nCino, Inc. (NASDAQ: NCNO), the provider of intelligent banking solutions, announced that it has entered into a definitive agreement to acquire FullCircl.
FullCircl is a UK-headquartered SaaS (software as a service) platform, built to help FIs and regulated companies grow revenue, automate and accelerate onboarding, and improve client lifecycle management (CLM) by addressing regulatory and verification roadblocks.
nCino and FullCircl partnered last year in order to bring FullCircl’s data capabilities into the nCino Platform to improve the efficiency and compliance with which FIs acquire, onboard, and serve clients.
FullCircl and nCino share several customers, which are said to be ranging from some of the “largest” institutions based in the United Kingdom to incumbents as well as neobanks serving the SME sector.
The joint proposition can create a better client and staff experience for FIs, and can also contribute to their overall growth and profitability gains.
The acquisition of FullCircl will reportedly aim to provide nCino with various innovative capabilities for onboarding and client lifecycle management.
FullCircl offers a business rules-engine that can simplify the complexity of onboarding underpinned by an “array of pre-contracted premium data-supply.”
Additionally, FullCircl’s tech provides teams access to business development tooling to profile a graph-database of connected company-data, “including insights, financial information, credit scores, risk profiles, ultimate beneficial ownership, import/export, legal notices, adverse director history and other profiling data.”
The purchase price for FullCircl is $135M in cash, subject to customary adjustments. And $15M purchase price will be retained by nCino for two years following the closing of the transaction “as security for the performance of certain warranties and covenants arising under the purchase agreement.”
nCino plans to provide an update on the financial impact of this acquisition in connection “with its third quarter earnings release.”
As covered, nCino is powering a new era in financial services.
The firm was founded to help FIs digitize and “reengineer” business processes to increase efficiencies and offer improved banking experiences.
With 1,800+ customers including community banks, credit unions, independent mortgage banks, and financial entities globally – nCino offers a platform of “intelligent” solutions.
By integrating AI and insights into its platform, nCino is helping financial institutions consolidate legacy systems to “enhance strategic decision-making, improve risk management, and elevate customer satisfaction by cohesively bringing together people, AI and data.”
FullCircl is a B2B SaaS company that reportedly aligns regulation with customer acquisition in order to “boost business efficiency.”
Its solutions increase revenue growth, manage risk and compliance, and enhance customer onboarding, which reduces “acquisition costs and fosters positive customer relationships for accelerated growth.”
Providing key insights, FullCircl offers a “near” real-time record of companies, officers, and shareholders, while also effectively “simplifying due diligence checks like KYB, KYC and AML.”
Reportedly serving 400+ customers and 15,000+ users, FullCircl claims that it processes 300 million checks monthly and supports the onboarding of 200,000+ customers and is backed by investors such as Octopus Investments, Notion Capital and Augmentum Fintech.