nCino Opens New Entities in Spain and France

Rhea-AI Summary

nCino (NASDAQ: NCNO) announces significant expansion in the EMEA region by opening new offices in Spain and France, complementing its existing presence in Germany and the UK. The workforce has grown by nearly 50% to enhance localization of the nCino Bank Operating System® and drive digital transformation for financial institutions. The company reinvested 26% of its FY21 revenues into R&D, launching new features like Automated Spreading which improves processing efficiency by 75%. nCino continues to see increased traction with clients across Europe.

Positive

• Opened new entities in Spain and France, enhancing market presence.
• Increased workforce by nearly 50%, boosting product development capabilities.
• Reinvested 26% of FY21 revenues into R&D for innovative solutions.
• Launched Automated Spreading feature, reducing processing time by 75%.
• Growing client base in the UK and expanding into new regions like Germany and Denmark.

Negative

• None.

Company grows workforce in Europe and localises the nCino Bank Operating System® for EMEA market with expanded product capabilities

LONDON, March 17, 2022 (GLOBE NEWSWIRE) -- nCino, Inc. (NASDAQ: NCNO), a pioneer in cloud banking and digital transformation solutions for the global financial services industry, has strengthened its presence in EMEA by opening entities in Spain and France to advance digital transformation of financial institutions in the region. The new entities are in addition to one previously announced in Germany along with nCino’s EMEA hub office in London. The Company has also increased its employee base by nearly 50 percent over the last year across Sales, Marketing and Product Development to drive further localisation of the nCino Bank Operating System®

Driving Digital Transformation
Digital delivery is a core focus in the financial services industry with the number of people banking digitally in EMEA increasing by 23 percent since the start of the pandemic (McKinsey & Company, 2020). This has left financial institutions (FIs) racing to deliver tailored digital experiences. nCino, through its agile cloud-based platform, provides solutions to improve the digital journey for clients and employees via smart automation across loan origination, client onboarding, and account opening processes. With steady client growth across the region, nCino has invested in hiring local product development teams, with deep knowledge of in-market regulatory challenges and client needs, to provide innovative new solutions that help ensure FIs receive localised products to help solve their unique challenges.

Tom Byrne, Head of Product at nCino, EMEA said “We’re excited about our progress in EMEA and the work being done within the nCino platform to further localise it for specific regions. By reinvesting approximately 26 percent of our FY21 revenues back into research and development, we’ve been able to build market leading solutions for multiple countries across Europe. This includes recently launching an Automated Spreading feature, which can reduce the time it takes to spread and process financial statements by 75 percent, and which is being used by numerous customers across the continent. We’re also excited to bring a bespoke Mortgage solution to market for the UK and Ireland, which streamlines the mortgage process for lenders and brokers and creates a simplified and frictionless homebuying experience for borrowers.”

Continued traction in the UK has resulted in FIs such as GBB, Recognise and Cambridge and Counties adopting nCino’s cloud-based platform as well as customers in new regions such as Germany (HCOB) and Denmark (kompasbank).

“A year into my role as Managing Director, I’m excited by the momentum we’re experiencing and the demand for the digital banking solutions we offer. The teams we continue to build across the continent not only represent our culture but are also motivated by nCino’s mission of transforming financial services through innovation, reputation and speed,” said Jennifer Geary, Managing Director, EMEA at nCino. “As we look ahead, we know how important it is for us to understand and embrace the particularities of the markets we operate in, and we look forward to having nCino become even more known and recognised in EMEA through the success and value we deliver to customers.”

About nCino
nCino (NASDAQ: NCNO) is the worldwide leader in cloud banking. The nCino Bank Operating System^® empowers financial institutions with scalable technology to help them achieve revenue growth, greater efficiency, cost savings and regulatory compliance. In a digital-first world, nCino's single cloud-based platform enhances the employee and client experience to enable financial institutions to more effectively onboard clients, make loans and manage the entire loan life cycle, and open deposit and other accounts across lines of business and channels. Transforming how financial institutions operate through innovation, reputation and speed, nCino is partnered with more than 1,500 financial institutions of all types and sizes on a global basis. For more information, visit: www.ncino.com.

MEDIA CONTACTS
Jasmin Athwal, nCino +44 7881 374552 jathwal@mww.com	Natalia Moose, nCino +44 7825 211135 natalia.moose@ncino.com

This press release contains forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally include actions, events, results, strategies and expectations and are often identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “plans,” “seeks,” “estimates,” “projects,” “may,” “will,” “could,” “might,” or “continues” or similar expressions. Any forward-looking statements contained in this press release are based upon nCino’s historical performance and its current plans, estimates, and expectations, and are not a representation that such plans, estimates, or expectations will be achieved. These forward-looking statements represent nCino’s expectations as of the date of this press release. Subsequent events may cause these expectations to change and, except as may be required by law, nCino does not undertake any obligation to update or revise these forward-looking statements. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially including, among others, risks and uncertainties relating to the market adoption of our solution, international expansion, and privacy and data security matters. Additional risks and uncertainties that could affect nCino’s business and financial results are included in reports filed by nCino with the U.S. Securities and Exchange Commission (available on our web site at www.ncino.com or the SEC's web site at www.sec.gov). Further information on potential risks that could affect actual results will be included in other filings nCino makes with the SEC from time to time. 

FAQ

What recent expansion initiatives has nCino (NCNO) undertaken in the EMEA region?

nCino has opened new offices in Spain and France, alongside its existing operations in Germany and the UK, to enhance its regional presence.

How much has nCino increased its workforce in the past year?

nCino has increased its workforce by nearly 50% to support localization and product development.

What percentage of FY21 revenues did nCino reinvest in research and development?

nCino reinvested approximately 26% of its FY21 revenues back into research and development.

What is the Automated Spreading feature introduced by nCino?

The Automated Spreading feature can reduce the time taken to spread and process financial statements by 75%, enhancing operational efficiency for clients.

Which countries in Europe are seeing increased adoption of nCino's platform?

Countries like the UK, Germany, and Denmark are experiencing significant adoption of nCino's cloud-based platform by financial institutions.