Banking software startup nCino, which bills itself as the “leader in cloud banking,” has raised another $10 million in funding.
The second round of investment comes after the Wilmington-based company raised $9 million last June from several banking industry heavyweights.
nCino announced its new funding early Tuesday.
Making the investment is Wellington Management Company, which is based in Boston. It manages more than $830 billion in assets.
nCino plans to use the new funding to expand growth efforts in the community bank and credit union sectors as well as product development.
“nCino values this investment as validation to our position as the leader in cloud banking,” said Pierre Naudé, CEO at nCino. “It is a privilege to enter into an investor relationship with a firm that enjoys the reputation and reach of Wellington Management. Its investment into our company enables us to continue innovating our product offering, provide even greater service and support to our customers, and go to market more quickly with new features that continue to meet the current and future needs of the financial services industry.”
Former Morgan Stanley chairman and CEO John Mack, Promontory Financial Group CEO Gene Ludwig, and managing principal of Castle Creek Capital William Ruh were among the initial investors last June.
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 in May of last year.
“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.
