nCino Accelerates Growth Momentum with Strong Q3 Financial Results
Pierre Naude, nCino's Chairman and Chief Executive Officer, was pleased to announce the results during a conference call, stating that the team demonstrated solid execution across the globe. The company signed over 30 multi-solution deals and generated more gross bookings from net new customers in the last two quarters combined.
In the United States, nCino's community and regional business units both had strong sales quarters, with both well on their way to exceeding their gross bookings targets for the year. Notably, the company signed an over $10 billion credit union deal for commercial lending, small business lending, portfolio analytics, and Banking Advisor under a new pricing framework.
In the U.S. enterprise market, nCino continues to see strength with expansion sales, including signing an agreement for its small business solution with an $80 billion bank, increasing ACV (Annual Contract Value) by approximately 15%. This deal is part of a larger journey to automate the bank's small business lending processes and consolidate multiple legacy systems onto nCino.
The company also announced shortly after the end of the third quarter that its U.S. enterprise team signed a 5-year multi-solution deal with a top 40 bank in the United States for commercial lending, small business lending, treasury management, automated spreading, pricing, and profitability, as well as Banking Advisor.
While mortgage rates remain elevated despite the reduction in the federal funds rate, nCino added 11 new mortgage logos in the United States in the quarter, including four banks and the Farm Credit institution. The company's average mortgage customer ACV is 15% higher than a year ago, highlighting progress made in aligning with larger mortgage centers over the past couple of years and bundling products for this market.
nCino also saw increased momentum in international markets, particularly in Japan, where it signed Tokushima Taisho Bank as a new customer using nCino for commercial lending. This agreement makes Tokushima Taisho nCino's largest customer in Japan. The company's EMEA team signed an expansion agreement with the largest bank in Norway, bringing the full business bank onto nCino, as well as ESG reporting capabilities and credit portfolio management.
In addition, the EMEA team signed its first customer in Luxembourg in the third quarter for a joint commercial and mortgage lending solution. The company's international growth momentum continues to build brand awareness and drive sales across these markets.
Overall, nCino's strong Q3 financial results demonstrate continued growth momentum, driven by solid execution, increased sales, and expansion into new markets. With its cloud-based banking platform and expanding customer base, the company remains well-positioned for future success in a rapidly evolving global banking landscape. >
