Salesforce Ventures, the corporate venture capital arm of enterprise software provider Salesforce, led a funding round for US-based cloud banking software producer nCino yesterday sized at $51.5m according to a securities filing.
The company said the round included an existing shareholder, and in a statement identified venture capital and private equity firm Insight Venture Partners and investment management firm Wellington Management as backers.
Founded in 2012, nCino has built a cloud-based software product on Salesforce’s customer relationship management platform that can integrate with a bank’s core transactional systems to replace manual processes.
The software’s tools include commercial and retail loan origination systems, account opening and customer onboarding features, and a tool that can assist in decisions for automotive loans. Proceeds from the round will go to product development.
Rohit Mahna, general manager of financial services for Salesforce, said: “nCino extends the power of the Salesforce platform, enabling banks to get closer to their customers than ever before.”
“The investment from Salesforce Ventures is the latest evolution in our strong partnership, and we are thrilled to help fuel nCino’s global growth and innovation.”
Salesforce Ventures also took part in nCino’s series B round in 2015, adding an undisclosed amount to a $29m tranche provided by Insight Venture Partners, Wellington Management and private investors John Mack and Gene Ludwig that had boosted its total funding to $53m.
The company subsequently added $15.7m in equity funding in June 2017 and $17.8m in August according to regulatory filings, but did not disclose who invested in each case.