NCino’s AI Products Help It Soar

Earlier this year, cloud-based FinTech company nCino (Nasdaq: NCNO) went public. nCino helps accelerate digital journeys for financial institutions across the globe and its recent AI-based products are helping its stock soar despite the current turbulent conditions.

nCino’s Offerings

Wilmington, North Carolina-based nCino was initially set up as a bank to deliver improved operations and client services. In 2011, it was spun out as a separate company to cater to all the banks and credit unions with similar needs. nCino’s SaaS-based Bank Operating System provides a comprehensive solution to onboard clients, handle loan origination, and open accounts. The company has operations across North America, Europe, and APAC.

Its customer base includes global financial institutions, such as Bank of America, Barclays, Santander Bank and TD Bank, to enterprise banks, such as KeyBank, Allied Irish Bank, Truist Bank, and US Bank, to regional and community banks, as such ConnectOne Bank, IBERIABANK, Pacific Western Bank, and Coastal States Bank, to credit unions, such as Corning Credit Union, Navy Federal Credit Union, SAFE Credit Union, and Wright-Patt Credit Union, to new market entrants, such as challenger banks like B-North, DBT Företagslån, Recognise Financial, and Secure Trust Bank.

nCino’s Financials

For the recently reported third quarter, nCino saw revenues grow 43% over the year to $54.2 million, ahead of the market’s estimates of $49.52 million. Adjusted loss of $0.03 per share also beat analyst estimates of a loss of $0.09 per share.

By segment, subscription revenues grew 56% over the year to $43.3 million. Professional services revenues grew 7% to $10.95 million as the company continued to accelerate the deployment of a few large projects.

nCino expects to end the fourth quarter with revenues of $53-$53.5 million with non-GAAP net loss of $0.08-$0.09 per share. It expects to end the year with revenues between $200.7-$201.2 million and non-GAAP net loss between $0.16-$0.17 per share.

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