- Cloud banking company nCino has agreed to acquire automated onboarding specialist DocFox. Terms were not disclosed.
- DocFox’s technology will add advanced document analysis to nCino’s platform, accelerating the onboarding process for nCino’s FI clients.
- DocFox made its Finovate debut at FinovateAfrica 2018. nCino has been a Finovate alum since its appearance at FinovateEurope in 2017.
Cloud banking innovator nCino has inked an agreement to acquire fellow Finovate alum DocFox. Miami, Florida-based DocFox specializes in providing automated onboarding solutions for both commercial and business banking. Terms of the transaction were not immediately available. The acquisition is expected to close in March of this year.
The integration of DocFox’s technology will enable nCino’s financial institution clients to manage the entire customer lifecycle – from information intake and document collection to due diligence – on a single platform. Relying on rules set by company compliance teams, DocFox analyzes any document for any financial institution, regardless of size, to automate the process of opening business accounts. DocFox gives business customers an account opening experience that is fast and intuitive. Internal teams benefit from configurable workflows to help them review information more efficiently.
“The acquisition of DocFox extends our existing functionality and will deliver a modern experience to an area of commercial and business banking that has lagged in innovation due to its complexity,” nCino CEO and Chairman of the Board Pierre Naudé. “We are excited to further extend our single platform vision and look forward to delivering this differentiating solution to financial institutions seeking to optimize onboarding and account opening processes.”
Making its Finovate debut at our fintech conference in Cape Town, FinovateAfrica 2018, DocFox last demoed its technology at FinovateSpring 2022 in San Francisco. The company has more than 450 customers on three continents, most recently partnering with Pennsylvania-based Customers Bank, a super-community bank with more than $20 billion in assets. DocFox also announced late last year that its account opening solution was now part of Fiserv’s AppMarket. CEO Ryan Canin co-founded DocFox in 2016.
“Our leading onboarding and account opening solution will complement and extend nCino’s single platform to create even greater value for financial institutions seeking to automate and digitize experiences they provide to employees and clients,” Canin said.
Wilmington, North Carolina-based nCino made its Finovate debut at FinovateEurope 2017. Founded in 2012, nCino today has more than 1,800 financial institution partners who leverage its SaaS platform to serve corporate, commercial, small business, consumer, and mortgage customers. nCino’s acquisition news follows a handful of partnership announcements including its partnership extension announcement with Vermont-based The Bank of Bennington, and new collaborations with Australia’s Summerland Bank and Japan’s The Saikyo Bank.