Technology provider nCino is looking to create a single platform in the cloud that offers deposits, business loans and personal loans, while meeting regulatory demands and increasing overall efficiency. 

With that effort in mind, nCino on March 18 announced its $75 million acquisition of DocFox to eliminate paperwork and reduce overall onboarding time — a capability nCino’s financial institution clients have been asking for, Chief Revenue Officer Josh Glover told Bank Automation News. 

“Where it makes sense, we bring other companies into the fold,” he said. 

The tech provider has been working toward creating a platform in the cloud that can provide an end-to-end customer journey, and DocFox adds to that effort, he said. With DocFox, all client data from lending experiences will be in one data community, adding efficiency and simplicity, Glover said.  

DocFox offers nCino clients streamlined commercial onboarding and commercial account opening, a task that previously could take weeks. “Sitting and waiting sometimes weeks for onboarding isn’t just something these institutions are going to tolerate,” Glover said.  

BY THE NUMBERS: In its fiscal Q4, nCino reported: 

• Total revenue for the fiscal year, ending Jan. 31, 2024, increased 17% year over year to $467.5 million; 
• Total revenue for fiscal Q4 increased 13% YoY to $123.7 million; and 
• Subscription revenue for fiscal Q4 grew 16% YoY to $107.5 million. 

NOTEWORTHY: In December, nCino extended its agreement with Salesforce, as the tech provider’s platform is built on the customer relationship management company’s technology, Chief Financial Officer Greg Orenstein said during the earnings call.  

FORWARD LOOK: Adoption of nIQ, nCino’s AI solution, increased in Q4 and 39% of nCino’s platform base is now using at least one nIQ solution, Glover said on the earnings call.  

“With the new offerings we’re bringing to the market and the acquisition of DocFox, we expect to see even deeper adoption of the single platform within our accounts,” Glover said. 

MARKET REACTION: nCino stock jumped 18.9% today to $35.90 at market close and was up from $29.89 on March 19 when the DocFox acquisition was first announced. 

The tech provider’s market capitalization is $4.1 billion.  

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Correction: Bank Automation News has corrected this story to note that nCino’s Josh Glover is the Chief Revenue Officer for the company. Glover was misidentified in an earlier version of this story.