Cloud-based bank operating system nCino, filed to go public on Monday and is seeking to raise $100 million, despite no indication of when it plans to be profitable.

According to the S-1, nCino’s revenue grew 50% year-over-year to $44.7 million for the quarter ending April 30, but its net losses grew 41% to $4.8 million for the same period. Given nCino’s challenges to become profitable, the IPO can be viewed as a liquidity event, as the company expects to incur losses for the foreseeable future as it invests in product development.

nCino's end-to-end onboarding, loan origination, and deposit account opening tools are used by 1,180 customers, whose assets range in size from $30 million to $2 trillion. Amid the pandemic, its software has  processed approvals for approximately $30 billion in Paycheck Protection Program (PPP) loans.

Though nCino has raised over $213 million in funding, the IPO will also provide an additional cash buffer from competitors, like Mambu and Nymbus, looking to modernize loan origination.