nCino, Inc, a cloud banking for the global financial services industry, has acquired DocFox, a leading solution provider automating onboarding experiences for commercial and business banking for $75 million.
DocFox’s technology helps simplify and automate the onboarding and account opening process for commercial and business banking, enabling remarkable client experiences. By integrating into nCino, the combined offering will help enable financial institutions to unify and intelligently manage the entire client lifecycle across information intake, document collection and due-diligence on a single platform, regardless of the entity’s complexity. DocFox has helped institutions condense complicated and admin-intensive onboarding processes from weeks to days or even hours.
“Since day one, nCino was developed to help digitize, automate, and streamline complex processes to create more efficient workflows and better experiences for financial institutions and their clients,” said Pierre Naudé, CEO and Chairman of the Board at nCino. “The acquisition of DocFox extends our existing functionality and will deliver a modern experience to an area of commercial and business banking that has lagged in innovation due to its complexity. We are excited to further extend our single platform vision and look forward to delivering this differentiating solution to financial institutions seeking to optimize onboarding and account opening processes.”
Ryan Canin, DocFox Co-Founder & CEO added, “This is an exciting moment for DocFox. We’re thrilled to join forces with nCino and combine our similar visions, cultures, and commitments to customers and employees, with the goal of delivering technology that provides real solutions to the industry’s most pressing challenges. Our leading onboarding and account opening solution will complement and extend nCino’s single platform to create even greater value for financial institutions seeking to automate and digitize the experiences they provide to employees and clients.”
“Embracing a single, integrated platform, particularly in commercial or business banking, is more than a technological upgrade – it’s a strategic imperative,” said James Beckwith, President & CEO, at Five Star Bank. “We are very excited to implement and integrate nCino and DocFox’s technologies as we seek to provide an even faster, more simplified, and efficient experience for our clients. We are also excited for the access to industry-leading talent, resources, and synergies the acquisition of DocFox by nCino will bring to the business customer onboarding and banking solution space. The combination of two key providers in our technology mix will help provide a distinct advantage in the marketplace.”
DocFox was founded in 2016 and has over 450 customers across three continents.
The acquisition of DocFox is expected to close in March 2024. Keefe, Bruyette & Woods, A Stifel Company served as financial advisor to DocFox and Wilson Sonsini Goodrich & Rosati, Professional Corporation served as legal counsel to DocFox. Sidley Austin LLP served as legal counsel to nCino.
nCino its single software-as-a-service (SaaS) platform, nCino helps financial institutions serving corporate and commercial, small business, consumer, and mortgage customers modernize and more effectively onboard clients, make loans, manage the loan lifecycle, and open accounts. Transforming how financial institutions operate through innovation, reputation and speed, nCino is partnered with more than 1,800 financial services providers globally.
DocFox is a commercial bank account opening software that streamlines and reduces business account opening duration from weeks to hours. DocFox is the only account opening solution that is purpose-built for commercial accounts with the mission to create commercial account opening that banks and their clients love. Founded in 2016, DocFox has over 400 clients with leading institutions across the world.