nCino, a US-based cloud banking services provider, has signed a definitive agreement to acquire DocFox, a company providing automation of onboarding experiences for commercial and business banking.
The acquisition is for a sum of $75 million in cash, and is expected to close in March 2024.
Founded in 2016 and headquartered in Boston, DocFox provides commercial bank account opening software and claims that its solution reduces the duration required to open a business account “from weeks to hours”. The company says it has garnered over 450 customers across three continents.
By integrating into nCino, the combined offering aims to help financial institutions unify and manage the entire client lifecycle across information intake, document collection and due-diligence on a single platform, regardless of the entity’s complexity.
“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.”
Founded in 2011 and based in Wilmington, North Carolina, nCino provides a cloud-based Software-as-a-Service (SaaS) platform to financial institutions to help them onboard clients, open accounts, make loans and manage the loan lifecycle through a single platform. It claims to have partnered with more than 1,800 financial services providers globally since its inception.
