WILMINGTON- Fintech nCino Inc. (NASDAQ: NCNO), which sells cloud banking and digital transformation solutions for the global financial services industry, says Mitsubishi UFJ Capital has acquired an equity stake in its Tokyo subsidiary.
Mitsubishi Capital is the venture capital arm of the Mitsubishi UFJ Financial Group, and SMBC Venture Capital Co., Ltd., an affiliate of Sumitomo Mitsui Banking Corp.
The company also said it has named Itsuki Nomura, formerly of Dell Technologies, has been named general manager of nCino’s Tokyo office.
nCino partnered with Japan Cloud in 2019 to establish nCino K.K., after previously opening offices in London, Toronto and Sydney, to expand its international presence and help transform the Japanese financial services industry.
nCino’s cloud-based platform, the nCino Bank Operating System, enables financial institutions around the globe to increase profitability, productivity and operational efficiency while improving the employee and client experience.
The involvement of Mitsubishi UFJ Capital and SMBC Venture Capital and the addition of Mr. Nomura will help nCino further scale its business in Japan as it seeks to accelerate the digital transformation of financial institutions in the country.
Hironori Shimizu, managing director of SMBC Venture Capital, said in a statement, “Since its founding in the United States at the end of 2011, nCino has been adopted by a wide range of business units, both corporate and individual, at financial institutions of various sizes, from major banks in North America, Europe and Asia Pacific to community and challenger banks. As Japanese financial institutions are exploring ways to adapt, we hope that nCino will apply the best practices it has cultivated with the world’s most advanced banks to drive the digital transformation trend in Japan.”