US-based cloud banking solutions provider nCino has acquired Sandbox Banking for $52.5 million as it looks to help financial institutions overcome “costly integration challenges”.Sandbox Banking acquired by nCino for $52.5mBacked by Horizon Ventures, Sandbox Banking is a low-code integration platform that assists banks and credit unions with integrating fintech products into their core banking systems.The company’s propriety Integration Platform-as-a-Service (iPaaS) offering, Glyue, is able to connect more than 14 core banking systems with 50+ fintech solutions for lending, deposits, document management, KYC, AML, underwriting, mobile banking, and analytics, among others.In a statement on its latest purchase, nCino states that it plans to leverage this technology to develop an “integration hub”, with the aim to assist financial institutions with streamlined fintech integrations while also eliminating technical redundancies and better aligning data across core and ancillary banking systems.The company, now led by CEO Sean Desmond following his appointment earlier this month, says the addition of Sandbox Banking’s tech will provide users with pre-built adapters and workflows and new AI-powered services.“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,” comments nCino CPO Chris Gufford.The purchase price currently remains subject to “customary adjustments”, nCino says, with an additional earn-out opportunity of up to $10 million upon the satisfaction of “certain financial and product development metrics”.
Mer. Feb 12th, 2025
