nCino, Inc. is a cloud-based financial technology company providing a highly configurable banking platform that automates processes, leverages AI, and manages risk for financial institutions worldwide.

# nCino, Inc. Company Summary

## Business Overview
- **Industry:** Financial Technology (FinTech) serving financial institutions (FIs) including banks, credit unions, mortgage lenders, and new market entrants.
- **Core Offering:** A cloud-based banking platform that consolidates multiple vendors and optimizes operations for FIs through AI, automation, and actionable data insights.
- **Key Capabilities:**
  - Customer onboarding
  - Loan origination (commercial, small business, consumer, mortgage)
  - Deposit account opening
  - Portfolio management and risk analysis
  - Analytics and AI integration
- **Platform Foundations:** Built on **Salesforce** and **AWS** platforms, allowing scalable, reliable infrastructure.
- **Solution Approach:** Highly configurable platform enabling FIs to replace legacy systems, streamline workflows, and improve customer and employee experiences.
- **Market Strategy:**
  - Expand within existing customers
  - Grow internationally, currently present in over 20 countries (North America, Europe, Middle East, Japan, APAC)
  - Develop new products and acquire complementary technologies
  - Build a partner ecosystem with system integrators and technology partners

## Customer Base
- **Total Customers:** 2,789 as of March 27, 2025
- **Customer Revenue Tiers (2025):**
  - 549 customers generated more than $100,000 in subscription revenue
  - 105 customers generated more than $1 million
  - 14 customers generated more than $5 million
- **Customer Concentration:** No single customer accounted for more than 10% of revenue

## Employees
- **Total Employees:** 1,833 as of January 31, 2025
- **Location Distribution:** 73% in the U.S., 27% internationally
- **Growth:** Increased from 436 employees in January 2018 to 1,833 in January 2025

## Financial Highlights (Fiscal Year End January 31, 2025)
- **Total Revenue:** $540.7 million (up from $476.5 million in 2024 and $408.3 million in 2023)
- **Revenue Growth Rate:** Compound annual growth of 15.1%
- **Subscription Revenue:** $469.2 million (86.8% of total revenue)
- **Net Loss:** $37.9 million (improved from $42.3 million in 2024 and $102.7 million in 2023)
- **Operating Loss:** $18.1 million (improved from $39.5 million in 2024)
- **Gross Margin:** Approximately 60.1%
- **Net Loss Per Share (Basic & Diluted):** $0.33
- **Market Capitalization:** Approximately $2.4 billion as of July 31, 2024

## Recent Strategic Actions
- Acquired **DocFox** (March 2024) for $74.3 million, a provider of onboarding automation solutions.
- Acquired **ILT** (April 2024) for $20 million, specializing in consumer loan origination software.
- Acquired **FullCircl** (November 2024) for ~$129.2 million, a UK-based onboarding and client management SaaS platform.
- Acquired **Sandbox Banking** (February 2025) for $52.5 million, a provider of integration platform services to enhance data connectivity and automation.

## Key Business Drivers
- Continued growth in existing customer relationships with a **net retention rate of 110%** in 2025.
- Focused international growth in Europe, Middle East, APAC.
- Heavy investment in research and development—$129.4 million (23.9% of revenue) in fiscal 2025.
- Expansion of the partner ecosystem and product functionality, with a strategic shift to asset-based pricing.

## Summary
nCino delivers a cloud-based, highly configurable banking platform that helps financial institutions automate processes, leverage AI, and manage risk. It has a broad, diverse customer base of 2,789 institutions worldwide, including major global banks, regional banks, credit unions, and challenger banks. The company is rapidly growing and improving profitability, with revenues exceeding half a billion dollars annually and continuous strategic acquisitions to expand platform capabilities.

nCino is a leading software-as-a-service platform that enhances operational efficiencies and client onboarding processes for financial institutions.

# nCino Company Overview

## Business Model
nCino operates a **software-as-a-service (SaaS)** platform designed to assist financial institutions (FIs) in enhancing their operational efficiencies and client onboarding processes. The **nCino Bank Operating System** enables banks and other financial institutions to:
- Digitally serve clients across various lines of business.
- Improve overall efficiency by removing legacy systems and enhancing internal functions.
- Elevate employee experiences through automation and streamlined workflows.
- Manage risk and compliance effectively with integrated tools.
- Utilize a data intelligence hub integrated with artificial intelligence (AI) solutions.

## Customer Base
As of **January 31, 2024**:
- nCino has partnered with over **1,800 customers** globally.
- **460 FIs** have contracted for the nCino Bank Operating System, primarily focusing on client onboarding, loan origination, and deposit account opening.
- Additionally, over **1,000 FIs** have contracted for portfolio analytics solutions, and **430 customers** are using nCino's Mortgage Suite.
- Customers range from global financial institutions like **Bank of America** and **Barclays** to community banks and credit unions.

## Financials
### Employees
- As of **January 31, 2024**, nCino employs **1,653 individuals**. Approximately **84%** are based in the U.S., while **16%** are located internationally.

### Revenue
- For the fiscal year ended **January 31, 2024**, nCino reported total revenue of **$476.5 million**, showcasing growth from **$273.9 million** in fiscal 2022 and **$408.3 million** in fiscal 2023.

### Income
- nCino has experienced net losses since its inception, including **net losses of $42.3 million** for the fiscal year ended **January 31, 2024**. The accumulated deficit stood at **$352.8 million** on that date.

## Key Features of the nCino Bank Operating System
- **Client Onboarding**: Automates risk assessment and offers streamlined user experiences.
- **Deposit Account Opening**: Facilitates user-friendly processes for account completion via multiple channels.
- **Loan Origination**: Provides an end-to-end loan management system, integrating various stakeholders for efficiency.
- **End-to-End Mortgage Suite**: Enhances profitability for mortgage processing with automation and customer-focused tools.
- **nIQ Suite**: Integrates AI and machine learning for analytics and predictive applications to improve financial decision-making.

## Strategic Goals
nCino aims for continued growth by:
- Expanding existing customer engagement and usage across business lines.
- Broadening its customer base, particularly in international markets.
- Enhancing its product capabilities, especially AI and machine learning functionalities.
- Strengthening its partner ecosystem with system integrators and technology partners.
- Pursuing strategic acquisitions to augment product offerings and market presence.

Overall, nCino is positioned as a pivotal player in modernizing the banking technology landscape, leveraging its comprehensive SaaS solutions to drive efficiencies and customer satisfaction across a diverse array of financial institutions.

nCino, Inc.

10-K / April 1, 2025

10-K / March 26, 2024

10-K / April 1, 2025

nCino, Inc. Company Summary

Business Overview

Customer Base

Employees

Financial Highlights (Fiscal Year End January 31, 2025)

Recent Strategic Actions

Key Business Drivers

Summary