Wilmington-based nCino, which helps banks make loans more efficiently using cloud-software services, filed an initial public offering with the Securities and Exchange Commission. NCino did not disclose the number of intended shares or the price range for the proposal, but Connecticut-based research firm Renaissance Capital reports the offering expects to raise $100 million. The company declined to confirm that figure or comment further, citing SEC regulations.
Founded in 2011 as a spinoff of Wilmington-based Live Oak Bank, nCino provides cloud-software services to banks and other financial institutions. The company reported total revenue of $138.2 million and a net loss of $27.6 million for fiscal year 2020. Since fiscal 2018, nCino has reported a total loss of $68.5 million.
NCino has raised more than $213.2 million in eight funding rounds, based on data from Crunchbase. The company’s most recent haul was an $80 million funding round in October. New York-based venture capital firm Insight Partners controls 46.6% of its common stock. Entities affiliated with San Francisco software giant Salesforce have a 13.2% share and Wellington Management, a Boston-based investment firm, holds 9.5%, according to the filing. CEO Pierre Naude, who was featured in this year’s edition of Business North Carolina’s Power 100, holds 1.6% of the stock. James “Chip” Mahan III, CEO of Live Oak Bank and co-founder of nCino, was not listed among the executive shareholders.
NCino works with more than 1,100 institutions globally and has 934 employees across its seven global offices as of April 30. Last year, the company expanded by opening an office in Toronto and announced a partnership with Tokyo-based Japan Cloud to form a new subsidiary, nCino K.K.
The financial technology company will trade on the Nasdaq index under the ticker “NCNO.”