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Item 1. Business

2025-04-01 compared with 2024-03-26 · 125 added, 168 removed, 82 unchanged (78% of the section changed)

Through its single software-as-a-service ("SaaS") platform, nCino helps financial institutions ("FI") serving corporate and commercial, small business, consumer, and mortgage customers modernize and more effectively onboard clients, open accounts, make loans and navigate the loan lifecycle, and effectively monitor and manage their portfolio.

Transforming how FIs operate through innovation, reputation and speed, nCino is partnered with more than 1,800 customers globally.

With the nCino Bank Operating System, FIs can:

• Digitally Serve Their Clients Across Lines of Business .

The nCino Bank Operating System delivers distinctive experiences across devices, channels and products, enabling a seamless digital relationship between an FI, its employees, its clients and key third parties.

Because nCino is a cloud native platform, employees can serve their customers anywhere, at any time, from any internet-enabled device, empowering them to build deeper relationships.

For consumers who increasingly expect frictionless digital services, this ability is no longer a differentiator for FIs, but a necessity.

• Improve Efficiency .

nCino customers leverage the platform’s capabilities to drive efficiency by eliminating cumbersome legacy systems, improving client satisfaction and retention, and digitally expanding their brand presence and reach.

By connecting previously disjointed functions and breaking down internal silos, nCino increases transparency at all organizational levels across all lines of business, enabling FIs to measure their operations and maximize performance, productivity and profitability.

• Elevate Employee Experience and Performance .

The nCino Bank Operating System’s automation, workflow and digitization capabilities help eliminate manual processes and redundant efforts, freeing an FI's employees to focus on their clients’ experiences rather than their transactions.

In addition, our intelligent enterprise content management system includes a standardized filing system across applications, providing instant and ongoing access to digital documentation and checklists to help ensure that compliance and credit requirements are met.

For example, client documents are associated with a unique identifier, eliminating the need for repeat document collection and duplicative data input, which means employees only have to ask for information once.

• Manage Risk and Compliance More Effectively .

The nCino Bank Operating System can help FIs reduce regulatory, credit and operational risk through workflow and automation, data reporting, standardized risk rating calculations and financial modeling.

For example, the content management, automated workflow and digital audit trail and snapshot functionality within the nCino Bank Operating System helps our customers more effectively and efficiently prepare for regulatory examinations.

Because nCino is highly configurable, it can adjust as regulations and the FI's risk requirements evolve, including regulatory changes, economic headwinds, sharp pivots, and ongoing volatility.

• Establish an Active Data, Audit and Business Intelligence Hub .

Key to the nCino Bank Operating System is infusing intelligence into every stage of the banking lifecycle.

nCino provides FIs with innovative technology that helps them meet the challenges of today and tomorrow, including predictive artificial intelligence ("AI") applications like Commercial Pricing and Profitability and Automated Spreading.

As a trusted partner, nCino continues to develop solutions powered by nCino IQ ("nIQ") that help FIs integrate predictive and generative AI capabilities when and where it matters most, across the banking lifecycle.

As employees at financial institutions do their daily work and serve their clients, they often face inefficiencies due to disparate systems, broken workflows, manual processes, and the inability to harness and utilize data effectively.

This negatively impacts risk management, decision making and the experiences of bankers and their clients.

To solve the problem, FIs need technology that helps them reengineer every experience, intelligently and with agility as market needs shift, and a partner with the experience to help advise on best practices.

nCino's trusted platform enables FIs to consolidate vendors while optimizing operations by integrating AI and actionable insights to cohesively bring together people and data and thereby enhance strategic decision-making, risk management, and customer satisfaction.

From managing complex credit portfolios to streamlining account onboarding and originating loans, nCino helps FIs of all sizes globally deliver faster, intelligent, and more connected experiences.

With the nCino Platform, FIs can:

• Embrace the Power of Intelligent Automation and Uncover Data-Driven Insights .

AI is rapidly changing the financial services industry.

As AI creates new value streams within banking, nCino is simplifying FIs’ navigation through this transformative technology.

nCino provides FIs with innovative technology that helps them meet the challenges of today and tomorrow, including predictive AI applications like Commercial Pricing and Profitability and Automated Spreading.

nCino was originally founded in a bank to improve that FI’s operations and client service.

After realizing that the same problems—cumbersome legacy technology, fragmented data, disconnected business functions, and a disengaged workforce made it difficult to maintain relevancy in their clients' lives—were endemic across the financial services industry, nCino spun out as a separate company in late 2011.

This heritage is the foundation of our deep banking domain expertise, which differentiates us, continues to drive our strategy, and makes us uniquely qualified to help FIs create new efficiencies by providing an end-to-end platform that spans business lines and combines capabilities for a seamless experience.

The nCino Bank Operating System was initially designed to help transform commercial and small business lending for community and regional banks.

This solution was introduced to enterprise banks in the United States ("U.S.") in 2014, and then internationally in 2017, and has subsequently expanded across North America, Europe, the Middle East, and Asia-Pacific ("APAC").

Throughout this market expansion, we broadened the nCino Bank Operating System by adding functionality for consumer lending, client onboarding, deposit account opening, analytics and artificial intelligence and machine learning ("AI/ML").

On January 7, 2022 (the "Acquisition Date"), nCino acquired SimpleNexus, a leading cloud-based mobile-first homeownership software company in the U.S., which expanded the suite of products to include a suite of mortgage solutions.

On September 8, 2023, SimpleNexus began operating as SimpleNexus, LLC d/b/a nCino Mortgage, LLC ("nCino Mortgage") as part of our rebranding effort.

In March 2024, we acquired DocFox, Inc.

("DocFox"), a leading solution provider automating onboarding experiences for commercial and business banking, for an aggregate purchase price of $75.0 million.

See Note 20 "Subsequent Events" of the notes to our consolidated financial statements included in Part II, Item 8 of this Annual Report on Form 10-K for additional information.

How the nCino Bank Operating System Works

The nCino Bank Operating System connects FIs' employees, their clients and third parties on a single, cloud-based platform, eliminating silos and bringing new levels of coordination and transparency to an FI.

By utilizing a single platform across business lines, processes and channels, FIs are able to leverage the same data and information across their entire organization to drive efficiency, enhance decision-making, and increase connectivity.

As a native cloud platform that utilizes a single code base regardless of the size and complexity of the FI, the nCino Bank Operating System is highly scalable and configurable for the specific needs of each FI.

Once implemented, our solution becomes deeply embedded in our customers’ business processes, enabling mission critical workflow across the FI and allowing our customers to serve their clients anytime, anywhere, from any internet-enabled device.

The nCino Bank Operating System also delivers data analytics and AI/ML capabilities through nIQ application suite to provide our customers with automation and insights into their operations, such as tools for analyzing, measuring and managing credit risk, as well as to improve their ability to comply with regulatory requirements.

As AI creates new value streams within banking, nCino is simplifying FIs' navigation through this transformative technology by infusing AI into every stage of the banking lifecycle and creating intelligent automation across the nCino Platform.

• Improve Efficiency .

nCino customers leverage the platform’s capabilities to drive process and knowledge efficiency by connecting previously disjointed functions, breaking down internal silos, and infusing intelligent automation into key workflows across multiple lines of business.

• Elevate Employee and Customer Experience .

The nCino Platform's automation, workflow and digitization capabilities help eliminate manual processes and redundant efforts, freeing an FI's employees to focus on their clients’ experiences rather than their transactions.

• Manage Risk and Compliance More Effectively .

The nCino Platform can help FIs reduce regulatory, credit and operational risk through workflow and automation, data reporting, standardized risk rating calculations and financial modeling.

Because nCino is highly configurable, it can adjust as regulations and the FI's risk requirements evolve, including regulatory changes and economic headwinds.

nCino was originally founded in a bank to improve that institution's operations and client service.

After realizing that virtually all banks and credit unions were dealing with the same problems—cumbersome legacy technology, fragmented data, disconnected business functions, and a disengaged workforce that made it difficult to maintain relevancy in their clients' lives—nCino was spun out as a separate company in late 2011 to help more institutions solve these challenges using cloud-based technology.

We initially focused on developing the nCino Platform to transform commercial and small business lending for community and regional banks in the United States ("U.S.").

We scaled the platform to enterprise banks in the U.S.

in 2014, and then internationally in 2017.

We have subsequently expanded across North America, Europe, the Middle East, Japan and Asia-Pacific ("APAC").

nCino's approach to market expansion includes strategically building products and acquiring technology to continue to fulfill a platform vision.

Over the years, we built and enhanced products internally to ensure innovation and seamless integration across key solution lines of commercial, small business and consumer banking.

Through the strategic acquisitions of SimpleNexus, DocFox, FullCircl, ILT, Visible Equity, FinSuite, and our recent acquisition of Sandbox Banking, we significantly augmented the nCino's Platform's capabilities for mortgage lending, onboarding, account opening, indirect auto lending, and advanced analytics and AI.

This strategic approach has allowed us to create a unified platform of best-in-class intelligent solutions, enabling FIs to replace multiple legacy systems, connect their operations, and streamline workflows and processes across various business lines to achieve desired business impact and process improvement.

How the nCino Platform Works

nCino offers a trusted platform that brings together people and data and enables FIs to enhance strategic decision-making, risk management, and customer satisfaction through the selection of best-in-class intelligent solutions that create experiences to fit their needs.

With the flexibility to select and implement multiple solutions simultaneously, or one at a time, institutions have the autonomy to create the experiences they desire with the benefit of an agile platform that scales with their needs and provides integrated functionality with every new product or feature added.

Once implemented, the nCino Platform becomes deeply embedded in our customers’ business processes, enabling mission critical workflow across the FI and allowing our customers to serve their clients anytime, anywhere, from any internet-enabled device.

The nCino Platform combines industry, customer, and process data with advanced analytics, predictive AI, and generative AI to deliver best-in-class, intelligent solutions.

These solutions empower FIs with process, knowledge, and platform efficiency to optimize operations, enhance decision-making, and enrich banker and client experiences for accelerated growth.

Fundamental elements of the nCino platform are built on Salesforce (the "Salesforce Platform"), which allows the Company to focus product development efforts on building deep vertical functionality specifically for FIs, while leveraging Salesforce's global infrastructure, reliability, and scalability.

nCino also has solutions that leverage the Amazon Web Services ("AWS") platform.

We generally offer the nCino Bank Operating System on a subscription basis pursuant to non-cancellable multi-year contracts that typically range from three to five years, and we employ a “land and expand” business model.

The nCino Bank Operating System is designed to scale with our customers, and once our solution is deployed, we seek to have our customers expand adoption within and across lines of business.

Benefits and Features of the nCino Bank Operating System

The nCino Bank Operating System leverages common data sets and functionality across applications, which optimizes and accelerates its deployment throughout a FI.

These include:

• Client Onboarding.

Built into the nCino Bank Operating System is client onboarding functionality that supports and automates the front, middle and back office onboarding process, allowing FIs to effectively evaluate the risk of doing business with a client, while also providing clients an efficient and personalized

user experience.

Clients are able to upload documents directly into the nCino Bank Operating System, complete identity verification and provide information about themselves and their business, offering a level of transparency to the FI that enables regulatory compliance, such as Know-Your-Customer (“KYC”).

With enhanced onboarding reporting tools, FIs can generate customized reports and use real-time analytics and data from government watchlists and other third-party systems to achieve a holistic client view, enabling our customers to offer their clients more value-added services and custom-tailored offerings.

• Deposit Account Opening.

The nCino Bank Operating System’s deposit account opening application optimizes the process for opening checking, savings, debit/ATM cards, money market, certificates of deposit and retirement accounts.

FIs can utilize nCino’s intuitive, scalable and flexible workflow to efficiently open consumer, commercial or small business accounts while maintaining individual account processes and requirements.

Seamlessly embedded within the account opening experience, the nCino Bank Operating System provides the new client onboarding capability to collect KYC related information to meet compliance standards.

The deposit account opening application allows clients to open a deposit account digitally, across any device, in a branch or through a call center, with speed and flexibility.

• Loan Origination.

The loan origination functionality embedded within the nCino Bank Operating System combines an innovative and intuitive framework with automated workflow, checklists, document management, analytics and real-time reporting to provide a complete, end-to-end loan origination system from application, to underwriting, to adjudication, to document preparation, to closing.

In one view, all stakeholders have visibility into where the loan process stands and what data is needed to complete the process.

Post-closing, the nCino Bank Operating System provides a view into loan performance and tools for portfolio management, providing FI employees the ability to utilize information to maximize efficiency.

Each stakeholder in the loan process works from a single digital loan file, allowing clients to apply for loans and upload documents;

third parties, such as appraisers, lawyers and regulators, to access and review loan files;

and employees to seamlessly manage the entire loan process efficiently and compliantly.

Our loan origination functionality supports a wide range of lending products across commercial, small business and consumer lines of business.

The nCino Bank Operating System can facilitate the origination of an FI’s most complex commercial lending products, including syndicated loans, commercial and industrial loans, commercial real estate loans and construction loans, while also supporting the depth required for specific products such as agriculture lending, asset-based lending, SBA loans and leasing.

Our solution also supports the speed and convenience required for small business and consumer loans across products, such as home equity lines of credit, home equity term loans, uncollateralized lines of credit, automobile loans and credit cards, while providing the tools needed to address regulatory compliance, including fair lending and the Home Mortgage Disclosure Act.

• End-to-End Mortgage Suite.

nCino’s Mortgage Suite increases an FI's mortgage profitability by automating loan processing and closing, delivering modern customer convenience, surfacing data insights, and simplifying incentive compensation management.

As a leading provider of digital mortgage technology within the U.S.

market, nCino’s Mortgage Suite helps financial institutions in the U.S.

streamline their borrower journey, improve stakeholder collaboration, seamlessly connect lender system tools, and enhance efficiency in operations – all so lenders can increase mortgage profitability and provide their customers an exceptional user experience.

The nCino Bank Operating System is powered by nIQ, which leverages AI/ML and analytics, helping FIs become more predictive, personalized and proactive.

Through nIQ’s Automated Spreading feature, FIs can streamline manual data entry processes throughout the underwriting process and automatically capture more data, reducing the time it takes to spread and process documents and enabling bankers to devote more time to insightful financial analysis and focus on value-add activities.

By combining newly available data from digitized processes with sophisticated profitability models, nIQ’s Commercial Pricing and Profitability functionality delivers targeted pricing insights at the point of decision, helping relationship managers intelligently price loans and win the right deals.

FIs can also leverage the data visualization and predictive analytics capabilities of nIQ’s Portfolio Analytics solution to maintain a holistic view of portfolio trends, discover new lending opportunities, and proactively address risk within different segments.

By embedding insights and automation into the loan lifecycle, nCino empowers FIs to accelerate revenue growth, improve operational efficiency and win the trust of their customers.

• A Powerful Ecosystem.

By harnessing the power of diverse partners and leveraging open application programming interfaces and productized integrations, the nCino Bank Operating System creates a connected and scalable ecosystem that brings together disparate data sources and systems, acting as a data hub that integrates with core systems, credit reporting agencies and other third-party applications to centralize an FI’s data, creating an actionable single data platform and warehouse.

In addition, we work with some of the world’s leading technology and SI partners to help implement our solution, which has increased our capacity to deliver and deploy the nCino Bank Operating System and enabled us to scale more quickly.

nCino has evolved from being a single product workflow solution to a platform that offers best-in-class, intelligent solutions.

As a result, we have shifted from a seat-based pricing model to a pricing framework that helps ensure value-based positioning and pricing of our products primarily based on the asset size of the FI.

This also enables us to embed and monetize intelligence across all our solutions.

Through this evolution, we are aligning our revenues to the value of the nCino Platform and encouraging customer growth as nCino creates more efficiencies for our customers.

Solutions on the nCino Platform

The nCino Platform is embedded with data and AI that help FIs digitize and reengineer business processes across multiple lines of business from commercial, consumer and small business banking to mortgage lending to boost efficiencies across the full customer lifecycle.

• Onboarding.

nCino's onboarding streamlines and enhances the customer onboarding process for FIs through a unified, digital platform.

It supports both credit and non-credit onboarding, commercial account opening, and enterprise-level onboarding, offering features like automation, centralized data, and compliance tools (CDD/KYC).

The platform eliminates manual processes, accelerates account opening, and provides a 360-degree customer view, ensuring transparency and efficiency.

With intelligent document management, seamless integrations, and personalized customer experiences, nCino helps institutions boost customer satisfaction, operational efficiency, and revenue growth while helping to maintain compliance and reducing errors.

• Account Opening.

nCino's account opening capabilities are designed to provide a seamless, fast, and user-friendly experience for both consumers and small businesses.

The Deposit Account Opening (DAO) solution allows customers to open accounts in minutes, whether online or in-branch, with a multi-channel approach that provides data continuity.

Key features include automated identity verification, helping to maintain compliance with KYC/AML regulations, and partnerships with companies like Plaid and Alloy to streamline authentication and reduce fraud.

The solution also integrates digital customer service options, such as chat, audio, and video, to enhance engagement and reduce abandonment rates.

nCino provides a comprehensive loan origination platform for commercial, consumer, small business, and mortgage lending, that streamlines processes and enhances customer experiences.

Our Commercial Loan Origination System automates the entire loan lifecycle, improving collaboration, compliance, and efficiency.

The Consumer Lending solution, offers an omnichannel solution with automated credit decisioning and integrations to reduce cycle times.

The Small Business Loan Origination solution leverages automation and machine learning to simplify applications and accelerate approvals, while the Mortgage solution unifies the home buying process, reducing closing times.

These capabilities enhance operational efficiency, help ensure compliance, and deliver seamless, customer-centric experiences.

• Portfolio Management.

nCino's portfolio management solution empowers FIs to efficiently manage credit risks, monitor performance, and uncover growth opportunities through a unified, data-driven platform.

solution centralizes data, automates workflows, and provides real-time insights to enhance decision-making and operational efficiency.

Key features include continuous credit monitoring, risk analysis, and profitability optimization, supported by tools like automated spreading and commercial pricing.

nCino's Portfolio Analytics solution offers customizable dashboards to track loan, deposit, and application data, helping to ensure compliance with regulations like CECL and Fair Lending.

By integrating front, middle, and back-office processes, nCino enhances transparency, reduces manual tasks, and supports proactive risk management, enabling institutions to adapt to market changes and drive strategic growth.

Our Customers

As critical and attractive as our innovation platform is, it is our proven execution and delivery that makes nCino an ideal partner to FIs.

Working closely with our customers, we take a pragmatic approach to helping institutions digitally transform.

As a pioneer in cloud banking, we have developed trusted relationships and a reputation for successfully implementing our solutions with FIs of all sizes in multiple geographies.

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to enterprise banks, such as Truist Bank and U.S.

to regional and community banks, like WaFd Bank, M&F Bank, and ConnectOne Bank;

to regional and community banks, like WaFd Bank, and ConnectOne Bank;

to credit unions, such as Navy Federal Credit Union, SAFE Credit Union, Marine Credit Union, and Conexus Credit Union;

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These companies represent a cross-section of FIs across asset classes and geographies and each of these customers represent a substantial level of Annual Contract Value ("ACV") in its respective category.

As of January 31, 2024, we had 460 FIs that have contracted for the nCino Bank Operating System for client onboarding, loan origination and/or deposit account opening.

In addition, we have over 1,000 FIs that have contracted for our Portfolio Analytics solutions, which we acquired with the nCino Portfolio Analytics, LLC (formerly, Visible Equity, LLC, "Visible Equity") acquisition in fiscal 2020, and over 430 customers that have contracted for nCino Mortgage Suite.

In total, we had over 1,800 customers as of January 31, 2024, of which 501 each generated more than $100,000 in subscription revenues in fiscal 2024.

We ended fiscal 2025 with 2,789 customers, of which in fiscal 2025 we had 549 that generated more than $100,000 in subscription revenues, 105 that generated more than $1.0 million and 14 that generated more than $5.0 million.

No single customer represented more than 10% of total revenues in fiscal 2025.

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• Expand Within and Across Our Existing Customers.

We believe there is a significant opportunity to further expand within our existing customer base both vertically within business lines and horizontally across business lines.

Our revenues from existing customers continue to grow as additional users are added, creating strong customer cohort dynamics.

We believe there is a significant opportunity to further expand within our existing customer base both vertically within and horizontally across, business lines.

Our customer expansion opportunities are now further enhanced with our focus on embedding AI capabilities within our Platform to further enhance efficiency and mitigate risk.

nCino is transitioning to a new asset-based pricing strategy (as reflected in our new pricing model) where our subscription revenues from existing customers will continue to grow with their portfolio assets and artificial intelligence capability consumption, which should also simplify the buying experience for our customers.

• Expand Our Customer Base.

We believe the global market for a single platform is large and underserved.

With FIs needing to replace legacy point products with modern technology and increased consumer demand for digital services, we believe there is a significant opportunity to deliver our solutions and expand our customer base to FIs of all sizes and complexities around the world.

Currently deployed in 19 countries, we have made significant investments to expand our presence in EMEA and APAC, and the nCino Bank Operating System can currently support over 120 languages and over 140 currencies.

We believe the global market for an intelligent banking platform is large and underserved.

With FIs needing to replace legacy point products with modern technology and increased consumer demand for digital services and AI, we believe there is a significant opportunity to deliver our solutions and expand our customer base to FIs of all sizes and complexities around the world.

Currently deployed in over 20 countries, we have made significant investments to expand our presence in EMEA and APAC.

We promote sales in North America out of our offices in the U.S.

and Canada, in APAC out of our offices in Australia, New Zealand, and Japan, and in EMEA out of our offices in the UK and Spain.

and Canada, in APAC out of our offices in Australia, New Zealand, and Japan, and in EMEA out of our offices in the UK, South Africa and Spain.

• Continue Strengthening and Extending Our Product Functionality.

We invested 24.6% of our revenues back into research and development in fiscal 2024 and will continue to invest at similar levels in fiscal 2025 to continue to extend the breadth and depth of the nCino Bank Operating System.

Additionally, we plan to continue to develop our portfolio analytics and credit modeling capabilities, as well as our AI/ML capabilities through automation, predictive analytics, digital assistant services and data source integration.

These innovations will further reduce the human resources required for routine but time-consuming tasks.

• Foster and Grow Our SI and Technology Ecosystem .

We have developed strong relationships with several leading SIs, including Accenture, Deloitte, PwC, and West Monroe Partners, that increase our capacity to onboard new customers and implement the nCino Bank Operating System, extend our global reach and drive

increased market awareness.

To date, over 3,500 SI consultants have completed our training program to implement the nCino Bank Operating System.

Through the open architecture of the nCino Bank Operating System, an increasing number of third-party technology partners, including Rich Data Co, Alloy, Codat, Plaid, and DocuSign, among others, are integrated with our solution.

We invested 23.9% of our revenues back into research and development in fiscal 2025 and expect to continue to invest in fiscal 2026 to continue to extend the breadth and depth of the nCino Platform.

Current plans direct that investment across nCino's solution lines and geographies and aim to enrich experiences and drive additional efficiencies into financial processes that are foundationally underpinned by the nCino Platform.

These plans include a focus on augmentation of human in the loop processes, as well as process automation, both driven by practical deployment of AI and agentic concepts that can further reduce the human resources required for routine, time-consuming tasks.

• Foster and Grow Our SI and Partner Technology Ecosystem .

nCino is focused on attracting and managing a rapidly growing network of organizations that collaborate to achieve shared success goals for our customers across the globe.

Utilizing the open architecture of the nCino Platform, an increasing number of technology partners, including Anthropic, AWS, Databricks, Salesforce, Rich Data Co, Alloy, Plaid and Docusign, are integrated within our Platform.

Leveraging our recent acquisition of Sandbox Banking, we are focused on

scaling our ecosystem strategy and business model to supplement our existing direct sales model.

The aim is to deliver greater value to customers by leveraging the combined strengths and capabilities of all participants (customers, technology partners, and consulting partners) in our ecosystem.

Expanding the ecosystem business can drive value in many different ways, including expanding our reach and access to new markets, driving new innovations and value creation, creating better customer experiences, and accelerating growth.

This approach helps us address the demands we see in the market for embedded, customizable experiences and solutions that are easy to buy.

We also have deep, long-standing relationships with leading consulting partners across the regional and enterprise banking space in every priority market across the globe.

These partners (including Accenture, Deloitte, PwC, and West Monroe Partners, among others) assist in prospecting, marketing, co-selling, product evaluation/feedback and implementation of our solutions and have helped support our new market and global expansion.

• Selectively Pursue Strategic Transactions.

In addition to developing our solutions organically, we may selectively pursue acquisitions, joint ventures, or other strategic transactions.

In addition to developing our solutions organically, we may selectively pursue acquisitions, joint ventures, or other strategic transactions, such as our recent acquisitions of DocFox, FullCircl, ILT, and Sandbox Banking.

We expect these transactions to focus on innovation to help strengthen and expand the functionality and features of our solutions and/or expand our global presence.

For example, in fiscal 2020, we acquired nCino Portfolio Analytics, LLC (formerly Visible Equity) and FinSuite Pty Ltd ("FinSuite") as part of our strategy to build out our nIQ capabilities, and we established our nCino K.K.

joint venture to facilitate our entry into the Japanese market.

Additionally, in January 2022, we completed our acquisition of SimpleNexus, which expanded our capabilities to the U.S.

point-of-sale mortgage market.

Our Relationship with Salesforce

From our inception, we built the nCino Bank Operating System on the Salesforce Platform to leverage its global infrastructure, reliability, and scalability.

This strategy has allowed us to benefit from Salesforce’s investment in the continual improvement of the Salesforce Platform.

We built fundamental elements of the nCino Platform on the Salesforce Platform to leverage its global infrastructure, reliability, and scalability.

This allows us to benefit from continual improvement of the Salesforce Platform.

We believe we have a mutually beneficial strategic relationship with Salesforce.

Pursuant to our agreement with Salesforce, when we sell our client onboarding, loan origination, and/or deposit account opening applications, we include a subscription to the underlying Salesforce Platform and remit a subscription fee to Salesforce.

Pursuant to our agreement with Salesforce, when we sell our client onboarding, loan origination, and/or deposit account opening solutions, we include a subscription to the underlying Salesforce Platform and remit a subscription fee to Salesforce.

In exchange, Salesforce provides the hosting infrastructure and data center for these applications, as well as configuration, reporting, and other functionality within the Salesforce Platform.

In addition, under our agreement with Salesforce, we are an authorized reseller of Salesforce’s CRM functionality to certain FIs in the U.S.

Under our agreement with Salesforce, we are an authorized reseller of Salesforce’s CRM functionality to certain FIs in the U.S.

Our original agreement with Salesforce was entered into in December 2011, which was superseded and replaced on June 19, 2020.

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Global Revenue Organization

Our Global Revenue Organization includes business development representatives, account executives, field sales engineers, and marketing.

These teams are responsible for demand and lead generation, driving new business, and helping to manage account relationships and renewals, further driving adoption of our solutions within and across lines of business.

Our Global Revenue Organization includes business development representatives, account executives, field sales representatives, and marketing.

These teams are responsible for demand and lead generation, driving new business, and helping to manage account relationships and renewals, to drive adoption of our solutions within and across lines of business.

These teams maintain close relationships with existing customers and act as an advisor to each FI to help identify and understand their unique needs, challenges, goals, and opportunities.

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Customer Success

Once a customer contracts for the nCino Bank Operating System, we provide configuration and implementation services to assist the customer in the deployment, either directly or through our SI partners.

Configuration and implementation engagements typically range in duration from three months to 18 months, depending on the scope.

For enterprise FIs, we generally work with SIs such as Accenture, Deloitte, and PwC.

For regional FIs, we work with SIs such as West Monroe Partners, and for community banks, we work with SIs or perform configuration and implementation ourselves.

When we work with SIs, we generally field a small team of advisory consultants alongside the SIs to help ensure the success of the engagement.

We support our customers with 24/7 access to engineers and other technical support personnel, outcome-based support offerings, release management, managed services, and technical support via online chat.

To help our customers achieve success with the nCino Bank Operating System, we offer in-depth change management workshops, classroom and virtual end user and administrator training, consultative functionality adoption services, and best practices.

The nCino Customer Success

Management team is the customer’s central touch point, whose primary job is to manage the long-term health and success of each customer.

A significant majority of our FI customers, whose employees utilize our client onboarding, loan origination, and/or deposit account opening applications, have joined our online nCino User Community.

In the nCino User Community, users can access product guides, technical documents and support articles, engage and share best practices with other users and nCino subject matter experts through a variety of general and solution-focused discussion groups, suggest and vote for future product development ideas, and access training videos, materials and product certifications.

Once a customer contracts for the nCino Platform, we provide implementation services to assist in the deployment, either directly or through our SI partner ecosystem.

For regional and community banks, we usually handle implementation ourselves.

Most of these engagements average less than six months, significantly reducing the time-to-value for our customers.

We expect to further reduce these timelines next fiscal year, given our investments in AI tooling and strategy.

For our largest enterprise FIs, implementation timelines may extend beyond twelve months, primarily due to the complexity of adjacent program integrations, core conversion activities or other material infrastructure upgrades.

For SI-led projects, we collaborate with SIs such as Accenture, Deloitte, and PwC, fielding a small team of advisory consultants alongside the SIs to help ensure success.

We support our customers with 24/7 access to engineers and technical support personnel, outcome-based support offerings, release management, managed services, and technical support via online chat.

The nCino Customer Success Management team is the central contact for our customers, focusing on adoption, FI readiness to capitalize on new innovation, and helping our customers achieve the business value they expect.

A significant majority of our FI customers whose employees utilize our client onboarding, loan origination, and deposit account opening solutions have joined our online nCino Community.

In the nCino Community, users can access product guides and technical documents, engage and share best practices with other users and nCino subject matter experts through various discussion groups, suggest and vote for future product development ideas, and access training videos, materials and product certifications.

Research and Development

Our research and development organization is responsible for the design, development, and testing of our solutions.

Our research and development organization is responsible for the design, development, engineering, and testing of our solutions.

We utilize industry best practices, such as continuous integration/continuous deployment, automated testing and distributed version control, to develop new functionality and enhance our existing solutions.

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Our research and development spend was $129.4 million or 23.9% of total revenues in fiscal 2025.

Historically, the primary competition for the nCino Bank Operating System has been point solution vendors and systems developed internally by FIs.

We believe our ability to provide client onboarding, loan origination, deposit account opening, analytics, portfolio management, and AI/ML on a single platform across lines of business, our deep banking domain expertise, our mortgage suite, our reputation for high-quality professional services and customer support, and our strong company culture, distinguish us from our competition.

We believe our success in growing our business will depend on our ability to demonstrate to FIs that our solutions provide superior business outcomes and value to those of third-party vendors or internally developed systems.

Historically, the primary competition for the nCino Platform has been point solution vendors and systems developed internally by FIs.

We believe our ability to provide client onboarding, loan origination, deposit account opening, analytics, portfolio management, and AI on a platform across lines of business, our deep banking domain expertise, our mortgage suite, our reputation for high-quality professional services and customer support, and our strong company culture, distinguish us from our competition.

We believe our success in growing our business will depend on our ability to demonstrate to FIs that our solutions provide superior business outcomes and value to those of competitors or internally developed systems.

In this regard, we are likely to be assessed on a number of factors, including:

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• brand awareness and reputation;

• cloud-based technology platform and pricing model;

• cloud-based technology platform, availability of AI capabilities, and pricing model;

• quality of implementation and customer support services;

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• ability to innovate and respond to customer needs quickly;

• ability to integrate with third-party applications and systems;

• ability to provide data connectivity and integrate with third-party applications and systems;

• insights and benchmarking derived from the cross-institution data and transactions that flow through our platform.

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Our ability to remain competitive will depend on our ongoing efforts in research and development, sales and marketing, professional services, customer support, and our business operations generally.

For additional information, see the section titled “Risk Factors—The markets in which we participate are intensely competitive and highly fragmented, and pricing pressure, new technologies or other competitive dynamics could adversely affect our business and results of operations.”

For additional information, see Part I, Item 1A of this Annual Report on Form 10-K, “Risk Factors—The markets in which we participate are intensely competitive and highly fragmented, and pricing pressure, new technologies or other competitive dynamics could adversely affect our business and results of operations.”

Intellectual Property

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Furthermore, effective patent, trademark, copyright, and trade secret protection may not be available in every country in which our products are available.

As of January 31, 2024, we had 12 issued U.S.

patents as well as one patent application pending in the U.S.

As of January 31, 2025, we had 12 issued patents relating to the nCino Platform in the U.S.

We file patent applications where we believe there to be a strategic technological or business reason to do so.

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Human Capital Management

We are in the business of fundamentally changing the way FIs operate.

To transform an industry, we believe it is essential to foster a company culture that not only empowers its employees to challenge the status quo, but also emboldens them to drive change and champion customer success.

Culture is a key differentiator;

our position as the worldwide leader in cloud banking depends on the people who work at nCino.

For these reasons, we have built our company with a cultural foundation based on six core values:

nCino is in the business of helping FIs around the globe modernize their operations.

To transform an industry, we believe our workplace culture is critical in fostering accountability and autonomy, enabling our employees to boldly innovate and deliver the best possible outcomes for our customers.

Our culture delivers a differentiated employee value proposition that balances innovation, accountability, continuous learning, and career growth, underpinned by a foundation of six core values:

Bring Your A-Game, Do the Right Thing, Respect Each Other, Make Someone’s Day, Have Fun and Be a Winner.

We believe our culture is the foundation for the successful execution of our strategy and, as a result, is a critical strength of our organization.

In recognition of our continued focus on employee engagement, satisfaction and culture, we have received numerous workplace awards.

Our unwavering commitment to our customers and employees is reflected across external measurements and outcomes, including numerous workplace awards as well as our Net Promoter Score commentary calling out our people and partnership.

As of January 31, 2025, we had 1,833 employees, of which approximately 73% were in the U.S.

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We believe our employee engagement and experience remain strong.

Diversity, Equity, Inclusion, and Community

As a global company whose employees represent a wide variety of identities across race, ethnicity, gender, sexual orientation, ability and disability, class, immigration status and so much more;

we know diverse identities, experiences and perspectives make for stronger teams.

We believe we can't realize our full strength unless we work collectively to acknowledge, respect, empathize with and appreciate each other's differences.

To ensure that nCino remains rooted in our commitment to build a diverse, equitable and inclusive workforce, our talent acquisition strategy includes relationships with diverse professional organizations and minority colleges and universities.

To further our commitment to a culture of inclusiveness, our employee-led Diversity, Equality and Inclusion Council meets regularly with nCino’s Executive Leadership Team.

In addition, nCino is home to six Employee Resource Groups (“ERGs”), which serve our Veteran, LGBTQIA+, Latinx, AAPI, Black/African-American, and Women employee populations.

These groups play an important role in building community and belonging among employees, providing resources to the broader nCino community, recruiting diverse talent and creating opportunities for professional development, mentorship and community outreach.

Each ERG includes executive sponsorship and a connection to the Diversity, Equity and Inclusion Council.

In 2021, nCino hired a full-time Diversity, Equity, Inclusion and Community Involvement leader to champion these initiatives and programs, with support and oversight from nCino’s CEO and People Operations leadership.

As a result, nCino has been able to support many causes and initiatives in the community, such as sponsoring the local Martin Luther King, Jr.

march, volunteering with veterans’ organizations that aid military personnel in their transition back to civilian life, and being a premier sponsor of an all-girls middle/high school that focuses primarily on STEM education.

In 2021, we also announced two long-term partnerships in Wilmington, North Carolina, where nCino’s headquarters is located.

The first was a sponsorship with The City of Wilmington and the Wilmington Hammerheads Youth Soccer Club to help fund a new sports complex, which will help make sports more accessible to youth in the Wilmington community.

The second was a partnership with the Food Bank of Central & Eastern North Carol ina.

We committed to a donation over a five-year period to support the development of the nCino Hunger Solutions Center, a new facility in Wilmington that is helping the organization expand its food relief efforts and ensure substantial growth in its nutrition services, food access and distribution throughout southeastern North Carolina.

These are just some of the activities achieved through nCino's philanthropic and community service team, nVolve.

Through nVolve, nCino prioritizes giving back to our communities and volunteering time by providing all global employees paid volunteer days separate from regular leave or holidays to support organizations and causes that are important to them.

Total Reward, Well-being & Employee Experience

nCino believes that productivity is driven by employees who are actively engaged, both by their connection to our purpose and their certainty that the company cares about their well-being.

We therefore invest in their financial, social and physical wellness, as well as the communities in which they work.

Because nCino’s future success is dependent on our ability to attract and retain highly qualified personnel, we offer competitive compensation, opportunities for equity ownership, retirement plans to help employees invest in their future and generous, country-specific benefit packages.

In addition, we offer competitive parental leaves, holiday pay, student debt repayment programs and vacation time and flex holidays.

nCino supports healthy lifestyles and wellness by offering office step challenges, nutritious snacks, standing and treadmill desks, financial education, mental health initiatives, cycle to work programs, on-site flu shots, recreational outings and more.

These offerings demonstrate a commitment to our employees’ well-being and play a critical role in engaging and retaining the talented individuals that comprise our organization.

Employee Involvement

As part of our priority to drive success through brand reputation and excellence, we listen to our employees and develop involvement programs that foster belonging and deliver value back to our communities.

Powerful examples of this inclusive programming are nCino's Employee Resource Groups (“ERGs”), which are open to all nCino team members.

These groups play an important role in building camaraderie among employees, providing resources to the broader nCino community, building nCino's reputation as an employer of choice for talent, while also creating opportunities for professional development and mentorship.

nCino supports many causes and initiatives in the communities in which we operate.

Combining corporate giving and matching along with employee giving, nCino has donated to numerous non-profits globally.

With respect to philanthropic giving, the nCino community has broadly given back to various community groups, including those associated with STEM-focused education, social/community needs, environmental causes, and health research.

Through nVolve, nCino's philanthropic and community service approach, we prioritize giving back to our communities by providing all employees paid volunteer days separate from regular leave or holidays to support organizations and causes that are important to them.

Total Rewards

To ensure our ability to attract and retain the very best global talent, we offer market competitive compensation that is consistently evaluated, opportunities for equity ownership, savings options to help employees invest in their future, and generous, country-specific benefit packages.

Technology, Development and Cloud Operations

We deliver our solutions as highly scalable cloud computing application and platform services on a multi-tenant technology architecture.

We deliver our solutions as secure, highly scalable cloud computing application and platform services with a multi-tenant technology and shared service-oriented architecture.

Multi-tenancy is an architectural approach that allows us to operate a single application instance for multiple organizations, treating all customers as separate and virtual isolation from each other.

Service-Oriented Architecture ("SOA") is a software design approach that builds applications from reusable, self-contained components called services, allowing them to communicate and interact across different platforms and technologies.

This approach allows us to spread the cost of delivering our services across the globe and scale our business faster than traditional software vendors while focusing our resources on building new functionality and enhancing existing offerings.

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Global Financial Service Providers Are Highly Regulated

Global financial service providers and their solutions are subject to extensive and complex data, security and regulatory guidance and oversight by international, country, federal, state and other regulatory authorities.

Global financial service providers and their solutions are subject to extensive and complex data, security, privacy, and regulatory oversight by international, country, federal, state and other regulatory authorities.

These laws and regulations are constantly evolving and affect the conduct of financial service providers' operations and, as a result, the business of their technology providers.

The compliance process with these regulatory requirements depends on a variety of factors, including functionality and design, the classification of the financial service provider and its services, region or country of operation, and the manner in which the financial service provider and its end users utilize the solutions.

In order to ensure compliance with these laws, financial service providers may be required to implement operating policies and procedures to protect the privacy and security of their, the financial service providers', and their end users' information, and to undergo periodic audits and examinations.

Security Is Paramount for Global Financial Service Providers

In order to ensure compliance with these laws, financial service providers may be required to implement operating policies, procedures, and controls to protect the privacy and security of their, the financial service providers', and their end users' information, and to undergo periodic audits and examinations.

Security and Data Protection Is Paramount for Global Financial Service Providers

The risks of cybercrime and fraud have always existed in banking and financial services.

As the adoption and use of digital channels increase in financial services, the incidence of cybercrime and fraud has grown substantially.

As the adoption and use of digital services increase in financial services, the incidence of cybercrime and fraud may grow substantially.

The methods by which criminals seek to commit fraud are constantly changing, requiring financial services providers and their technology providers to continually modify their security protocols and best practices.

Providing services to FIs requires experience, constant vigilance, and continuous investment to stay informed and guard against these ever-changing threats.

Providing services to the financial services industry requires experience, constant vigilance, and continuous investment to stay informed and guard against these ever-changing threats.

Available Information

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What changed 10-K

Item 1. Business