South African Pierre Naudé's fintech company, nCino, makes headlines with $91 share price
The share price spike has made nCino one of the most successful listings of the year so far.
Global fintech company nCino has listed on the Nasdaq stock exchange and became one of the most successful listings of the year so far with the share price spiking from $31 a share to more than $91, which briefly valued the company at nearly $7 billion.
The company’s founder and CEO, South African Pierre Naudé, told RSG Geldsake that he was busy with a media interview when the first trades came through and that he heard the cheers from the staff. “From a personal perspective, it was something very special.”
Pierre comes from a wine farm near Worcester. He joined Boland Bank where he met Johann Dreyer, a former Springbok athlete, who became his partner at several other ventures in the US. “I was a programmer, and Bolank Bank sent me to the US on several occasions.”
He realised that America offered significant opportunities and in 1987 his family relocated to Iowa.
Pierre worked at several fintech companies and was approached by a group of bankers in Wilmington in North Carolina after S1, the company he was working for, was sold.
“They asked me to set up a company to develop software solutions for banks to process credit applications more speedily and efficiently. We started in a tiny office in Wilmington with seven employees. I put up a sign against the wall which read ‘nCino – Worldwide Headquarters’ to frame the mindset.”
The business grew quickly and today the company employs 900 people in the US, Canada, Britain, Japan and Australia.
More than 1,100 financial institutions around the world use its range of cloud-based software solutions.
nCino does not have a presence in South Africa, although the company is talking to local banks. “We service South Africa from our London office and have built up good relationships, but we haven’t signed with a local bank. I expect that we will sign an agreement in due course, and I will be very proud if and when this happens,” Pierre said.
He added that he still has family in South Africa and visits every two years or so. “I hope to get back when Covid-19 is over. It’s always fantastic to come home.”