nCino to Acquire DocFox, Revolutionizing Business Banking Onboarding

Published 4 months ago

nCino, a global leader in cloud banking, has announced plans to acquire DocFox, a top provider of automated commercial and business banking onboarding solutions.

A Strategic Move

The acquisition aims to enhance nCino’s existing functionality, particularly in the sector of commercial and business banking, an area which has been slow to innovate due to its complexity. The integration of DocFox’s technology will allow financial institutions to manage client lifecycles more efficiently, from information intake and document collection to due diligence, all on a single platform.

Streamlining Processes

DocFox is renowned for condensing complex and admin-intensive onboarding processes from weeks to mere hours. The integration into nCino will simplify the onboarding and account opening process, enabling better client experiences. Pierre Naudé, CEO and Chairman of the Board at nCino, expressed excitement about extending their single platform vision and delivering a modern experience in commercial and business banking.

Mutual Enthusiasm

Ryan Canin, DocFox Co-Founder & CEO, echoed Naudé’s sentiments. Canin stated that joining forces with nCino aligns with their shared visions, cultures, and commitments to customers and employees. The goal is to offer technology that provides real solutions to the industry’s most pressing challenges.

Industry Leaders Respond

James Beckwith, President & CEO at Five Star Bank, sees the integration of nCino and DocFox’s technologies as a strategic imperative, expecting it to offer a faster, more simplified, and efficient experience for clients. Beckwith also anticipates that the acquisition will bring access to industry-leading talent, resources, and synergies.

DocFox, founded in 2016, has over 450 customers across three continents. The acquisition is projected to finalize in March 2024.