200 billion. The proceeds from this round of funding will allow nCino to continue to expand operations domestically, as well as enter international markets; accelerate product innovation; further engage with large, enterprise banks; and grow its team with a key focus on product development and customer success.
“We appreciate the strong support of our existing and new investors in this round, who have demonstrated their confidence in our strategy and progressive approach to cloud-based banking,” said Pierre Naudé, CEO, nCino. “nCino is committed to transforming financial services through innovation, reputation and speed. With this latest infusion of capital, we are strongly positioned to continue delivering on that mission and become the dominant bank operating system solution.”
In addition, as part of today’s announcement, Jeff Horing, managing director, Insight Venture Partners, will be joining nCino’s board of directors.
“nCino has progressed rapidly since inception and is entering the next stage of fulfilling its vision of becoming the undisputed leader in cloud-based banking,” stated Horing. “nCino’s innovative Bank Operating System tracks a loan through its entire life cycle to increase efficiency and create new revenue opportunities for its financial institution customers. In our view, nCino represents the future of banking, and we are pleased to partner with a company we believe will continue to create significant value for many years to come.”
Wilmington, N.C.-based nCino, Inc. is the leader in cloud-based bank operating solutions to the financial services industry. Through its flagship Bank Operating System solution, nCino leverages the power of the Salesforce Platform to provide financial institutions with superior transparency and clarity into their existing loan production pipelines, portfolios and operating efficiencies across all business lines, resulting in increased profitability, productivity gains and regulatory compliance.
For more information, visit www.ncino.com.
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About Insight Venture Partners
Insight Venture Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight has raised more than $9 billion and invested in more than 200 companies worldwide. Our mission is to find, fund and work successfully with visionary executives providing them with practical, hands-on growth expertise to foster long-term success. For more information on Insight and all of its investments, visit http://www.insightpartners.com or follow us on twitter: @insightpartners.com.
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