Intelligent banking solutions provider nCino has agreed to acquire UK-based software as a service (SaaS) platform FullCircl in a deal worth $135m.
According to the terms of the definitive agreement, nCino will retain $15m of the purchase price for two years to cover certain warranties and covenants outlined in the agreement.
Through the proposed acquisition, nCino aims to strengthen its capabilities in onboarding and client lifecycle management.
Established in 2022, FullCircl offers solutions to improve revenue growth, handle risk and compliance, as well as optimise customer onboarding. It also enhances lifecycle management by navigating regulatory and verification challenges.
The firm offers a near real-time record of companies, officers, and shareholders, simplifying due diligence checks like know your bank (KYB), know your customer (KYC), and anti-money laundering (AML).
FullCircl is recognised for its business rules-engine, which simplifies onboarding complexities.
Furthermore, it offers frontline teams access to business development tooling to profile a comprehensive graph-database of extensive connected company-data, including news and insights, risk profiles, ultimate beneficial ownership, detailed financial information, credit scores, import/export, legal notices, adverse director history, and other critical profiling data.
FullCircl CEO and cofounder Andrew Yates said: “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 acquisition builds on a formal partnership formed in 2023, through which nCino integrated FullCircl’s data solutions into its platform. This is said to have benefitted a diverse set of mutual clients, from major UK financial institutions to niche incumbents and neobanks.
nCino chairman and CEO Pierre Naudé said: “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.
“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.”
In August this year, Dutch banking group ABN AMRO Bank selected nCino to drive digital transformation across its corporate lending.
