Financial technology provider nCino has announced a definitive agreement to acquire FullCircl, a UK-based SaaS platform.

nCino said that $15m of the purchase price will be held by the company for two years as “security for the performance of certain warranties and covenants arising under the purchase agreement”.

Founded in 2006, FullCircl is a B2B Software-as-a-Service (SaaS) platform that streamlines customer onboarding and supports risk and compliance management by delivering actionable daily insights for due diligence processes like KYC and AML.

FullCircl’s software is designed to support revenue growth, streamline onboarding, and enhance client lifecycle management for financial institutions and regulated companies, primarily by addressing regulatory and verification challenges.

The acquisition builds on a partnership established in 2023, through which FullCircl's data solutions were integrated into the nCino platform to improve efficiency, compliance, and service capabilities for mutual clients in the UK. These clients range from large financial institutions to niche incumbents and neobanks focused on small- to medium-sized enterprises.

In a separate statement, Augmentum Fintech, the European publicly listed fintech fund, noteed the announcement by nCino, the NASDAQ listed US digital banking platform, that it has agreed to acquire FullCircl, the RegTech platform and a portfolio investment of the company.

The transaction implies a valuation of the company’s investment in FullCircl of £6.0m subject to final adjustments, which represents a 75% increase on the last published valuation of £3.4m as at 31 March 2024.

The company first acquired its interest in FullCircl in August 2018 with an initial £2.0 million investment in DueDil, with follow-on investments totalling £1.6 million made in June 2019, August 2020, and most recently in July 2021 as part of the formation of FullCircl through the merger of DueDil and Artesian Solutions.

The realisation is Augmentum’s seventh exit, all of which have been at or above the last published valuation.