Cloud-based banking solutions provider nCino has agreed to acquire DocFox, a solution provider specialising in automating onboarding experiences for commercial and business banking.
The financial terms of the transaction were not revealed.
Established in 2016, DocFox offers technology that helps in streamlining and automating the onboarding and account opening process.
The firm helps organisations to condense complicated and admin-intensive onboarding processes from weeks to days or even hours.
DocFox co-founder and CEO Ryan Canin said: “We’re thrilled to join forces with nCino and combine our similar visions, cultures, and commitments to customers and employees, with the goal of delivering technology that provides real solutions to the industry’s most pressing challenges.
“Our leading onboarding and account opening solution will complement and extend nCino’s single platform to create even greater value for financial institutions seeking to automate and digitise the experiences they provide to employees and clients.”
According to nCino, its integration into DocFox will help financial institutions to unify and intelligently oversee the complete client lifecycle across information intake, document collection, and due-diligence on one platform.
This will be made possible in spite of the entity’s complexity.
Besides, the acquisition will expand nCino’s solution to help financial firms streamline processes and serve clients end-to-end on a single platform.
nCino CEO Pierre Naudé said: “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.
“We are excited to further extend our single platform vision and look forward to delivering this differentiating solution to financial institutions seeking to optimise onboarding and account opening processes.”
The transaction is anticipated to be completed this month.
Keefe, Bruyette & Woods served as financial adviser to DocFox while Wilson Sonsini Goodrich & Rosati is legal counsel to the commercial bank account opening software provider. Sidley Austin is nCino’s legal counsel.