London firm FullCircl is set to be acquired by Nasdaq-listed US giant nCino after the companies agreed a £105 million cash deal.
SaaS platform FullCircl was built to help financial institutions and regulated companies grow revenue, automate and accelerate onboarding, and improve client lifecycle management by removing regulatory and verification roadblocks.
It partnered with banking solutions company nCino in 2023 to bring FullCircl’s data capabilities into the nCino platform, and the companies share several mutual customers, ranging from some of the largest institutions in the UK to niche incumbents and neobanks serving the SME space.
“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,” said Pierre Naudé, chairman and CEO at nCino.
“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.”
$15m will be retained by nCino for two years following the closing of the transaction as security for the performance of certain warranties and covenants arising under the purchase agreement.
Andrew Yates, CEO and co-founder 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.”