nCino, Inc. is a software-as-a-service (SaaS) company that specializes in providing cloud-based banking technology solutions to financial institutions. The company offers the nCino Bank Operating System, which is designed to enhance efficiency, transparency, and customer experience for banks and other financial entities. nCino's offerings include subscription-based services and professional services that support the implementation and use of its solutions.
- Subscription Revenues - Provides access to nCino's solutions, including client onboarding, loan origination, and deposit account opening applications, under multi-year contracts. Offers nIQ and nCino Mortgage solutions, along with maintenance and support services.
- nIQ - Charged based on asset size or usage.
- nCino Mortgage - A digital homeownership solution.
- Professional Services and Other Revenues - Offers implementation, configuration assistance, training, and advisory services to facilitate the adoption of nCino's solutions. Services are provided directly by nCino or through system integration partners for larger institutions.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Pierre Naudé ExecutiveBoard | Chairman and CEO | None | Pierre Naudé has been CEO since nCino's inception and remains in this role as of December 18, 2024. He has led the company through its growth and innovation in the financial technology space. | |
April Rieger Executive | Chief Legal & Compliance Officer | None | April Rieger joined nCino in July 2018 as Assistant General Counsel and became Chief Legal & Compliance Officer in September 2022. | |
Chris Gufford Executive | Chief Product Officer | None | Chris Gufford succeeded Sean Desmond as Chief Product Officer in February 2025. Further details about his background are not available in the documents. | |
Greg Orenstein Executive | CFO & Treasurer | None | Greg Orenstein joined nCino in March 2012 and became CFO in January 2023. He previously held roles such as Chief Corporate Development & Legal Officer and Chief Strategy Officer. | |
Sean Desmond Executive | President and CEO | None | Sean Desmond joined nCino in July 2013 as Chief Customer Success Officer, later becoming Chief Product Officer in May 2024, and was appointed CEO in February 2025. | |
Jeffrey Horing Board | Director | Managing Director at Insight Partners; Board Member at WalkMe, Monday.com, Alteryx, and JFrog | Jeffrey Horing has been on nCino's board since February 2015. He is a co-founder of Insight Partners and serves on the boards of several technology companies. | |
Jon Doyle Board | Director | Vice Chairman and Head of Financial Services Group at Piper Sandler | Jon Doyle has been on nCino's board since December 2019. He is also a senior leader at Piper Sandler, focusing on financial services. | |
Justin Nyweide Board | Director | Founding Partner and CIO at HMI Capital; Member of several education-based non-profit boards | Justin Nyweide joined nCino's board in February 2025 as part of a Cooperation Agreement with HMI Capital. He has extensive investment experience in technology and financial services. | |
Pam Kilday Board | Lead Independent Director | None | Pam Kilday has been on nCino's board since December 2019 and became Lead Independent Director in May 2022. She has extensive experience in financial services, including leadership roles at Truist Financial. | |
Spencer Lake Board | Director | Co-founding Partner at 13books Capital; Board Member at Duco, Nivaura, and National Debt Management Center in Saudi Arabia | Spencer Lake has been on nCino's board since April 2017. He has extensive experience in financial services and fintech. | |
Steven Collins Board | Director | Board Member at Paycor HCM and Sprout Social | Steven Collins has been on nCino's board since December 2019. He has extensive financial expertise, having served as CFO at ExactTarget and Navteq. | |
William Ruh Board | Director | President at Cairn Capital Management and Ruh Advisory; Board Member at America One Racing | William Ruh has been on nCino's board since May 2013. He has significant expertise in financial services and consulting. | |
William Spruill Board | Director | President of 2ndF; Angel Investor | William Spruill joined nCino's board in November 2022. He co-founded Global Data Consortium, which was acquired by LSEG, and is active in fostering inclusive growth in entrepreneurship. |
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With the increased mortgage churn due to IMB M&A activity and continued elevated mortgage rates despite a reduction in the federal funds rate, what specific measures are you taking to address the higher-than-expected mortgage churn and mitigate its impact on your subscription revenues?
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You mentioned transitioning to the Intelligent Solution Framework with new platform-based pricing starting in February; can you provide more details on how this new pricing model will impact your revenue recognition and whether there are any risks to customer adoption during this transition?
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You've indicated plans to provide an updated KPI framework starting with the fourth quarter's earnings report; can you share any preliminary insights into which new KPIs you will include, and how they will enhance transparency and help investors better model your business?
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Given that you've struggled to penetrate continental European markets and have seen varied sales momentum internationally, what are the specific challenges you face in these regions, and what strategic initiatives are you implementing to accelerate international growth and market penetration?
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Despite exceeding expectations for revenues and operating income and noting strong sales momentum, your guidance remains cautious; can you elaborate on the factors contributing to this conservative outlook, particularly in light of the expected strong fourth-quarter bookings, and how confident are you in sustaining this growth into next fiscal year?
Research analysts who have asked questions during nCino earnings calls.
Aaron Kimson
JMP Securities LLC
5 questions for NCNO
Alexander Sklar
Raymond James Financial, Inc.
5 questions for NCNO
Cristopher Kennedy
William Blair & Company
5 questions for NCNO
Ryan Tomasello
Keefe, Bruyette & Woods
5 questions for NCNO
Adam Hotchkiss
Goldman Sachs
4 questions for NCNO
Charles Nabhan
Stephens Inc.
4 questions for NCNO
Koji Ikeda
Bank of America
4 questions for NCNO
Michael Infante
Morgan Stanley
4 questions for NCNO
Saket Kalia
Barclays Capital
4 questions for NCNO
Brent Bracelin
Piper Sandler Companies
3 questions for NCNO
Terry Tillman
Truist Securities
3 questions for NCNO
Terrell Tillman
Truist Securities
2 questions for NCNO
Alexander Markgraff
KeyBanc Capital Markets
1 question for NCNO
Alex Markgraff
KeyBanc Capital Markets
1 question for NCNO
James Faucette
Morgan Stanley
1 question for NCNO
Joe Vruwink
Baird
1 question for NCNO
John Gomez
Scotiabank
1 question for NCNO
Joseph Vruwink
Baird
1 question for NCNO
J.R. Herrera
Piper Sandler
1 question for NCNO
Kenneth Suchoski
Autonomous Research
1 question for NCNO
Nicholas Altmann
Scotiabank
1 question for NCNO
Nick Altmann
Scotiabank
1 question for NCNO
Robert Trout
Macquarie Capital
1 question for NCNO
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Artesian Solutions Limited (FullCircl) | 2024 | nCino acquired FullCircl for $135 million in cash, with $15 million held as deferred retention, and funded primarily through its 2024 Credit Facility, with the transaction closing on November 5, 2024. The acquisition strategically expands nCino’s capabilities in customer lifecycle intelligence, enhancing onboarding and compliance processes in the UK and Europe. |
DocFox, Inc. | 2024 | Completed on March 20, 2024, the acquisition of DocFox for $74.3 million in cash (including a $6.2 million component for cash-settled stock options) was funded via $75.0 million borrowed under the credit facility. It strengthens nCino’s platform by automating onboarding and account opening processes, with additional integration involving RSUs and transaction costs. |
SimpleNexus | 2022 | The acquisition of SimpleNexus was completed on January 7, 2022, for approximately $933.6 million in a mix of 12.76 million shares of nCino common stock and $270 million in cash, incurring $10.0 million in transaction costs. This acquisition bolsters nCino’s mobile-first homeownership software, accelerating digital transformation and expanding its product offerings in the financial services industry. |
Recent press releases and 8-K filings for NCNO.
- nCino reported strong second quarter results, including a beat and raise on revenue and a raised full-year guide, expressing confidence in meeting or exceeding its annual ACV guide. Deal activity has also improved significantly.
- The company is focused on its AI strategy, having launched 16 new Banking Advisor skills with over 80 customers signed up, and plans to release agents next quarter. This AI technology is also a catalyst for accelerating customer adoption of the new platform pricing model.
- nCino is transitioning its pricing model from seat-based to a platform model generally driven by assets at the financial institution, with 21% of ACV currently under this new model.
- Key growth drivers include the mortgage business, which grew 22% year-over-year last quarter, and expansion in commercial lending, including new logos globally and deeper engagement with existing large customers.
- nCino is committed to achieving the Rule of 40 by the fourth quarter of next year, prioritizing growth, and is executing a $100 million stock buyback, having completed over $60 million through Q2.
- nCino reported strong second-quarter results, including a revenue beat and raise, and expressed confidence in meeting or exceeding its annual ACV guide.
- The company is seeing tailwinds from deregulation and M&A activity in the banking sector, which historically benefits its scalable platform.
- nCino is actively advancing its AI strategy, with over 80 customers signing up for Banking Advisor and plans to release agents next quarter; adoption of AI requires customers to transition to the new platform pricing model, which currently covers 21% of ACV.
- The mortgage business has shown strong performance, growing 22% year-over-year last quarter and contributing $1.7 million in overperformance in Q2, with over 50% of this base now on the new platform pricing model.
- The company is focused on execution, including a $100 million stock buyback (over $60 million executed through Q2) and aims to achieve Rule of 40 by Q4 next year, driven by growth and margin expansion.
- nCino reported strong second-quarter results, including a revenue beat and raise for the full-year guide, and expressed confidence in meeting or exceeding its annual ACV guide.
- The company is strategically focused on AI, with over 80 customers having signed up for its Banking Advisor product, and AI is serving as a catalyst to accelerate adoption of its new platform pricing model, which currently covers 21% of its ACV.
- Key growth drivers include the mortgage business, which grew 22% year-over-year last quarter with over 50% of that base on the new pricing model, and healthy activity in commercial lending, including a new logo in Spain and expansion with two large U.S. customers.
- nCino is committed to achieving the Rule of 40 by the fourth quarter of next year and is actively executing a $100 million stock buyback program, with over $60 million completed through the second quarter.
- nCino reported strong financial results for the second quarter of fiscal year 2026, with total revenues reaching $148.8 million, a 12% year-over-year increase, and subscription revenues rising 15% to $130.8 million.
- Despite a widened GAAP net loss of $(15.3) million, the company achieved a 56% increase in non-GAAP operating income and improved gross profit to $88.1 million.
- The company implemented a restructuring plan that included a 7% workforce reduction and reductions in office space to improve operational efficiencies and manage costs effectively.
- While management provided positive guidance for continued growth, particularly in subscription services and international markets, analysts anticipate a deceleration in revenue growth to approximately 4.9% over the next 12 months, indicating potential demand challenges.
- nCino's leadership outlined plans to reaccelerate commercial growth by leveraging AI to automate complex banking workflows and introduce new banking advisor skills, targeting efficiency gains in loan origination processes.
- The company is advancing its consumer and mortgage segments, highlighted by the integration of SimpleNexus to unify digital front-end experiences and a pricing model shift aimed at boosting ACV.
- International expansion was emphasized with a focus on strengthening market presence in EMEA, Australia, and Japan through seasoned regional leadership and targeted partnerships.
- Initiatives to shorten deployment times via preconfigured, AI-powered solutions underline nCino’s efforts to improve time-to-value and support revenue acceleration.
- Unified platform approach: nCino detailed its strategy to enhance banking efficiency across commercial, consumer, and mortgage segments by leveraging a comprehensive, integrated platform.
- Strategic pricing and AI initiatives: The firm is transitioning from a seat-based model to a flat platform fee structure while unveiling advanced AI initiatives such as Banking Advisor and AgenTic to drive productivity and innovation.
- Focused growth through integration: Emphasis was placed on sustainable growth, underpinned by recent M&A integration efforts and a clear path toward long-term revenue acceleration.
- nCino emphasized its evolution from a cloud-based lending system leader to an AI banking innovator, unveiling developments like Banking Advisor skills and Agentic AI to enhance operational efficiency.
- The management detailed a shift from traditional seat-based licensing to an outcome-based pricing model that aligns fees with delivered value and efficiency gains.
- Leadership expressed optimism on growth, noting robust ACV bookings guidance and a pathway toward achieving a Rule of 40 status by Q4 next year, alongside targeted international market expansion.
- nCino reported Q1 total revenues of $144.1 million with subscription revenues of $125.6 million (up 14% YoY) and repurchased 1.8 million shares at an average price of $22.17 ( ).
- The company advanced key growth initiatives, with a $25B regional bank doubling its commitment to nCino’s mortgage and consumer lending solutions and an $800M credit union expanding its use of the platform ( ).
- Updated guidance projects Q2 total revenues of $142M-$144M, and for fiscal '26, non-GAAP operating income is raised to $112M-$116M with net income per diluted share expected at $0.69-$0.72 ( ).
- A restructuring event affecting approximately 7% of the global workforce was announced to streamline operations and integrate new AI capabilities, aiming for enhanced efficiency ( ).
- Q4 2025 & FY2025 Earnings: nCino reported Q4 revenues of $141.4M (up 14% YoY) with subscription revenues of $125.0M; FY2025 totals reached $540.7M in revenues, $469.21M in subscriptions, and non-GAAP operating income of $96.2M .
- Fiscal Guidance: For Fiscal '26, the company projected total revenues of $574.5–578.5M with 7–8% subscription revenue growth, complemented by Q1 2025 guidance of total revenues between $138.75M and $140.75M and expectations for FY2026 operating income .
- Strategic Leadership: New CEO Sean Desmond outlined a pivot from cloud banking to AI banking, emphasizing sustainable, profitable growth and long-term operational improvements .
- Operational Realignment: Enhanced go-to-market investments, key leadership hires in EMEA, and integration of acquisitions (including DocFox, FullCircl, and Sandbox Banking) are set to drive efficiency and next-generation product innovation .
- Stock Repurchase: The board authorized a program to repurchase up to $100M of common stock, reflecting confidence in nCino’s long-term strategy .
- Forward-Looking Statements: The update reiterated forward-looking statements and associated risk factors, underscoring that results depend on various uncertain factors .