NCino explained

nCino, Inc.
Type:Public
Industry:Banking software
Key People:Pierre Naudé (CEO)
Josh Glover (President and CRO)
Matt Hansen (Chief Product Officer)
Greg Orenstein (CFO)
April Reiger (EVP, General Counsel)
Revenue: (2021)[1]
Num Employees:1,650+ (March 31, 2022)[2]

nCino, Inc. is a financial technology company headquartered in Wilmington, North Carolina. The company offers its cloud-based banking software.[3] The company's Bank Operating System is used by banks and credit unions.[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]

Pierre Naudé has served as CEO of nCino since its inception.

History

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

In 2013, nCino hosted its first nSight User Conference. In 2017, nCino opened its first international office in London, England.[13] In 2018, nCino expanded to Sydney, Australia.[14] nCino opened an office in Canada, and formed a joint venture to the Japanese market.[15] [16] Also in 2019, the company announced the launch of nCino IQ, an artificial intelligence and machine learning software.[17]

In July 2019, nCino acquired Visible Equity, a financial analytics software company based in Salt Lake City, Utah.[18] In November 2019, nCino acquired FinSuite, a software company based in Melbourne, Australia.[19] In January 2022, nCino closed its acquisition of Utah-based company SimpleNexus, a digital homeownership platform.[20]

Funding and IPO

nCino was originally founded as a majority-owned subsidiary of Live Oak Bancshares, a bank holding company.[21] [22] [23]

In 2013, nCino raised $9 million in investment funding from a group of investors.[24] In 2014, nCino received its Series A investment, a $10 million round, from Wellington Management Company.[25] In February 2015, nCino secured an additional $29 million in a Series B Financing, led by Insight Venture Partners.[26] [27] In 2018, nCino received a $51 million Series C round of venture funding led by Salesforce Ventures.[28] [29] In October 2019, nCino received a raise of $80 million in its Series D round of funding led by T. Rowe Price Associates.

nCino has been a Salesforce partner since its founding in 2012.[30] On June 22, 2020, nCino announced that it had filed a Form S-1 with the Securities and Exchange Commission.[31] 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.[32]

Philanthropy and sponsorship

In 2021, nCino donated $1.3 million to the city of Wilmington sports complex park. 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.[33] [34]

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.[35] [36]

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.[37] In March 2021, a class-action lawsuit was filed alleging nCino, Live Oak Bank, and Apiture conspired to avoid hiring each other's employees.[38]

The Department of Justice closed its investigation into nCino's 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.[39] [40]

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."[41] [42]

Notes and References

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

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