Fintech: Southeast News

Fintech Southeast News curated each weekday for Alabama, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina, and Tennessee

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Posted November 24, 2021

 

Cloud-based core banking vendor nCino is to expand its business in the US mortage market through the acquisition of SimpleNexus in a stock and cash transaction valued at approximately $1.2 billion.

SimpleNexus is involved in more than one in seven mortgage originations in the US, serving more than 300 mortgage companies, over 80 banks and credit unions and more than 41,000 loan originators nationwide.

Providing a natural expansion of nCino’s capabilities to the US point-of-sale mortgage market, SimpleNexus will gains access to nCino's client base of 1100 banks and credit unions. Similar to nCino, SimpleNexus operates a per-seat subscription-based revenue model, enabling the company to generate financial results that are more predictable, recurring and not based on mortgage transaction volumes.

Pierre Naudé, chief executive officer of nCino, comments: “Just as nCino has transformed the process for commercial, small business and retail lending, treasury management and account opening, SimpleNexus has streamlined the many stages of the homeownership process into a single, seamless journey. Their innovative solution and deep subject matter expertise in consumer front-end technology will extend our capabilities to the US point-of-sale mortgage space and enhance nCino’s mobile and point-of-sale offerings, unlocking additional opportunities and value for our customers and their clients.”

 

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