nCino, a trailblazer in cloud banking for the global financial services industry, has announced its plan to acquire DocFox, a front-runner in automating the onboarding experience for commercial and business banking.
The acquisition aims to merge nCino’s and DocFox’s capabilities, significantly enhancing the onboarding and account opening process for commercial and business banking sectors. This strategic move will expand nCino’s offerings, allowing financial institutions to unify processes and serve clients end-to-end on a single platform. The value of the deal, however, was not disclosed.
nCino is celebrated for its cloud banking solutions across the global financial services sector, offering a comprehensive SaaS platform that supports financial institutions in client onboarding, loan management, and account opening, amongst other services. On the other hand, DocFox specializes in simplifying and automating the onboarding and account opening process, significantly reducing the time taken for these admin-intensive tasks from weeks to mere hours or days.
The integration of DocFox into nCino is expected to deliver a modernized experience in commercial and business banking—a sector that has traditionally lagged in innovation. The acquisition aligns with nCino’s vision of a single platform approach, promising a differentiated solution to financial institutions aiming to enhance their onboarding and account opening processes.
The acquisition is slated for completion in March 2024, with Keefe, Bruyette & Woods, and Wilson Sonsini Goodrich & Rosati serving as financial and legal advisors to DocFox, respectively, and Sidley Austin LLP advising nCino.
DocFox, established in 2016, boasts over 450 customers spread across three continents, underscoring its global impact and effectiveness in streamlining banking operations.
nCino CEO and Chairman Pierre Naudé remarked, “Since day one, nCino was developed to help digitize, automate, and streamline complex processes to create more efficient workflows and better experiences for financial institutions and their clients.
“The acquisition of DocFox extends our existing functionality and will deliver a modern experience to an area of commercial and business banking that has lagged in innovation due to its complexity. We are excited to further extend our single platform vision and look forward to delivering this differentiating solution to financial institutions seeking to optimize onboarding and account opening processes.”
DocFox Co-Founder & CEO Ryan Canin stated, “This is an exciting moment for DocFox. We’re thrilled to join forces with nCino and combine our similar visions, cultures, and commitments to customers and employees, with the goal of delivering technology that provides real solutions to the industry’s most pressing challenges.
“Our leading onboarding and account opening solution will complement and extend nCino’s single platform to create even greater value for financial institutions seeking to automate and digitize the experiences they provide to employees and clients.”
Keep up with all the latest FinTech news here
Copyright © 2024 FinTech Global
