The sources cautioned that no deal is certain and asked not to be identified because the matter is confidential.
Spokespeople for nCino did not immediately respond to requests for comment, while Insight Partners declined to comment.
Shares of nCino ended trading in New York on Friday up 24% at $31.69 on the news, giving the company a market value of about $3.6 billion.
Based in Wilmington, North Carolina, nCino offers cloud-based software to banks and financial institutions that helps digitize their processes, including around lending and deposit-taking.
The company subsequently attracted several venture capital investors beyond Insight Partners, including Wellington Management, Salesforce Ventures, Bessemer Partners and T. Rowe Price.
Persons:
nCino's, nCino, Rowe Price, Milana Vinn, David French, Daniel Wallis, Jonathan Oatis
Organizations:
nCino, Insight Partners, Wellington Management, Salesforce Ventures, Bessemer Partners, Thomson
Locations:
New York, Wilmington , North Carolina, North Carolina