US-based banking management service provider Ncino extended its series B round yesterday with an investment from Salesforce Ventures, the corporate venturing arm of cloud computing company Salesforce.com.
Ncino obtained $29m last month in the first tranche of the round from Insight Venture Partners, which led the tranche, Wellington Management and angel investors John Mack and Gene Ludwig.
Although Ncino has not officially disclosed the size of the extension, a regulatory filing from last month revealed it was hoping to secure $37.6m for its series B round.
Wellington Management previously invested $10m in Ncino in February, eight months after it secured $9m in series A funding from angel investors and employees.
Ncino’s cloud-based service, built on the Salesforce platform, is aimed at small to medium-sized financial institutions and enables bankers to keep track of loan production pipelines, portfolios and operating efficiencies.
The company will use the series B funding to support growth in the US, continue development of its service, attract more customers and increase the size of its workforce.