nCino, a leader in intelligent banking solutions, has announced a definitive agreement to acquire FullCircl, a top UK-based SaaS platform.
This acquisition aims to revolutionize the client lifecycle management experience for commercial banks across the UK and Europe, integrating processes from acquisition to onboarding, including KYB, KYC, and rules-based monitoring.
In 2023, nCino and FullCircl initiated a formal partnership, merging FullCircl’s advanced data capabilities with the nCino Platform. This collaboration has already shown significant improvements in the speed, efficiency, and compliance of client acquisition and service processes for financial institutions.
Their combined efforts cater to a wide range of financial entities, from large institutions to neobanks and niche players in the SME sector, enhancing both client and staff experiences and contributing to substantial growth and profitability.
Jake Brook, Lending Change Manager at Yorkshire Building Society, remarked on the benefits of this integration: “Our ongoing relationship with nCino and FullCircl’s integrated offering will empower us to streamline our application processes, improve our decisioning pace, and speed up loan completions.
“Automating client data collection and validation will enhance transparency for borrowers and improve the client journey, throughout their lifecycle, not just at onboarding.”
The acquisition positions nCino to significantly expand its capabilities in onboarding and client lifecycle management. FullCircl brings to the table a sophisticated business rules-engine and a premium array of data resources that ease the complexity of onboarding processes. Their technology provides frontline teams with tools to access a comprehensive graph-database of connected company data, which includes news, detailed financial information, credit scores, risk profiles, and other critical profiling data.
Pierre Naudé, Chairman and CEO at nCino, expressed enthusiasm about the acquisition: “The acquisition of FullCircl is a strategic move for nCino that will not only enhance our data and automation capabilities but also enables us to expand our reach across the UK and more broadly in Europe with an end-to-end experience for full client lifecycle management.”
Andrew Yates, CEO and Cofounder at FullCircl, added, “We have been working with the nCino team for several years, and the close alignment in both organisations across vision, culture, customers, product and market opportunity have contributed to this exciting acquisition making perfect sense.
“We both serve regulated industries who walk a tightrope between a strict operating rulebook and a mandate to deliver growth and shareholder value, all while providing a seamless client experience. This marks a significant new chapter for FullCircl as we become part of nCino.”
The purchase is set at $135m in cash, with $15m retained by nCino for two years post-closure as security for the performance of certain warranties and covenants. nCino anticipates providing updates on the financial impacts of this acquisition in its upcoming third-quarter earnings release.
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