WILMINGTON – nCino’s meteoric rise continues with the cloud banking software startup raising a whooping $80 million in equity, according to an SEC filing.
Thirty-one investors contributed to this latest round of funding.
That brings the total amount of money raised by the Wilmington-based startup to more than $210 million since 2013.
The filing did not indicate how the company intends to spend the latest injection of capital.
nCino was started in 2012 by bankers and entrepreneurs who found the commercial lending process to be “inefficient and time-consuming”.
Led by James (Chip) Mahan III, the CEO of Live Oak Bancshares Inc., his team set out to develop a secure cloud-based solution that would enable banks to increase transparency, efficiency and profitability while ensuring regulatory compliance.
Enter nCino Bank Operating System, which filled that void at Live Oak. Soon it attracted interest from other financial institutions.
Today, it works with more than 250 financial institutions globally whose assets range in size from $200 million to $2 trillion, and has been featured by top publications such as Forbes, Entrepreneur and American Banker.