FinTech nCino Plans Initial Public Offering

Home » FinTech » FinTech News » FinTech nCino Plans Initial Public Offering

FinTech nCino Plans Initial Public Offering

It looks as though another FinTech initial public offering could soon be upon us. This week, nCino announced plans to go public. As TechCrunch reports, the firm is currently eying a share price between $22 to $24. With nCino planning to issue 7.625 million shares, the IPO could raise as much as $183 million and put the company’s value somewhere in the neighborhood of $2 billion. The stock is set to debut on the Nasdaq Global Select Market, using the ticker symbol “NCNO.”

Based in Wilmington, North Carolina, nCino bills itself as a bank operating system that aims to automate and streamline processes employed by banks, credit unions, and others. According to their updated S-1 filing, there are now more than 1,100 institutions using their platform. Moreover, these customers currently spans across 10 countries, while the company itself employs more than 900 people between seven global offices.

Meanwhile, on their website, nCino notes that their average customer sees a 22% improvement in efficiency, a 92% reduction in servicing costs, and a 127% increase in account opening completion rates among other benefits.

In their prospectus, nCino included testimonials from some of the institutions they work with. For example, TD Bank’s head of commercial banking Chris Giamo stated, “TD Bank’s investment into the nCino platform ultimately will enable us to provide a seamless experience to our clients and an improved employee experience — both critical to the success of an organization.” Giamo continued, “Through nCino, TD Bank is consolidating numerous legacy systems into one top-tier foundational platform that allows for better communication, credit administration and processes, and through data, advanced visibility into the lifecycle of relationships and future opportunities.” Speaking to more recent applications Coastal States Bank EVP and chief credit officer explained, “With nCino, we can not only provide much-needed funding to our small business customers, but we can track in real-time how much of our pipeline is related to COVID-19, easily create automated and customized reports, make changes quickly in a constantly-evolving situation, and ensure we are always remaining compliant.”

Famously, FinTechs haven’t always fared so well after going public. Common examples of this include online lenders LendingClub and OnDeck, which both received warm welcomes in their IPOs but have since struggled. On the other hand, Square Inc. has seen continued success, recently reaching an all-time high. Of course, while nCino may fall into the same broad label as those firms, the comparisons more or less stops there. Therefore it will be very interesting to see how investors react to the stock once it makes its big debut.


Jonathan Dyer

I'm a small town guy living in Los Angeles looking to make solid financial decisions. I write for a number of finance websites, including HuffingtonPost and Business2Community. I founded in 2015 to focus on personal finance and the emerging FinTech markets.

Other Articles by Jonathan Dyer

Acorns App Launches Job Finder Powered By ZipRecruiter

Those seeking a side hustle, additional part-time job, or new career now have another resource for finding available positions. This week, the micro-investing app Acorns unveiled a new job finder tool, with listings powered by ZipRecruiter. To find this feature, users will first want to navigate to the "Earn more...

JPMorgan Chase Introduces New Card Readers for Small Businesses

It seems as though one big bank is looking to appeal to small business owners, introducing a new set of banking and payment solutions. This week, JPMorgan Chase announced the debut of its Business Complete Banking offering, which includes QuickAccept — a new mobile card reader tool that will allow...

Average FICO Score Climbed to New Record High in July

Believe it or not, credit scores are now at the highest level they've ever been. This week, FICO revealed that the average credit score in the United States reached 711 as of July. The new average is five points higher than what was seen one year ago and three points...