Lendtech nCino acquires Visible Equity
The acquisition brings enhanced portfolio management and analytic insights to nCino’s Bank Operating System, and is designed to help banks and credit unions better manage risk and meet compliance regulations with regard to fair lending.
Calling Visible Equity “a perfect complement to our vision, mission and company culture”, nCino CEO Pierre Naudé puts the news in the broader context of nCino’s long-term commitment to “transform” financial services. “We believe this acquisition will further enable us to execute on that mission,” Naudé says, adding that together Visible Equity and nCino will give clients “greater insights, efficiency, and risk management while furthering their customer relationships”.
The two companies say they will continue to market their solutions separately, but add that “the two platforms will become fully integrated to provide a seamless client and cloud-based experience”.
With more than 850 financial institution (FI) customers, Visible Equity provides analytics, data warehousing, and reporting solutions for risk management. The company says its technology blends customer data from loans, applications, deposits, marketing and other sources with advanced analytics to empower banks and credit unions to make accurate, data-driven decisions.
Visible Equity CEO and President Brad Hansen calls the acquisition by nCino “the right move for us and a natural fit”. He highlights the two companies’ shared “passion for innovation” and emphasis on customer success. “A key driver of our desire to become a part of the nCino family is its Bank Operating System and ability to support a global client base of enterprise, regional, and community financial institutions,” Hansen says.
nCino’s flagship Bank Operating System leverages the Salesforce platform to provide financial institutions with an end-to-end, cloud-based banking solution that features CRM, loan origination, workflow, ECM, business intelligence and reporting all in one secure environment. nCino notes that its client institutions on average have experienced 40% decrease in loan closing times, 92% reduction in servicing costs, and 127% increase in account opening completion rates.
Other recent headlines for nCino include the appointment of Andrew Carriline as strategic advisor and the opening of a new office in Toronto, Canada. The company has announced a slew of new deals in 2019, teaming up with Westfield Bank and South State Bank in June; collaborating with S&T Bank in May, Navy Federal Credit Union in April, and both Project B-North and St. Louis Bank in March.
Based in Wilmington, North Carolina, nCino has raised more than $133 million in funding from investors including Salesforce Ventures, Wellington Management, and Insight Partners. The company was founded in 2012.