- nCino, a US-based cloud banking technology provider, has acquired fintech start-up DocFox, with the financial terms undisclosed.
- Founded in 2016, DocFox offers commercial bank account opening software designed to automate and streamline customer onboarding processes, claiming to reduce account opening time from weeks to hours.
- With over 450 global clients, DocFox’s technology focuses on expediting the bank account opening process for businesses.
- nCino plans to integrate DocFox’s software into its Software-as-a-Service (SaaS) cloud banking platform, aiming to simplify onboarding and account opening experiences for financial services firms.
- The integration will allow firms to manage the entire client lifecycle, including information intake, document collection, and due diligence, on a single platform.
- nCino, headquartered in North Carolina, currently collaborates with over 1,800 financial companies worldwide and has recently secured partnerships with institutions like WaterStone Bank, Honor Bank in the US, OneSavings Bank in the UK, and Bendigo and Adelaide Bank in Australia.
- Pierre Naudé, CEO and board chair at nCino, anticipates that the acquisition of DocFox will enhance the company’s existing functionality, particularly in areas of commercial and business banking that have seen limited innovation due to complexity.
