Banking software startup nCino has raised $9 million in a series A round of funding and its backers include some industry heavyweights.
Former Morgan Stanley chairman and CEO John Mack, Promontory Financial Group CEO Gene Ludwig, and managing principal of Castle Creek Capital William Ruh are among the investors.
The most recent nCino’s securities document, filed with the Securities and Exchange Commission in January, showed that the company had raised $7.5 million from 71 investors.
Wilmington-based nCino said that the series A round closed Tuesday and the funding will help the company bring its software to more community banks and credit unions. NCino’s cloud-based Bank Operating System was developed within a live banking environment at Wilmington-based Live Oak Bank. The software leverages the Salesforce.com platform and organizes and automates data, eliminating the use of spreadsheets and duplicate loan documents.
The software also has reporting features that enable real-time tracking. The software is intended to help small- to mid-sized financial institutions become more efficient and productive while also facilitating regulatory compliance.
NCino counts among its users include Durham-based venture bank Square 1 Bank.
“As an extension of our investment in Salesforce.com, and in alignment with our outsourced IT strategy, we expect the nCino solution to provide us with a flexible and extensible platform,” Square 1 Chief Information Officer Jim Baxley said last month.
“Square 1 has experienced impressive growth since inception, and we need to ensure our systems continue to grow with us. We believe that Chip Mahan, Pierre Naudé, Pullen Daniel, and the whole nCino team will help make that happen,” he added.
