nCino, Inc. (NASDAQ: NCNO), the leading provider of intelligent, best-in-class banking solutions, today announced that it has entered into a definitive agreement to acquire FullCircl. FullCircl is a leading UK-based SaaS platform, built to help financial institutions and regulated companies grow revenue, automate and accelerate onboarding, and improve client lifecycle management by removing regulatory and verification roadblocks.
nCino and FullCircl formally partnered in 2023 to bring FullCircl’s data capabilities into the nCino Platform to improve the speed, efficiency, and compliance with which financial institutions acquire, onboard, and serve clients. FullCircl and nCino share several mutual customers, ranging from some of the largest institutions in the UK to niche incumbents and neobanks serving the SME space. The joint proposition can not only create a better client and staff experience for financial institutions, but can contribute to their growth and profitability gains, too.
“Our ongoing relationship with nCino and FullCircl’s integrated offering will empower us to streamline our application processes, improve our decisioning pace, and speed up loan completions,” said Jake Brook, Lending Change Manager from Yorkshire Building Society. “Automating client data collection and validation will enhance transparency for borrowers and improve the client journey, throughout their lifecycle, not just at onboarding.”
The acquisition of FullCircl will provide nCino with new capabilities for onboarding and client lifecycle management. FullCircl offers a powerful business rules-engine that can simplify the complexity of onboarding underpinned by an array of pre-contracted premium data-supply. Additionally, FullCircl’s technology provides frontline teams access to business development tooling to profile a comprehensive graph-database of extensive connected company-data, including news and insights, detailed financial information, credit scores, risk profiles, ultimate beneficial ownership, import/export, legal notices, adverse director history and other critical profiling data.
“The acquisition of FullCircl is a strategic move for nCino that will not only enhance our data and automation capabilities but also enables us to expand our reach across the UK and more broadly in Europe with an end-to-end experience for full client lifecycle management,” said Pierre Naudé, Chairman and CEO at nCino. “Having worked closely with the FullCircl team for some time now, we recognized the value our joint technology can deliver, and this acquisition marks an exciting step forward in our mission of driving innovation and powering a new era in financial services.”
Andrew Yates, CEO and Cofounder at FullCircl added, “We have been working with the nCino team for several years, and the close alignment in both organisations across vision, culture, customers, product and market opportunity have contributed to this exciting acquisition making perfect sense. We both serve regulated industries who walk a tightrope between a strict operating rulebook and a mandate to deliver growth and shareholder value, all while providing a seamless client experience. This marks a significant new chapter for FullCircl as we become part of nCino.”
The purchase price for FullCircl is One Hundred and Thirty-Five Million Dollars ($135,000,000) in cash, subject to customary adjustments (the “Purchase Price”). Fifteen Million Dollars ($15,000,000) of the 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.
