"nCino is a great operating platform to help financial institutions manage the balance between risk and reward," said Eugene Ludwig, Founder and CEO of Promontory Financial Group.
Wilmington, N.C. (PRWEB) June 11, 2013
nCino, LLC, the leader in secure, cloud-based bank operating solutions to the financial services industry, has raised $9 million in its Series A round of funding. The Series A round, which closed June 11th, includes investments from such financial industry icons as former Morgan Stanley Chairman and CEO John Mack, Promontory Financial Group CEO Gene Ludwig, Managing Principal of Castle Creek Capital William Ruh, Tealium CEO and veteran software as a service entrepreneur Jeff Lunsford, Live Oak Bank Chairman and CEO Chip Mahan, and nCino employees, as well as other private investors. The $9 million investment will help accelerate growth and enable the company to continue the development and enhancement of its flagship Bank Operating System.
"nCino's solution is truly transformational, having allowed our customers to achieve higher operational performance and customer satisfaction levels through the cloud," said nCino CEO Pierre Naudé. "The investor response has been fantastic, which includes participation from nCino employees. The $9 million in funding will be used to continue expanding nCino's efforts in the community bank and credit union sectors and to maintain its leadership position in cloud banking."
Eugene Ludwig, CEO of Promontory Financial Group and former U.S. Comptroller of the Currency, said, "nCino is a great operating platform to help financial institutions manage the balance between risk and reward."
Former Morgan Stanley Chairman and CEO John Mack said, "I am impressed with the leadership team and board of directors at nCino and what they have achieved since its inception. nCino's Bank Operating System is the future of banking, and the structure and strategy that are in place position the company for continued growth. nCino enables banks to transform the way they operate using the cloud and I am pleased to be an investor."
Investor William Ruh, Managing Principal of Castle Creek Capital LLC and newly elected nCino board member, said, "To compete in today’s market, banks need to differentiate themselves with a distinct competitive advantage. The nCino solution provides this advantage in multiple ways; through operational efficiency, transparency, regulatory compliance, and stronger customer relationship management. nCino's loan origination system gives banks the ability to have real-time portfolio information, enabling them to make decisions faster, decrease loan closing time, and reduce operating costs."
nCino's Bank Operating System leverages the power and security of the Salesforce.com® platform to provide transparency across relationship management, portfolio management and internal policies. Originally developed within a live banking environment, the system organizes and automates data, eliminating the use of spreadsheets and duplicate loan documents. Its reporting and dashboard features also enable real-time tracking and the built-in covenant tracking and business intelligence features help reduce regulatory compliance costs and policy exceptions.
Wilmington, N.C.-based nCino, LLC is the leader in cloud-based bank operating solutions to the financial services industry. Through its flagship Bank Operating System solution, nCino leverages the power of Salesforce.com® to provide small- to mid-sized financial institutions with superior transparency and clarity into their existing loan production pipelines, portfolios and operating efficiencies across all business lines, resulting in increased profitability, productivity gains and regulatory compliance. For more information, visit http://www.ncino.com.
For media and press inquiries email: press (at) ncino (dot) com
The NCINO mark is a federally registered trademark of nCino, LLC. All rights reserved.