nCino acquires iPaaS provider Sandbox Banking
US cloud banking software provider nCino has acquired Sandbox Banking, an Integration-Platform-as-a-Service (iPaaS) company that supports digital transformation in the financial services industry.
The deal, valued at $52.5m with an additional earn-out opportunity of up to $10m, bolsters nCino's capabilities in enhancing data connectivity and streamlining operations for banks and credit unions.
Financial institutions often encounter challenges with integration when launching new products or connecting with external systems.
nCino's acquisition of Sandbox Banking introduces an integration hub designed to simplify these processes, eliminate redundancies, and align data across various banking systems, according to the company.
Sandbox Banking CEO and co-founder Ravi Balasubramanian said: 'Today's financial institutions are navigating complex challenges, from managing siloed data systems to launching tech-enabled products quickly.
'Our combined resources offer banks and credit unions practical tools to turn these challenges into opportunities for growth and customer delight.'
The acquisition promises several key benefits for financial institutions, such as accelerated deployment through customisable prebuilt integrations and advanced connectivity, which can reduce project timelines.
A library of prebuilt connectors will be available, covering core banking platforms and over 50 solutions, including lending, deposits, and mobile banking.
Additionally, Sandbox Banking's technology will enable artificial intelligence (AI) services that can generate integration logic, saving time in integration and API development.
This will streamline operations by automating integrations and reducing manual data entry, leading to fewer errors and less technical debt.
A unified platform will be created, offering a single source of truth for connected data, which meets regulatory requirements.
nCino chief product officer Chris Gufford said: 'We've closely partnered with Sandbox Banking for years through many integration projects, so we've seen first-hand how this technology layer improves transparency, reduces integration friction, accelerates project timelines, and creates a hub for better data connectivity.'
In November 2024, nCino acquired UK-based SaaS firm FullCircl for $135m.
"nCino acquires iPaaS provider Sandbox Banking" was originally created and published by Retail Banker International, a GlobalData owned brand.
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