nCino, the Wilmington-based startup that has the potential to revolutionize the banking industry by taking banks to the “cloud” for many functions and operations, is going global. In a new partnership with Deloite Digital, nCino receives something venture capital money can’t buy: Credibility.
Then there’s expert sales and support coming from a trained, targeted work force at a big partner.
nCino and Deloitte Digital, which is part of consulting and services firm Deloitte, announced their partnership early Tuesday.In February, nCino raised $29 million in new funding. But this deal is centered around an “nCino Delivery Center of Excellence” for sales, service and support. It sounds even bigger in terms of potential.
The Skinny almost instantly reached out to nCino for comment, and CEO Pierre Naude responded to a series of questions. He didn’t quite answer them all directly, but as you will read he is excited about the prospects of the deal – and nCino’s future.
You can bank on it.
The Q&A:
This strikes me as a very major deal — giving the company international recognition, credibility and sales/marketing/implementation support, right? What all does it mean?
The nCino Delivery Center of Excellence is a capability offered by Deloitte to build a core of certified nCino implementation experts, accelerating tools and management resources that can be rapidly mobilized toward the implementation of nCino’s Bank Operating System at regional and super-regional banks in the U.S. and globally. The Center of Excellence will focus on:
- Combining nCino’s powerful cloud-based platform and Deloitte Digital’s industry expertise to advance innovation and accelerate business transformation for financial institutions; and
- Using Salesforce-based applications to drive increased profitability, productivity gains, regulatory compliance and operating transparency for banking clients.
For such a young company (founded in 2012) this also strikes me as rapid endorsement from major established player. True? After all banking is not really known for rapid embrace of new technology and trends.
We are excited that Deloitte Digital is launching the first nCino Delivery Center of Excellence, which we believe represents a tremendous opportunity to drive results for our banking clients.
Is this a revenue sharing agreement, i.e. D’s team helps make a sale and implements the solution with ncino receiving part of the revenue?
It is our policy to not discuss specific financial terms.
How long had you been talking with Deloitte?
We have had a relationship with Deloitte for some time. nCino researches its system integrator (SI) partners carefully to ensure each SI partner has the domain expertise, understanding of the nCino Bank Operating System, and the same values, as well as a firm understanding of the Salesforce.com platform. Deloitte’s practice embodies all of these traits and much more. We are delighted they see the value of our Bank Operating System and are honored to have them as an nCino preferred system integrator.
Is the deal exclusive?
We are excited that Deloitte Digital is launching the first nCino Delivery Center of Excellence to bring increased value to its banking clients. While it is too soon to speculate on what other companies might do as a result, what we can say is that nCino has developed, and continues to develop, partnerships with a range of SI companies.
What could a deal like this mean for the long-term future of the company?
The launch of this nCino Delivery Center of Excellence with Deloitte Digital highlights the continued growth of our commercialization efforts and the strong impact our Bank Operating System is already having in the marketplace.
Are you raising any additional capital at this point?
We have no immediate plans for additional capital rounds at this time.
Finally: Has anyone offered to buy ncino at this point? Are you open to being aquired if the right deal comes along? There have been several major “exits” of NC startups over the past two years as you well know.
At this stage, we are not contemplating an acquisition. nCino is focused on remaining an innovative, independent company, headquartered in Wilmington, North Carolina. With the support of our investors, board members and passionate employees, we believe we will fulfill our mission of transforming the ways banks operate.
(Footnote: nCino was one of the winners in WRAL TechWire’s “Full Steam Ahead Awards” two weeks ago, recognized in part for bringing excitement to banking. Little did we know …)
