Wilmington-based financial technology company nCino will acquire FullCircl, a London-based business-to-business, software as a service (SaaS) platform, for $135 million.

FullCircl helps financial institutions and other regulated companies “grow revenue, automate and accelerate onboarding, and improve client lifecycle management by removing regulatory and verification roadblocks,” according to the news release announcing the acquisition on Thursday.

The two companies formally partnered in 2023, bringing FullCircl’s data capabilities into the nCino platform to improve the speed, efficiency and compliance with which financial institutions can acquire, onboard and serve clients. The companies have several mutual customers, according to the release, ranging from “some of the largest institutions in the UK to niche incumbents and neobanks serving the SME (small and medium enterprises) space.”

"The acquisition of FullCircl is a strategic move for nCino that will not only enhance our data and automation capabilities but also enable us to expand our reach across the UK and more broadly in Europe with an end-to-end experience for full client lifecycle management,” Pierre Naudé, chairman and CEO at nCino, stated in the release. 

“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,” Naudé added.

Acquiring FullCircl will provide nCino with new capabilities for onboarding and client lifecycle management. FullCircl also provides frontline teams with access to business development tools that can highlight connected company data, including news and insights, detailed financial information, credit scores, risk profiles and more.

“We have been working with the nCino team for several years, and the close alignment in both organizations across vision, culture, customers, product and market opportunity have contributed to this exciting acquisition making perfect sense,” Andrew Yates, FullCircl's CEO and co-founder stated in the release. “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.”

Yates helped Artesian Solutions, the company that would later become FullCircl, in 2007 to provide regulated entities with the business intelligence needed to drive better conversations with customers, according to the company's website. In 2021, Artesian acquired DueDil, a company intelligence platform, and the next year, the company rebranded as FullCircl.

nCino purchased FullCircl for $135 million in cash. The Wilmington-headquartered firm will retain $15 million of the purchase price for two years after the close of the transaction as security for the performance of certain warranties and covenants arising under the purchase agreement, according to the release. nCino officials plan to provide an update on the financial impact of the FullCircl acquisition in connection with its third-quarter earnings release. As of Friday, a date for the company's third-quarter earnings call had not been announced.

The transaction is the latest in a series of acquisitions for the local company. In March, nCino announced its $75 million purchase of DocFox, a South Africa-based onboarding service provider for commercial and business banks, and in early 2022, nCino completed its acquisition of SimpleNexus, a provider of homeownership software. That deal was valued at $1.2 billion and consisted of about 12.75 million shares of nCino common stock and about $270 million in cash.