In a brief statement shared on Monday, the Wilmington, North Carolina-based company reported that it had publicly filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission for their proposed initial public offering. nCino made its Finovate debut at FinovateEurope in 2017.
The company’s announcement did not disclose the number of shares to be offered, nor the price range of the offering. Renaissance Capital reported that nCino is seeking to raise $100 million. The company expects to trade on the Nasdaq Global Select Market under the ticker “NCNO.”
Underwriting the IPO are Bank of America Securities, Barclays, KeyBanc Capital Markets, and SunTrust Robinson Humphrey.
nCino’s Bank Operating System, built on the Salesforce platform, provides financial institutions of all sizes with an end-to-end banking solution that enables them to deliver the kind of digital experience banking customers have come to expect. The platform combines customer relationship management, loan origination, workflow, enterprise content management, as well as business intelligence and reporting, all in a single, secure, cloud-based environment. On average, financial institutions using nCino’s Bank Operating System have enjoyed a 40% decrease in loan closing time, a 92% reduction in servicing costs, and a 127% increase in account opening completion rates.
Founded in 2012, nCino has raised more than $213 million in funding. The company reported revenue growth of almost 50%, reaching $44.7 million, for the quarter ending in April. nCino also reported revenue of $138.2 million in its most recent fiscal year, ending in January. This year, the company has forged partnerships with Alterna Bank, a subsidiary of Alterna Savings and Credit Union Limited, and with Swedish SME lender Yourban. Additional partnerships announced in the first half of the year include collaborations with Fulton Bank and Black Hills FCU. Pierre Naudé is President and Chief Executive Officer.
Photo courtesy of Les Finances