NCino, which provides cloud-based software for financial institutions, has filed to go public.
The Wilmington, N.C., fintech is seeking to raise $100 million via an initial public offering, according to a securities filing on Monday. The $100 million is a placeholder that will likely change in future filings. The company did not disclose how many shares it would raise or their price range. That information will be in future filings.
News...
Kelvin Ang
NCino, which provides cloud-based software for financial institutions, has filed to go public.
The Wilmington, N.C., fintech is seeking to raise $100 million via an initial public offering, according to a securities filing on Monday. The $100 million is a placeholder that will likely change in future filings. The company did not disclose how many shares it would raise or their price range. That information will be in future filings.
News of the planned nCino initial public offering comes as a number of new stocks have had strong debuts as public companies. Last week, Royalty Pharma (ticker: RPRX) jumped 58% after its IPO raised $2.2 billion.
Barron’s reported in January that nCino would likely file for an IPO in the spring.
Bankers and entrepreneurs started nCino because they found the commercial lending process “inefficient and time consuming,” the nCino website says. The company was founded in 2011 in a bank and was spun out later that year.
NCino was initially focused on transforming the commercial and small- business lending for community and regional banks. Over 1,180 financial institutions currently use nCino including Bank of America (BAC), Barclays (BCS), Santander (SAN), and TD Bank (TD).
Covid-19, nCino said, continues to create uncertainty in the global financial markets, which could impact technology spending. The company also said that it had adapted its Small Business Administration loan solution to the Paycheck Protection Program, which provides loans to struggling companies. NCino’s banking customers have processed “hundreds of thousands of applications” and provided more than $50 billion in PPP funding using its software, the regulatory filing said.
The company plans to list on the Nasdaq market under the ticker symbol NCNO. Underwriters on the deal include Bank of America Securities, Barclays, KeyBanc Capital Markets and SunTrust Robinson Humphrey.
NCino’s revenue grew nearly 50%, to $44.7 million for the quarter ended April 30, while net losses widened by 41%, to $4.8 million. The company employed 934 people as of April 30, the filing said.
The fintech has raised more than $200 million in venture funding, according to PitchBook. This includes a $29 million round in 2015 led by Insight Venture Partners.
A June 11 filing with the Federal Trade Commission indicated that Insight Venture had invested in nCino again.
Insight now has the biggest stake in nCino with 46.6%, the company’s IPO filing said. Salesforce.com
NCino declined to comment. Insight couldn’t immediately be reached for comment.
Write to LuisaBeltran at luisa.beltran@dowjones.com