US-based cloud banking software producer nCino raised $80m funding from backers including Salesforce Ventures, the corporate venturing arm of cloud computing company Salesforce, yesterday.
Funds and accounts advised by investment management firm T Rowe Price Associates led the round, the size of which was confirmed in a regulatory filing.
Founded in 2012, nCino has developed an end-to-end cloud-based platform that provides a unified interface for functions such as account opening and customer onboarding, loan origination, credit analysis, customer relationship management and instant reporting.
The product, built on the Salesforce platform, has been adopted by more than 1,100 financial services providers internationally, managing assets ranging from $30m to $2 trillion.
The latest round will allow nCino to bolster its research and development activities, with a focus on artificial intelligence, analytics and pricing, and to drive further global expansion, develop existing employees and hire additional staff.
The company has received at least $218m in funding altogether. Salesforce Ventures previously led an $51.5m round in January 2018 that also featured Insight Partners and Wellington Management.
Salesforce Ventures had already contributed to nCino’s series B round in 2015, adding an undisclosed amount to a $29m tranche supplied by Insight Partners, Wellington Management and private investors John Mack and Gene Ludwig.
