NCino reported on Wednesday (May 29) that demand for its single-platform cloud banking solution and artificial intelligence (AI) features led to record overall sales in the most recent quarter.
The company reported total revenue of $128.1 million for the first quarter of fiscal 2025, which ended April 30, up 13 percent from the same quarter a year earlier, according to Wednesday. Release of income.
According to the release, this reflects demand for its cloud banking solutions delivered to financial institutions through a single software-as-a-service (SaaS) platform.
Pierre NoddynCino's chairman and CEO said in the release that record first-quarter sales highlighted “the effectiveness of our single platform strategy” and demand for consumer products that “embed intelligence into essential business processes.” “
Stability in interest rates after nearly two years of volatility also played a role in the company's growth, as it improved the tone of consumer conversation and normalized purchasing behavior, Nodde said of the company on Wednesday. said during the quarterly earnings call.
“With more visibility into them own Financial performance, more and more financial institutions have been able to refocus strategic initiatives to improve their operations, create additional operating efficiencies, provide better customer experiences for their customers. And Improve your competitive positioning,” Naudé said. “This is translating into higher technology spending.”
The company's earnings release highlighted four recent business highlights. During the quarter, nCino Signed one Extension Agreement with M&T Bank For continuous credit monitoring; Expanded its relationship with an unnamed existing customer, a bank with over $15 billion in assets. I extended my partnership with an unknown district bank Farm Credit System; And Acquired a new client which is an unnamed specialist lender in the UK.
“obviously, There are nuances by market, but we see priorities generally aligned across the markets we serve,” Naudé said during the call. “A year ago the liquidity crisis and to ensure The tough business cycle taught some lasting lessons for our customers and prospects. Operational efficiency matters, and quality digital experiences are table stakes for their clients.
Looking ahead, nCino expects to generate total revenue of between $130.5 million. and $131.5 million in the current quarter and between $538.5 million and $544.5 million in the fiscal year ending Jan. 31, 2025, according to the earnings release.
“Just as nCino led financial institutions to the cloud, we are uniquely positioned to lead them on a path to greater efficiency through the use of data, analytics. And AI,” Noday said in the release.