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nCino, Inc. (NASDAQ: NCNO) is a leading financial technology company headquartered in Wilmington, North Carolina. Founded in 2011, nCino offers a cloud-based banking solutions platform built on Salesforce, designed to modernize and streamline the complex processes within financial institutions. The company's software suite digitizes, automates, and enhances workflows through the integration of data analytics and artificial intelligence.
The core services provided by nCino include client onboarding, loan origination, deposit account opening, and regulatory compliance management. These modules help financial institutions improve efficiency, reduce loan processing times, and enhance customer experiences. nCino caters to a wide range of clients including enterprise banks, regional banks, community banks, and credit unions, with the majority of its revenue derived from subscription services within the United States.
nCino has been steadily growing its market presence and recently announced significant partnerships and acquisitions. Notably, it partnered with Mechanics and Farmers Bank (M&F) to provide improved access to capital for diverse communities. The collaboration with M&F Bank helps streamline loan processing and enhances the banking experience for underserved markets. Additionally, nCino acquired DocFox, a solution provider that automates onboarding processes for commercial and business banking. This acquisition aims to unify and manage client lifecycles more effectively across financial institutions.
nCino continues to innovate and expand its product offerings. The recent implementation of their Automated Spreading Solution for Desjardins Group demonstrates their commitment to leveraging machine learning to improve underwriting processes and enhance operational efficiencies. These strategic developments highlight nCino's pivotal role in transforming the financial services industry through technology and innovation.
With a customer base of over 1,800 financial institutions worldwide, nCino is dedicated to driving change in the banking sector by providing reliable, efficient, and innovative solutions that meet the evolving needs of its clients.
nCino (NASDAQ: NCNO) announced that Boston Private has successfully implemented the nCino Bank Operating System®, enhancing its commercial banking operations. This integration streamlines client onboarding, loan origination, and deposit account opening, thus improving efficiency. Boston Private's leadership emphasized the goal of a frictionless banking experience for clients and employees. The technology platform enhances transparency and convenience, aligning with evolving client expectations in the financial services industry.
nCino (NASDAQ: NCNO) announced that Amerant Bank has expanded its partnership, implementing nCino's Retail Banking Solution and nIQ Portfolio Analytics. This move enhances Amerant's digital transformation strategy, providing a comprehensive platform for both commercial and retail loan origination. The bank aims to improve client experiences and operational efficiency through streamlined workflows and advanced analytics. Amerant, with nearly $8 billion in assets, emphasizes the importance of digital engagement in today’s financial landscape.
nCino reported Fiscal Year 2021 total revenues of $204.3 million, a 48% increase year-over-year, with Q4 revenues at $56.6 million (+47%). Subscription revenues surged 57% to $162.4 million for the year, with Q4 subscription revenues reaching $45.0 million (+43%). The company achieved a subscription revenue retention rate of 155%. However, net losses increased, with a GAAP net loss of $40.5 million for the year. Guidance for Fiscal Year 2022 projects revenues between $253 million and $255 million.
nCino has appointed Zedrick Applin as its first Program Manager of Diversity, Equity, Inclusion & Community, aiming to enhance local community support and inclusion efforts. Applin, who joined nCino in 2019, will lead initiatives to strengthen the company's DEI and philanthropic programs, including its community service team, nVolve. In 2020, nVolve supported over 50 non-profits in the Wilmington area. The move underscores nCino's commitment to positively impacting communities, especially as they recover from challenges faced during the pandemic.
nCino's online lending solution is launched for Coast Capital, Canada’s largest credit union, enhancing efficiency and compliance. This system, integrated across Coast Capital’s operations, allows members to access services in-branch and online. The collaboration aims to improve member experience while meeting evolving market demands. Coast Capital is the first Canadian institution to adopt the nCino Bank Operating System, which streamlines loan origination and offers comprehensive retail and small business solutions. nCino continues to position itself as a leader in cloud banking.
nCino's General Manager of EMEA, Jennifer Geary, will speak at two major fintech events: FinovateEurope 2021 and the Paris Fintech Forum.
Geary will participate in a panel at FinovateEurope on March 23, discussing 'A Hybrid Digital Customer Experience,' alongside leaders from prominent banks. She’ll also join the Paris Fintech Forum on March 25, focusing on 'Financial Services in a Box.' Geary emphasized the importance of omnichannel solutions in the post-COVID-19 landscape, stating nCino's expertise can help the financial sector navigate current challenges.
nCino, a leader in cloud banking technology, announced that First Horizon Bank is implementing its Bank Operating System post-merger with IBERIABANK. This deployment involves more than 2,000 associates and aims to enhance commercial and small business lending as well as treasury management. The platform will deliver improved efficiency, transparency, and automation, ultimately accelerating decision-making and funding processes for clients. This strategic move follows a successful partnership with IBERIABANK, enabling First Horizon to leverage nCino's technology for a better client and associate experience.
nCino (NASDAQ: NCNO) has partnered with Citadele Bank, the second largest bank in Latvia, to modernize its corporate lending processes using the nCino Bank Operating System. This collaboration aims to improve the efficiency of loan applications and enhance the client experience by digitizing the loan origination process. Citadele's adoption of nCino's platform will lead to reduced costs, improved audits, and greater visibility in the lending workflow. The bank seeks to enhance its digital strategy amidst growing competition in the Baltics.
nCino, Inc. (NASDAQ: NCNO) announced the appointment of Jennifer Geary as General Manager, EMEA, strengthening its European presence. Geary, with over 20 years of experience in finance and technology, will spearhead operations in Europe, Africa, and the Middle East. The company launched its German subsidiary, nCino Germany GmbH, to meet rising demand among German financial institutions for innovative digital banking solutions. nCino serves over 1,200 financial institutions globally, offering a cloud-based platform aimed at enhancing efficiency and compliance.
nCino (NASDAQ: NCNO) will report its financial results for the fourth quarter and fiscal year ended January 31, 2021, on March 31, 2021, after market close. A conference call and webcast will follow at 4:30 p.m. ET. The company is recognized as the leader in cloud banking, empowering financial institutions through its Bank Operating System, which enhances revenue growth, efficiency, and regulatory compliance. nCino currently partners with over 1,200 financial institutions worldwide.
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