Wilmington, N.C.-based cloud banking provider nCino, Inc., is acquiring account onboarding company DocFox. The deal is expected to close this month. The price was not disclosed.
Founded in 2016, Miami-based DocFox helps automate the onboarding and account opening processes for commercial and business banking. NCino helps banks make and manage loans and onboard business and consumer accounts.
According to nCino, the combined offering will help banks “unify and intelligently manage the entire client lifecycle across information intake, document collection and due-diligence on a single platform, regardless of the entity’s complexity.
“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 Chair and CEO Pierre Naudé. “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.”
New York City-based Keefe, Bruyette & Woods served as financial adviser to DocFox, while Palo Alto, Ca.-based Wilson Sonsini Goodrich & Rosati provided legal counsel to the firm. Chicago-based Sidley Austin LLP served as legal counsel to nCino.