Salesforce invests in nCino
nCino gets funding from Salesforce
Cloud-based banking tech vendor nCino has reeled in investment from Salesforce Ventures, reports David Penn at Finovate (FinTech Futures’ sister company).
The amount of funding was undisclosed. The investment adds to the company’s known total capital of more than $81 million, which includes a $17 million private equity round back in August.
“From day one, our vision has been to be the worldwide leader in cloud banking,” nCino CEO Pierre Naude states. “We are successfully executing on that vision and empowering financial institutions around the globe to grow their business and better serve their customers. Our strong alignment with Salesforce has been a key factor in our growth and success.”
nCino will use the funds to help drive its global expansion, as well as speed innovation on its Bank Operating System technology. The solution is built on the Salesforce platform and is integrated with Salesforce Financial Services Cloud. nCino has been a Salesforce partner since it was founded in 2012.
SVP and GM of financial services for Salesforce, Rohit Mahna, highlights the long-term relationship between the two companies. “nCino extends the power of the Salesforce platform, enabling banks to get closer to their customers than ever before,” Mahna says. “The investment from Salesforce Ventures is the latest evolution in our strong partnership.”
The company’s Bank Operating System integrates with core banking and transactional systems. The technology combines CRM, deposit account opening, loan origination, workflow, enterprise content management, digital engagement, and real-time reporting to enable financial institutions to provide the kind of personalised, streamlined experience customers and bank employees alike have come to expect. nCino notes that on average its client institutions have experienced:
•17% reduction in operating costs
•19% increase in loan volume
•22% increase in staff efficiency
•34% decrease in loan closing time
•54% reduction in policy exceptions
Headquartered in the US state of North Carolina, nCino began the year with a major deal with Navy Federal Credit Union (NFCU), the largest credit union in the world with more than $87 billion in assets, more than seven million members, and 300 branches.
2017 was a big year for nCino too, with deployments of its Bank Operating System announced with CFCU Community Credit Union, Iberiabank and Pacific Western Bank, to name just a few. The cumulative result was that nCino ended the year with ten of the 30 largest US banks by asset size as customers and 180 financial clients around the world.
