South African digital lender Capitec Bank has joined forces with cloud banking and digital transformation solutions provider nCino.
The technology vendor will assist in developing the bank’s business banking loan management system to streamline the entire process.
The digital bank offers ‘affordable’ banking services and leverages technology to reduce cost, enhance security and accessibility.
Capitec Business executive Karl Kumbier said: “Capitec is a brand that is associated with hard work, innovation, and disruption. It is the fastest-growing bank in the country and has over 70,000 business banking clients.
“We are looking forward to taking our ethos of simplicity even further, with the inclusion of this technology into our systems for a more seamless experience for the businesses we serve.”
In 2019, Capitec Bank acquired Mercantile Bank, which is focused on serving small and medium enterprises.
nCino CEO Pierre Naude said: “We are extremely proud to be working with Capitec, an institution with an incredible reputation as South Africa’s largest digital bank. With 17 million retail clients, Capitec has embraced an agile and innovative approach to growth.
“We are glad Capitec saw a partner in nCino and look forward to providing the Bank with industry-leading technology and a flexible platform that will help drive the sustainability and growth of its business banking operations.”
In January this year, nCino wrapped up $1.2bn acquisition of cloud-based mobile-first mortgage firm SimpleNexus.