nCino in Wilmington, N.C., has agreed to buy DocFox, which automates onboarding experiences for commercial and business banking.
The deal is expected to close by the end of this month. The price wasn’t disclosed.
The acquisition should allow nCino to offer clients a single platform for information intake, document collection and due diligence.
The acquisition “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,” Pierre Naudé, nCino’s chairman and CEO, said in a press release.
“We are excited to further extend our single platform vision and look forward to delivering this differentiating solution to financial institutions seeking to optimize onboarding and account opening processes,” he added.
DocFox, founded in 2016, has more than 450 customers across three continents.
Keefe, Bruyette & Woods and Wilson Sonsini Goodrich & Rosati advised DocFox. Sidley Austin advised nCino.