Until February 2025, Pierre Naudé served as CEO. In February 2025, Naudé became Executive Chairman of the Board, and Sean Desmond was appointed to CEO.[13]
History
nCino was founded by a team of bankers in 2011.
In 2013, nCino hosted its first nSight user conference. In 2017, nCino opened its first international office in London, England.[14] In 2018, nCino expanded to Sydney, Australia. nCino opened an office in Canada, and formed a joint venture to the Japanese market.[15] Also in 2019, the company announced the launch of nCino IQ, an artificial intelligence and machine learning software.[16]
In July 2019, nCino acquired Visible Equity, a financial analytics software company based in Salt Lake City, Utah.[17] In November 2019, nCino acquired FinSuite, a software company based in Melbourne, Australia.[18] In January 2022, nCino closed its acquisition of Utah-based company SimpleNexus, a digital homeownership platform.[19]
In 2024, nCino acquired DocFox, a company that automates onboarding customers for commercial and business banking,[20] and FullCircl, a Customer Lifecycle Intelligence platform.[21] In February of 2025, nCino completed its acquisition of SandBox Banking, a company who provided digital transformation services.[22]
In 2013, nCino raised $9 million in investment funding from a group of investors.[26] In 2014, nCino received its Series A investment, a $10 million round, from Wellington Management Company.[27] In February 2015, nCino secured an additional $29 million in a Series B Financing, led by Insight Venture Partners.[28][29] In 2018, nCino received a $51 million Series C round of venture funding led by Salesforce Ventures.[30][31] In October 2019, nCino received a raise of $80 million in its Series D round of funding led by T. Rowe Price Associates.
nCino has been a Salesforce partner since its founding in 2012.[32] On July 13, 2020, nCino’s Registration Statement on Form S-1 relating to the IPO of common stock was declared effective by the SEC. In connection with the IPO, nCino issued and sold 9,269,000 shares of common stock (including shares issued pursuant to the exercise in full of the underwriters' option to purchase additional shares) at a public offering price of $31.00 per share for net proceeds of $268.4 million, after deducting underwriters' discounts and commissions.[33][34][35]
Philanthropy and sponsorship
In 2021, nCino donated $1.3 million to the city of Wilmington sports complex park. Formerly known as the Cape Fear Regional Sports Park, the park is now named the nCino Sports Park and is scheduled to open in the fall of 2022.[36][37]
nCino partnered with the Food Bank of Central & Eastern North Carolina in the fall of 2021, pledging to donate $1 million over a five-year period toward a new Hunger Solutions Center.[38][39]
Legal issues
Antitrust and wage suppression investigations
nCino faced antitrust investigations and a lawsuit in 2021. The company filed an SECForm 8-K in February 2021, stating it received grand jury subpoenas from the Department of Justice's Antitrust Division seeking information on its hiring and wage practices.[40] In March 2021, a class-action lawsuit was filed alleging nCino, Live Oak Bank, and Apiture conspired to avoid hiring each other's employees.[41]
The Department of Justice closed its investigation into nCino's in February 2023, stating there would be no further action taken in the matter. While Live Oak Bank settled the class action lawsuit for $4.65 million in March 2022, nCino did not sign the settlement agreement and continued to repudiate the allegations following the conclusion of the government's investigation.[42][43]
Insider trading allegations
In September 2022, nCino's then majority owner, Insight Ventures, as well as the nCino board members were sued by The City of Hialeah Employee Retirement System for "using nonpublic information about ongoing discussions between nCino and SimpleNexus to substantially increase its investment and ownership interests in SimpleNexus before the transaction took place."[44][45] On December 28, 2023, the Delaware Court of Chancery granted in full Insight and nCino’s motion to dismiss the complaint.[46] On September 12, 2024 the Delaware Supreme Court summarily affirmed the dismissal of the complaint its entirety.[47]
This page is based on this Wikipedia article Text is available under the CC BY-SA 4.0 license; additional terms may apply. Images, videos and audio are available under their respective licenses.
US$540.7 million (2024) [1]