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Cloud banking software provider nCino files for a $100 million IPO

June 22, 2020

nCino, which offers cloud-based software for financial institutions, filed on Monday with the SEC to raise up to $100 million in an initial public offering.

With fundamental elements built on the Salesforce platform, the nCino Bank Operating System connects financial institutions' front, middle and back office employees with clients and third parties across lines of business, and it was utilized by 290 financial institutions at the end of the FY20. The company's nCino IQ application suite delivers data analytics and AI/ML capabilities to provide customers with automation and insights into their operations and was utilized over 890 financial institutions. nCino's customers include global financial institutions like Bank of America and Barclays, enterprise banks, regional and community banks, credit unions, and challenger banks.

The Wilmington, NC-based company was founded in 2011 and booked $153 million in revenue for the 12 months ended April 30, 2020. It plans to list on the Nasdaq under the symbol NCNO. BofA Securities, Barclays, KeyBanc Capital Markets, and SunTrust Robinson Humphrey are the joint bookrunners on the deal. No pricing terms were disclosed.