Bank operating system provider nCino has transformed how financial institutions (FI) operate and has seen rapid growth since its launch.
Founded in late 2011 by a team of bankers and entrepreneurs, the North Carolina-based company developed a cloud-based operating system for financial institutions whose assets range from $30 million to $2 trillion. Since then, nCino has raised $213.2 million in funding to date, most recently in an $80 million venture round led by T. Rowe Price Associates Inc. The company works with more than 1,100 financial institutions globally and has more than 900 employees around the world.
Last year, nCino acquired Visible Equity and FinSuite to accelerate digital transformation efforts for FIs worldwide. The company also expanded its functionality for clients through the use of artificial intelligence (AI) and predictive analytics to help FIs make faster and more informed decisions and become more predictive and proactive.
“Since its inception, nCino has championed the idea of the agile enterprise, where financial institutions can reduce loan cycle and account opening times by digitizing and automating their processes via our single end-to-end platform,” Trisha Price, nCino’s chief product officer, said at the time. “Now, with nIQ, we’re evolving that concept further to the Intelligent Enterprise, where AI is injected into every stage of production and stands at the center of every business line we support.”
nCino recently filed a Form S-1 for a proposed Initial Public Offering (IPO). The number of shares or the price range for the offering have yet to be determined. The company plans to list its common stock on the Nasdaq Global Select Market under the ticker symbol “NCNO.”
BofA Securities and Barclays are acting as lead book-running managers for the proposed offering, along with KeyBanc Capital Markets and SunTrust Robinson Humphrey, Piper Sandler, Raymond James, and Macquarie Capital.
The company’s paperwork also revealed revenue of $138.2 million in its last fiscal year, which ended in January—an increase from the $91.5 million in revenue posted for the prior fiscal year.
