Alterna Bank partners with nCino
Alterna Bank and nCino has formed a new partnership to enable small businesses in Canada to take advantage of a their digital banking solutions, as reported by Finovate‘s, David Penn.
The agreement marks nCino’s first Canadian credit union customer. nCino’s CEO, Pierre Naudé, called Alterna – which consists of Alterna Savings and its subsidiary Alterna Bank – “one of the most innovative financial institutions in Canada.” 
With a combined $8 billion in assets under management, Alterna was also the first bank in Canada to offer its customers an end-to-end digital mortgage experience.
The agreement will provide small Canadian businesses with a seamless, anytime, anywhere, account opening experience, as well as automated decisioning, digital document management, and portfolio management.
In addition to its plan to enhance its onboarding processes, Alterna is also working on other initiatives to further improve the customer journey. These efforts include new loan referral and merchant services, and a partnership with Canada’s largest acquirer, Global Payments. The firm said that it plans to deploy its new nCino-powered, digital small business banking solution by the end of this year.
nCino’s partnership with Alterna Bank is the latest in a string of big fintech headlines for the Wilmington, North Carolina-based fintech. Last month, nCino announced its acquisition of analytics and insights firm, Visible Equity for an undisclosed sum.
Other partnerships for nCino this year include deals with Westfield Bank and South State Bank in June, with S&T Bancorp in May, and with Navy Federal Credit Union in April. Navy FCU is one of the largest credit union in the world, with more than eight million members and 329 branches.
Founded in 2012, nCino has raised more than $133 million in funding, and counts Insight Partners and Salesforce Ventures among its investors. More than 1,100 financial institutions around the world are partnered with nCino.
