nCino announces $80m funding round led by T. Rowe Price
US-based cloud developer nCino has announced an $80 million funding round led by T. Rowe Price Associates, with participation from existing investor Salesforce Ventures.
Raising more than $213 million since 2012, the fintech start-up will use the new capital injection to invest in more research and development (R&D), global expansion and talent acquisition, all in a bid to further innovate its end-to-end SaaS solution.
Built on the Salesforce platform, nCino’s solution replaces point systems as an integration. It improves employee efficiency, onboarding, loan origination and deposit account opening, powering these processes with advanced analytics and actionable insights to speed up the banking experience.
“Since day one, our vision has been to be the worldwide leader in cloud banking,” says nCino’s CEO Pierre Naudé, who believes maintaining “a strong partner ecosystem is critical to maintaining a customer-centric approach”.
The investment from asset management company T. Rowe Price will allow nCino to leverage the investment approaches of two industry players, says Naudé, who wants to achieve the speed “that customers have come to expect in the digital era”.
For the asset manager, this partnership has “the potential to transform even more financial institutions globally”, says portfolio manager Joshua Spencer at New Horizons Fund.
nCino claims more than 1,100 customers, and has bases in London, Sydney, Toronto and US states Utah and North Carolina.
Bank of America Merrill Lynch acted as the sole placement agent to nCino on the transaction.