nCino, the global cloud banking platform, is set to acquire UK-based SaaS platform FullCircl as it continues to expand its reach and invest in its EMEA growth strategy.
FullCircl’s platform helps financial institutions automate and accelerate onboarding and improve client lifecycle management, by helping them overcome regulatory and verification challenges.
The acquisition, worth $135million, will provide nCino with new capabilities for onboarding and client lifecycle management as it continues to support commercial banks in achieving a more streamlined and efficient customer journey.
The news comes shortly after the two entities forged a partnership in 2023, which saw nCino bring FullCircl data capabilities into its platform to enhance how 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. It hopes a joint proposition will not only create a better client and staff experience for financial institutions, but also contribute to their growth and profitability gains.
Pierre Naudé, chairman and CEO at nCino
“The acquisition of FullCircl is a strategic move for nCino that will not only enhance our data and automation capabilities but also enable us to expand our reach across the UK and more broadly in Europe with an end-to-end experience for full client lifecycle management,” explained Pierre Naudé, chairman and CEO at nCino.
“Having worked closely with the FullCircl team for some time now, we recognised 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.”
FullCircl offers a business rules-engine that can simplify the complexity of onboarding underpinned by an array of pre-contracted premium data-supply.
Enhancing transparency for borrowers
FullCircl’s technology also 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, legal notices, adverse director history and other critical profiling data.
Andrew Yates, co-founder and CEO at FullCircl
Andrew Yates, co-founder and CEO at FullCircl, also 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 that 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.”
According to Jake Brook, lending change manager at Yorkshire Building Society, the combined proposition has enabled the financial institution to improve its decisioning pace and speed up loan completions. “Automating client data collection and validation will enhance transparency for borrowers and improve the client journey, throughout their lifecycle, not just at onboarding,” Brook added.
nCino will retain $15million of the £135million purchase price for the two years following the completion of the acquisition as security for the performance of certain warranties and covenants arising under the purchase agreement.
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