WILMINGTON – nCino is expanding to Japan, taking its cloud computing-based financial system into new territory by forming a subsidiary with Tokyo-based Japan Cloud.
The deal to begin operations in Japan is the latest in a series of growth announcements from nCino, which closed on $80 million in new investment capital earlier this month and is a unicorn, valued at more than $1 billion based on its financial backers.
The subsidiary is called nCino K.K. Financial terms were not disclosed.
Japan Cloud provides a variety of services designed to help companies wanting to grow operations in Japan. Salesforce and Oracle are listed among its clients.
“Our mission is to bring world-class SaaS companies to Japan,” its website says.
And nCino is all about software-as-a-service technology.
Salesforce, a substantial investor in nCino, also is a major player in Japan and is supporting the new move.
“We view the establishment of nCino K.K. as exciting news for financial institutions in Japan looking for technology that provides the scale and agility necessary to compete in the digital era,” said Hidenori Tamura, Area VP, Finance Industry, Enterprise Sales at Salesforce, in the announcement.
“nCino K.K. will bring together nCino’s proven success record of delivering measurable and meaningful results to financial institutions with Salesforce and Japan Cloud’s deep expertise and experience growing SaaS businesses in this region.”
nCino says the Japan move is designed to “meet the growing demands of financial institutions in Japan looking to digitally transform their operations and improve efficiency.”
“We are pleased to announce the commencement of operations in Japan affirming our commitment to this market,” said Pierre Naudé, CEO of nCino, in a statement.
“As appetite for cloud technology has increased due to operational demands as well as growing customer expectations for faster, more convenient and innovative banking services, we are confident that Japan Cloud is the ideal partner to help us navigate this new market, build a successful business in the region and effectively deliver our Bank Operating System. Additionally, we look forward to building upon Salesforce’s proven track record of success in this market and are excited to support Japanese financial institutions through innovation, reputation and speed.”
nCino recently expanded its operations in Canada with an acquisition and has offices in London, Sydney, Toronto as well as Salt Lake City.
“Japan is the third largest economy in the world1 and there is growing appetite from the leading financial institutions here to modernize their legacy systems amid evolving customer expectations and digital trends,” Aruna Basnayake, CEO of Japan Cloud, said in a statement about the nCino move.
“As a market-leading provider of cloud-based digital banking solutions in North America and Europe, we believe there is significant potential for nCino’s Bank Operating System in this region. nCino’s strong reputation globally and Salesforce expertise makes us confident that nCino K.K. can have an immediate and lasting positive impact on financial services in Japan.”