Cloud-banking scaleup nCino has filed a Form S-1 at the U.S. Securities and Exchange Commission, thus officially kicking off the process to go public.
The document did not reveal how many shares would be on offer through the initial public offering.
It did, however, state that the company plans to be listed on the Nasdaq as NCNO. The filings also showed that the company’s revenue had reached $138.2m in its last fiscal year, which ended in January, a dramatic increase from the previous year when it had a revenue of $91.5m.
Still, that impressive revenue was also paired with net losses of $27.7m last year and $22.3m in the second to last period.
The news comes after nCino reportedly raised $80m in a funding round in October last year. T. Rowe Price Associates, the asset management firm, led the round with advised funds and accounts. The round also included investment from existing investor Saleforce Ventures.
Over the years, several big players in finance have tapped nCino for its services. In the last year alone it it has partnered with companies like Santander UK, Alterna Bank, Recognise, Allied Irish Banks and B-North.
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