IPO

Cloud-based FI Software Provider nCino Goes Public

Cloud-based FI Software Firm nCino Goes Public

Two weeks after nCino, the software provider for financial institutions (FIs), announced plans to go public, the North Carolina-based company is offering 7.6 million shares of its stock.

In its initial public offering (IPO) filing with the U.S. Securities and Exchange Commission (SEC) on Tuesday (July 7), the stock is expected to be priced between $22.00 and $24.00 per share, per a release. 

The underwriters of the offering will have a 30-day option to purchase up to 1.1 million additional shares of stock, and nCino could raise as much as $210.4 million. 

If approved by the SEC, nCino will be listed on NASDAQ’s Global Select Market under the ticker symbol “NCNO.”

Founded in 2012, nCino has raised $213 million in venture-backed funding, according to Crunchbase, the San Francisco provider of business data about private and public companies.

nCino said it will use the proceeds of its stock sale to purchase additional office buildings, and may also use a portion to acquire, invest in or obtain rights to complementary technologies, products, services or businesses.

The IPO management team includes BofA Securities, Barclays, KeyBanc Capital Markets, SunTrust Robinson Humphrey, Piper Sandler, Raymond James and Macquarie Capital.

nCino said it works with more than 1,100 financial institutions (FIs) globally, with assets ranging in size from $30 million to $2 trillion. 

The company has yet to earn a profit. It recorded net losses in fiscal 2018, 2019 and 2020 of $18.6 million, $22.3 million and $27.6 million, respectively, according to its SEC filing.

“Our cloud-based platform empowered our customers to quickly and safely move their employees to work from home with no disruption to their operations,” nCino Co-founder and CEO Pierre Naude wrote in a letter to investors announcing the IPO. “We further enabled our customers’ most critical business processes during this time by enabling them to underwrite government stimulus loans to their clients that had been impacted by the pandemic, helping to sustain these businesses during this challenging time.”

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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