- 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.
Cloud banking tech provider nCino acquires DocFox to streamline account opening
Hot this week
Blogs
Banking as a Service: Meaning, Examples, Benefits and Future
The push for open banking has led to a...
Blogs
Best fintech blogs and websites
Fintech (financial technology) has been an interesting part of...
Blogs
Is it worth investing in life insurance over 60?
Is it worth investing in life insurance over 60?
As...
Topics
Banking
Morgan Stanley buys stake in UK business payments start-up Sokin
Key Points:Acquisition Details:Morgan Stanley has acquired a...
Banking
New wealthtech start-up Waltz launches US real estate investment platform
Key Points:Launch Objective:Enable foreign investors to invest...
Banking
HSBC India partners with Open Financial Technologies to launch FinConnect for business clients
Key Points:Partnership Objective:Simplify payment processes for HSBC's...
Banking
FCA issues new guidelines to ensure cash access for consumers and small enterprises
Key Points:Objective:Ensure "reasonable access" to cash deposit...
Banking
Social trading app Shares set to exit UK market
Key Points:Market Exit:Shares is set to exit...
Banking
UniCredit set to acquire Aion Bank and BaaS provider Vodeno for €370 million
Key Points:Acquisition Agreement:UniCredit has signed a binding...
Banking
Kenya’s Diamond Trust Bank taps Network International for digital payment solutions
Summary of Diamond Trust Bank (DTB) and Network International...
Banking
Rabobank taps Zafin to upgrade pricing, billing and invoicing capabilities
Key Points:Partnership Announcement:Rabobank has partnered with Zafin,...