NCino plans to acquire DocFox to create a single platform that will enable financial institutions to manage the entire client lifecycle.
The combined solution will encompass information intake, document collection and due diligence, the companies said in a Monday (March 18) press release.
NCino’s acquisition of DocFox is expected to close by the end of March, according to the release.
“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,” Pierre Naudé, CEO and chairman of the board at nCino, said in the release. “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.”
DocFox provides solutions that simplify and automate onboarding experiences for commercial and business banking, often condensing the onboard process from weeks to days or hours, according to the release. The company was founded in 2016 and currently has more than 450 customers on three continents.
NCino provides cloud banking solutions for the global financial services industry, the release said. It aims to digitize, automate and streamline processes for both financial institutions and their clients. The company is currently partnered with more than 1,800 financial services providers around the world.
The combination of the companies and integration of their solutions will deliver solutions to the financial services industry’s most pressing problems, Ryan Canin, co-founder and CEO of DocFox, said in the release.
“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,” Canin said.
In another recent move, nCino said in December that it expanded its 12-year-old collaboration with Salesforce. With this agreement, nCino will deepen its connectivity to Salesforce platform tools to help financial institutions utilizing nCino and Salesforce continue to modernize customer experiences.
In September 2022, nCino partnered with Codat, an application programming interface for small business data, to automate and accelerate the ways banks can underwrite small business loans.
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