Cloud banking tech provider nCino acquires DocFox to streamline account opening
US-based cloud banking tech provider nCino has acquired fintech start-up DocFox for an undisclosed sum.
nCino snaps up DocFox for undisclosed sum
Founded in 2016, DocFox provides commercial bank account opening software built to help automate and streamline the customer onboarding process.
With more than 450 global clients, the company claims its tech reduces the amount of time it takes for businesses to open a bank account “from weeks to hours”.
nCino says the integration of DocFox’s technology into its Software-as-a-Service (SaaS) cloud banking platform will help financial services firms simplify the onboarding and account opening experience and enable them to “unify and intelligently manage the entire client lifecycle across information intake, document collection and due-diligence on a single platform”.
The North Carolina-headquartered fintech is currently partnered with more than 1,800 financial companies globally and has scored a string of new deals over the last year, including partnerships with US-based WaterStone Bank and Honor Bank, the UK’s OneSavings Bank and Australia’s Bendigo and Adelaide Bank.
Pierre Naudé, CEO and board chair at nCino, says the acquisition, which is expected to close this month, extends the company’s 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”.
