nCino, a fast-growing startup focusing on cloud-based financial services, has another $29 million in the bank after closing on a “B” round of financing. 

Just a year ago, nCino rasied $10 million.

The funds will be used to add staff, expand operations, and for product development,

Investors include Insight Venture Partners, which led the round.

Other backers include previous investors:

  • Wellington Management Company LLP
  • Former Morgan Stanley Chairman and CEO John Mack
  • Promontory Financial Group Founder and CEO Gene Ludwig

 Jeff Horing, managing director of Insight Venture Partners, joins the nCino board as part of the deal.

“nCino has progressed rapidly since inception and is entering the next stage of fulfilling its vision of becoming the undisputed leader in cloud-based banking,” Horing said in a statement. “nCino’s innovative Bank Operating System tracks a loan through its entire life cycle to increase efficiency and create new revenue opportunities for its financial institution customers. In our view, nCino represents the future of banking, and we are pleased to partner with a company we believe will continue to create significant value for many years to come.”

In 2014, nCino says it grew revenue by 206 percent and added more than 40 financial institutions as customers. Those include banks and credit unions with assets ranging from $150 million to $200 billion, 

“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 Pierre Naudé, nCino’s CEO. “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.”