The transatlantic fintech space has witnessed another major M&A as Washington DC banking solutions firm nCino secured terms to buy London orchestration platform FullCircl.
The M&A builds on a formal partnership between the duo in 2023 which saw nCino utilise FullCirlc’’s data capabilities. The firms also share mutual customers including “some of the largest institutions in the UK” alongside SME-targeting neobanks and “niche incumbents”.
nCino asserts that the combined proposition resulting from the M&A will create a better client and staff experience for financial institutions and contribute to growth and profitability gains.
Specifically, the firm expects enhancements in how it onboards and handles client lifecycle management. This will be complemented by FullCircl’s business development tools covering company-data, news and insights, financial information, credit scores, risk profiles, beneficial ownership, import and export, legal notices, adverse director history, and other profiling data.
Pierre Naudé, Chairman and CEO at nCino, 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 recognized 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.”
The takeover comes just over a year after FullCircl initiated an M&A of its own, purchasing Q2 Global Data Solutions, a data privacy-as-a-service provider.
Meanwhile, for nCino, the acquisition shows the high value the firm places on data, something its Head of Product EMEA emphasised to Payment Expert in a discussion about how banks can appeal to Gen Z demographics earlier this year.
Andrew Yates, CEO and Cofounder at FullCircl, added: “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.”
Regarding the financial details of the transaction, the purchase price stands at $135m in cash, subject to customary adjustments. nCino will retain $15m for two years following the close of the transaction as security. The company states that it will provide an update on the financial impact of the translation in its Q3 earnings release.
