Local tech startup receives national recognition

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Wilmington tech company nCino, which specializes in cloud-based operating solutions for the financial industry, recently announced it has been chosen to Red Herring’s Top 100 American Tech Startups.

The company was selected from hundreds of applicants across the United States, and the selections were announced in an event held June 1-3 in San Diego, California, according to a news release from the company.

“This award from Red Herring further underscores our leading position as a cloud banking innovator and affirms the traction we have built in the marketplace over the past three years,” said Pierre Naudé, CEO of nCino. “We look forward to continuing this momentum and working with additional financial institutions to bring transparency and efficiency to their lending operations.”

The Red Herring Top 100 has highlighted the technology industry’s top private ventures since 1996 with judges grading applicants on criteria such as technological advantage, social contribution, growth rate, market size, revenues and the company’s overall globalization, the news release states.

Before nCino became a privately held company in 2012, it was created out of necessity by Wilmington-based Live Oak Bank, which needed a more efficient way of processing and administering small business loans to clients across the country, Naudé said.

Neil Underwood, Live Oak Bank’s president and chief operating officer, and James (Chip) Mahan, now nCino chairman, developed the bank operating system in order to streamline Live Oak’s loaning efficiency.

The new cloud-based tracking system enabled Live Oak to harness the power of the Salesforce platform and “digitally track a loan through its entire life cycle while ensuring regulatory compliance, reducing risk, increasing transparency and efficiency and creating new revenue opportunities,” the company’s website states.

Since 2012, nCino has developed 90 bank and credit union customers with assets ranging from $150 million to $200 billion, while employing 150 people, the majority of whom are based out of its Wilmington headquarters. For more information about nCino you can visit the website or follow them on Twitter.