nCino is a cloud-based operating solutions company that has raised $29 million in Series B funding led by Insight Venture Partners. Wellington Management Company LLP, former Morgan Stanley Chairman and CEO John Mack and Promontory Financial Group Founder and CEO Gene Ludwig also participated in this round of funding.
nCino will be using the funding to expand operations domestically and enter international markets. Plus the company will also accelerate product innovation and further engage with large/enterprise banks.
“We appreciate the strong support of our existing and new investors in this round, who have demonstrated their confidence in our strategy and progressive approach to cloud-based banking,” said nCino CEO Pierre Naudé in a statement. “nCino is committed to transforming financial services through innovation, reputation and speed. With this latest infusion of capital, we are strongly positioned to continue delivering on that mission and become the dominant bank operating system solution.”
nCino saw 206% revenue growth and the company also added more than 40 financial institutions to its customer base of banks and credit unions with assets ranging from $150 million to $200 billion.
