Introduction

The financial technology space continues its rapid evolution, fueled by strategic mergers and acquisitions that promise to streamline operations and usher in more agile, customer-focused solutions. One of the most recent and noteworthy examples is nCino’s acquisition of Sandbox Banking—a deal valued at $52.5 million upfront, with the potential for an additional $10 million in earn-outs. This transaction stands out for how it marries an innovative Integration Platform as a Service (iPaaS) solution with nCino’s existing ecosystem of best-in-class banking technology.

As the CEO and Managing Director of 733Park, a boutique M&A firm specializing in fintech, payments, SaaS, and AI transactions, I frequently see how critical technology integrations are for driving modern banking efficiency. Even though 733Park had no involvement in this particular deal, we live and breathe these types of transactions every day—representing founders in exits, guiding private equity through expansions, and advising on strategic buy-side moves across multiple domains. This acquisition offers a wealth of insight into the future of fintech innovation, the power of iPaaS solutions, and the ways in which strategic acquisitions can reinvent how financial institutions manage, store, and utilize their data.

Below, I’ll dive into the details of the deal, the broader context of iPaaS in financial services, and the strategic implications for both nCino and Sandbox Banking (including their notable reference client, Sunflower Bank).

Part I: The Companies & Their Leadership

nCino

• CEO: Pierre Naudé
• Founded: As a cloud banking software pioneer.
• Core Focus: End-to-end banking solutions that digitize and optimize the entire loan, deposit, and account opening process.
• Track Record: Over 1,800 customers worldwide—including community banks, credit unions, independent mortgage lenders, and global financial institutions.
• Public Listing: NASDAQ: NCNO.

nCino’s cloud-based system is well-regarded for offering an integrated banking platform that consolidates historically siloed data across multiple systems. The result is more accurate, auditable, and complete information at a bank’s fingertips—key in meeting compliance requirements and delivering a seamless customer experience.

Sandbox Banking

• CEO & Co-Founder: Ravi Balasubramanian
• Core Product: Glyue®️ iPaaS, an Integration Platform as a Service designed specifically for financial institutions.
• Key Differentiator: Glyue®️ seamlessly connects 14+ core banking platforms and integrates with 50+ leading solutions in lending, deposits, CCaaS, CRM, document management, KYC/AML, underwriting, mobile banking, and analytics.
• Customer Base: Over 100 North American financial institutions ranging from $500 million in assets to over $200 billion.

Sandbox Banking’s technology eliminates many of the slowdowns typically associated with integrating new software or operational enhancements—critical for financial institutions aiming to adapt quickly in an era of intensifying regulation and customer expectations.

Part II: Deal Economics & Structure

The agreed-upon purchase price for Sandbox Banking amounts to $52.5 million in cash, subject to standard closing adjustments. There is also an earn-out structure providing up to $10 million more, contingent on meeting specific financial and product development milestones.

This structure suggests that nCino believes strongly in Sandbox Banking’s capability to scale its integration solutions post-acquisition. By tying part of the compensation to performance, nCino ensures that Sandbox Banking’s leadership and development teams remain fully motivated to innovate, expand, and meet revenue or product targets.

From our vantage point at 733Park, earn-outs are an effective mechanism in M&A deals—especially when dealing with specialized technology whose market adoption may exceed (or fall short of) initial projections. Both buyer and seller benefit: the seller sees upside tied to future success, and the buyer mitigates overpaying for growth that may or may not materialize.

Part III: Why This Acquisition Matters for Fintech & Banking

1. Heightened Emphasis on Data Interoperability
Banks and credit unions often operate with patchwork systems spanning core banking, CRM platforms, loan origination software, and more. Aligning and synchronizing data across these platforms can become both costly and time-consuming. By layering Sandbox Banking’s iPaaS capabilities on top of nCino’s existing suite of products, financial institutions gain a more cohesive integration process that reduces manual input and eliminates the chaos of multiple data silos.

2. Accelerated Time-to-Market
Digital transformation demands speed. Whether it’s onboarding a new AI vendor, launching innovative deposit products, or introducing new mobile features, the ability to integrate quickly is crucial for maintaining a competitive edge. nCino plans to use Sandbox Banking’s Glyue®️ iPaaS solution to reduce project timelines, remove bottlenecks, and streamline the rollout of new capabilities.

3. AI & Next-Gen Tech Integration
Sandbox Banking’s platform includes integration logic generation powered by Large Language Models (LLMs) and retrieval augmented generation (RAG). This can significantly reduce the time developers spend on building new integration points, particularly in emerging areas such as AI-enabled underwriting.

4. Cost Efficiency and Compliance
Financial institutions grapple with both operational costs and regulatory obligations. By consolidating data through a single source of truth, nCino’s enhanced platform addresses compliance in a straightforward manner—auditing data is simpler when all relevant information feeds into one central repository. Cost-wise, fewer manual interventions mean fewer errors and less overtime spent reconciling disparate systems.

Part IV: Sunflower Bank’s Input—A Real-World Use Case

A telling quote came from Sunflower Bank’s Chief Information Officer and EVP, Brian Mulcahey, praising the synergy between nCino and Sandbox Banking. Sunflower Bank is an excellent example of how a mid-to-large-sized financial institution can optimize workflows. By relying on integrated solutions, they can automate large portions of the loan and deposit process, minimize errors from manual data re-entry, and remain laser-focused on delivering top-tier customer experiences.

From an M&A perspective, seeing a reference client publicly endorse the combined solution validates the strategic rationale behind the deal. For prospective clients, it’s also a sign that the integrated platform already has traction in a real-world environment.

Part V: The Broader Market Context

The past decade has seen a steady stream of acquisitions in the fintech and software-as-a-service (SaaS) arena. Larger companies with well-established client bases snap up smaller, innovative players to shore up niche capabilities—particularly those related to data management, artificial intelligence, or user experience. For these transactions to be deemed successful, the acquired technology must integrate seamlessly into the acquirer’s core platform in a way that benefits existing customers and draws in new ones.

nCino is known for a robust cloud banking platform that addresses many pain points in financial services, from customer onboarding to loan origination. Yet, as fintech evolves, banks want more out-of-the-box connectivity, immediate access to new solutions, and minimal downtime. Sandbox Banking’s technology is designed to fulfill those needs at speed and scale.

Part VI: 733Park’s Perspective on M&A in Fintech

Though we at 733Park did not represent either side in this transaction, the deal’s structure is very much in line with the types of negotiations we routinely see in fintech:

1. Strategic Fit

• Acquirers want technology that complements their current offering and can drive immediate cross-selling opportunities.

1. Earn-Outs & Incentives

• Tying a portion of the sale price to performance metrics keeps founders motivated post-acquisition and rewards them for helping the acquiring entity succeed.

1. Post-Acquisition Integration

• A robust integration plan can make or break the success of an acquisition. nCino’s well-documented synergy with Sandbox Banking’s existing technology should expedite the process.

1. Market Validation

• A referenceable client like Sunflower Bank and a library of pre-built connectors strengthen the seller’s position. Sandbox Banking showcased real deployments, not just theoretical capabilities.

1. Growth Potential

• The addition of AI-based integration logic generation hints at a forward-looking approach. Banks increasingly demand solutions that incorporate artificial intelligence and advanced analytics to improve loan origination, fraud detection, and customer service.

From our vantage point, success in fintech M&A hinges not just on financial terms but also on cultural compatibility, alignment of tech roadmaps, and a go-to-market strategy that ensures existing customers remain happy while new customers quickly see the value.

Part VII: Key Implications & Predictions

1. Faster Industry-Wide Adoption of iPaaS
By incorporating Sandbox Banking’s Glyue®️ solution, nCino will raise the profile of iPaaS offerings across the financial services sector. Competitors might feel pressured to offer their own integration solutions to keep up—potentially igniting more deals that address data connectivity.

2. Ongoing Consolidation in Fintech
The nCino–Sandbox Banking transaction is indicative of continued consolidation as established fintech providers look to broaden capabilities. Future M&A deals may cluster around AI technologies, advanced analytics, and specialized compliance tools.

3. Increased Focus on Data Governance
Regulatory bodies worldwide demand ever-more rigorous data governance. By creating a unified data environment, financial institutions can respond more effectively to audits and compliance checks. We predict that any technology promising “one source of truth” will attract substantial interest in the market.

4. Potential for Global Expansion
Although nCino already has an international presence, incorporating a dedicated iPaaS solution could help the company penetrate new global markets where banks are similarly constrained by complex, siloed systems. Sandbox Banking’s library of connectors might only expand with nCino’s resources and partnerships.

5. Enhanced Customer & User Experience
At the end of the day, smoother integration means bankers and end customers benefit from fewer errors, quicker approvals, and more relevant product offerings. Banks, credit unions, and other financial institutions that prioritize digital transformation will be drawn to solutions that reduce friction and create better customer journeys.

Part VIII: 733Park’s Witty Take

We can’t resist a bit of humor in a space that can otherwise be drowned in spreadsheets and risk assessments:

“We love seeing ambitious integrations—not just because it’s good for the sector, but because no one wants to spend weekends rekeying data into a patchwork of outdated systems!”
— The 733Park Team

It’s our firm belief that when a deal truly enhances user experience—both for bank employees and for end customers—it’s a win for the entire industry.

Part IX: Looking Ahead

As fintech continues to evolve, integrations and frictionless data alignment remain a major challenge. The nCino–Sandbox Banking deal addresses exactly that issue, promising to shorten project timelines and lower the cost of new product rollouts. By combining nCino’s robust, end-to-end banking platform with Sandbox Banking’s specialized iPaaS technology, institutions can expect:

• Scalability: From community banks with a few branches to massive financial institutions spanning multiple countries.
• Security & Compliance: Strengthened auditing capabilities and a more straightforward path to meeting regulatory mandates.
• Speed: Reduced manual data entry, fewer project delays, and real-time updates across multiple systems.
• Innovation: Incorporating AI and advanced analytics more seamlessly, thanks to pre-built connectors and logic generation.

While the financial services sector still faces regulatory complexities, cybersecurity threats, and rapidly shifting customer expectations, deals like this one demonstrate the power of strategic acquisitions in tackling those very obstacles.

Part X: Conclusion

For those of us at 733Park, this acquisition exemplifies how a well-timed, well-structured M&A can bring complementary strengths together. nCino gains deeper integration capabilities, while Sandbox Banking benefits from the scale and brand recognition of a publicly traded industry leader. Banks such as Sunflower Bank—and potentially many more—will be able to leverage a more seamless approach to data and system interoperability.

In a world where new regulations and fintech innovations emerge monthly, the ability to adapt quickly can separate market leaders from laggards. By eliminating the friction of outdated integration processes, institutions can free up valuable resources to focus on personalized services, advanced analytics, and future-ready offerings. That’s the real story behind this $52.5 million deal, and it’s a vision for what tomorrow’s banking ecosystem could look like.



Final Note from 733Park

Though we did not advise on this particular transaction, we’re constantly engaged with founders, private equity sponsors, and strategic buyers seeking to navigate the complexities of fintech M&A. If your organization needs a partner that understands the nuances of technology integration, compliance, and growth strategy—give us a shout. Our work spans deal structuring, diligence, post-merger integration strategies, and everything in between.

Here’s to a future where integrations are seamless, data is fully leveraged, and weekends are spent doing something far more enjoyable than rekeying data. Congratulations again to both nCino and Sandbox Banking on a milestone transaction that should benefit the entire financial services ecosystem.