Cloud banking company nCino has raised $80m in a new funding round to keep improving its operating system.
T. Rowe Price Associates, the asset management firm, led the round with advised funds and accounts. The investor also led Checkr, the background checking company’s, $160m equity funding round in September. nCino’s latest round also included investment from existing investor Saleforce Ventures.
A press release issued by nCino only stated that the company had raised money, but neglected to state the amount. However, a filing with the U.S. Securities and Exchange Commission suggests that the company has raised the massive amount.
Commenting on the investment, Joshua Spencer, portfolio manager of T. Rowe Price New Horizons Fund, said, “This investment reflects our belief that nCino’s technology and team have the potential to transform even more financial institutions globally. The company has distinguished itself through its focus on customers and a demonstrated ability to improve the banker and customer experience. We look forward to supporting nCino through this next phase of growth and innovation.”
Today, nCino employs over 750 people across North America, Europe and Australia. nCino plans to use the cash injection to grow its staff numbers and keep developing its solutions.
“Since day one, our vision has been to be the worldwide leader in cloud banking,” said Pierre Naudé, CEO of nCino. “We believe that a strong partner ecosystem is critical to maintaining a customer-centric approach in everything we do. This strategic fundraise aligns with that vision and mission by leveraging the investment approaches of two industry leaders to help us further scale our business and bank operating system to continue enabling financial institutions to provide the kind of personalized, streamlined and fast experiences that customers have come to expect in the digital era.”
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