Editor’s note: This is one of three stories about the growing startup economy in Wilmington.


WILMINGTON – A few Wilmington “branches” with connections to Live Oak or nCino include:

  • Apiture, a digital banking solutions provider, that has raised $69 million since it was founded in 2017 (and Live Oak continues to be a lead investor).
  • Telios, a fintech company that offers specialized AI-based automation tools for financial services firms with safeguards for sensitive data, founded by Gareth Harte, who was with Live Oak for over two years before spinning out Telios in 2021.
  • Lumos Technologies, a fintech loan data platform, started by former Live Oak Bank employees.
  • Raleon, a web3 marketing platform founded by Nathan Snell, who was with nCino for ten years before he started Raleon last year.

I caught up with Snell over email to ask about his experiences in Wilmington’s tech startup “family tree,” and he shared that his experience at nCino is “definitely” a foundation for what he’s doing at Raleon.

Living oaks: A tech startup family tree is growing branches all over Wilmington

“Being a part of scaling a company from five employees to 1,600, nCino’s size when I left, teaches many lessons,” Snell shared over email. “Both in the things you want to repeat, and in realizing mistakes made that you can learn from.”

Snell shared that, while Raleon doesn’t have an investor connection at either company, his ties back to both nCino and Live Oak are strong.

“While nCino nor Live Oak invested in Raleon, we didn’t seek it out either, as we’re in a very different industry focusing on different problems,” said Snell. “I am definitely still in contact with many people at nCino, and still ask advice from folks like Pierre [Naudé, CEO and Co-Founder of nCino] Josh Glover [Regional Vice President at nCino], Pullen Daniel [Executive Vice President of Corporate Development & Strategy at nCino], and other good friends.”

The sprouting of nCino – another Wilmington success with ties to Live Oak