NCino Cloud Based Financial Services Firm Aims To Raise $100 Million In IPO

1

Two months after the Covid-19 pandemic froze the IPO market, financial services software company NCino has filed for a public offering.

The Wilmington, North Carolina-based startup is seeking to raise $100 million in an IPO, it announced Monday. A regulatory filing with the U.S. Securities & Exchange Commission did not disclose how many shares the company planned to sell, or at what price. The company declined to comment beyond a press release, citing SEC regulations.

The announcement comes as other tech companies are weighing up their potential futures on the public market since Covid-19 battered the economy. Some have seen great success: Shares in ZoomInfo, a cloud-based sales and marketing software firm, surged 62% on its first day of trading, making it the largest tech company debut of 2020. But other tech firms battered by the pandemic, such as Airbnb, are yet to announce whether they will proceed with planned IPOs.

728x90

Launched in 2012 by executives of North Carolina-based Live Oak Bank as a spin-off venture, nCino provides Salesforce-based software to improve loan and deposit processing, among other financial services. The company, which employs more than 900 people, has raised a total $213 million from investors including  Insight Partners, Salesforce Ventures and T. Rowe Price. Insight holds a 46.6% stake in the company, company filings show.

Led by CEO Pierre Naudé, nCino now has more than 1,100 corporate customers, mostly banks, including Bank of America and Santander, the company said in its SEC filing. In recent months, the company’s software has been used by these customers to process more than $50 billion in Paycheck Protection Program funding using its software, and handled hundreds of thousands of requests from small businesses seeking loans.

According to nCino’s SEC filing, known as an S-1, the company generated $138 million in the fiscal 2020 year, with $27.8 million in losses, up from $91.5 million revenue on $22.3 million in losses in 2019.

The company will list on the NASDAQ market under the ticker “NCNO.” The deal will be underwritten by Barclays, SunTrust Robinson Humphrey Bank of America Securities and KeyBanc Capital Markets.

Follow me on Twitter or LinkedIn. Send me a secure tip.

I’m a staff reporter at Forbes covering tech companies. I previously reported for The Real Deal, where I covered WeWork, real estate tech startups and commercial real estate. As a freelancer, I’ve also written for The New York Times, Associated Press and other outlets. I’m a graduate of Columbia Journalism School, where I was a Toni Stabile Investigative Fellow. Before arriving in the U.S., I was a police reporter in Australia. Follow me on Twitter at @davidjeans2 and email me at djeans@forbes.com

Source: https://www.forbes.com

Learn more about how nCino’s Bank Operating System enables financial institutions of all sizes to succeed in today’s competitive environment.

Overstock (OSTK) Shares Are up Over 160% Year to Date

1

Cryptocurrency-friendly e-commerce giant Overstock (NASDAQ: OSTK) has seen the price of its shares surge so far this year, as traders who bet on OSTK are now up over 160%.

The beginning of the year wasn’t great for Overstock shareholders, as the firm started the year trading at $7.04 but faced the continuation of a downturn that saw it drop to a $2.67 low in mid-March, when COVID-19 was declared a pandemic by the World Health Organization and all major U.S. stock market indices entered a bear market.

Since then, however, OSTK has been steadily rising, now trading at $18.9. Those who bought the company’s shares at the beginning of the year are now up nearly 170%, while those who bought it at its low are up a whopping 600%.

OSTK price chart

The e-commerce giant saw its share price surge after the company revealed sales had skyrocketed during the COVID-19 pandemic, as customers started using e-commerce platforms more and more. Per CEO Jonathan Johnson, quarter-to-date retail sales went up 130% year-over-year, and the company shifted to a model where all of its employees are working from home.

Overstock has also seen new retail customer growth of 85% year-to-date. Overall, the company’s new customers are up 260% quarter to date. The category that’s best performing on its website is the home furnishing products one, with online penetration of 42%.

According to Overstock, as its sales went up the overall retail industry suffered a decline of roughly 30% over shelter-in-place orders. Looking forward, the e-commerce giant is looking to improve its mobile site, reduce logistics costs, and improve inventory management for faster delivery.

On May 19, the company will be distributing a digital preferred stock dividend, which will trade exclusively on its tZERO cryptocurrency trading platform. Investors will receive one security token per 10 OSTK shares held as of April 27.

Overstock’s former CEO, Patrick Byrne, was pro-cryptocurrency. In 2014, the company started accepting bitcoin payments, and in 2017 it started accepting payments in all cryptocurrencies.

By: Francisco Memoria

Featured image via Unsplash.

Source: https://www.cryptoglobe.com

728x90-1-1GM-980x120-BIT-ENG-Banner-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-2-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-1-2-1

Tonya Hall talks to Overstock.com CEO Patrick Byrne about the crypto currency revolution. For the full episode, go to http://twit.tv/tri/158.
%d bloggers like this: