TLDR:
- nCino, a cloud banking tech provider, has acquired DocFox, a fintech start-up, to streamline account opening processes.
- DocFox’s technology will be integrated into nCino’s cloud banking platform to enhance client onboarding and account opening experiences.
US-based cloud banking tech provider nCino has acquired fintech start-up DocFox to improve the account opening process for financial services firms. Founded in 2016, DocFox offers commercial bank account opening software designed to automate and streamline customer onboarding. With over 450 global clients, DocFox claims its technology can reduce the time it takes for businesses to open a bank account from weeks to hours.
nCino, which is currently partnered with more than 1,800 financial companies worldwide, plans to integrate DocFox’s technology into its Software-as-a-Service (SaaS) cloud banking platform. This integration aims to simplify the onboarding and account opening experience for clients and provide a unified platform for managing the entire client lifecycle.
Pierre Naudé, CEO and board chair at nCino, views the acquisition of DocFox as a way to enhance the company’s existing functionality and deliver a modern experience in an area of commercial and business banking that has historically lacked innovation due to its complexity. The deal is expected to be finalized this month.
