Fintech Nexus Newsletter (May 30, 2024): nCino reports record revenue for its first quarter

Fintech infrastructure is still hot.

As earnings season wraps up, we heard from nCino yesterday as they reported on their fiscal first quarter, which ended on April 30.

The company reported revenue of $128 million in Q1, up 13% from the same quarter last year.

Demand for its single-platform cloud banking solutions and AI offerings remains strong. The company also highlighted its agreement with M&T Bank, which leverages its explainable AI platform for continuous credit monitoring.

nCino is expecting to turn a profit this year on revenues of around $540 million.

> NCino Reports Demand for Cloud Banking, AI Drives Record Sales

NCino reported Wednesday (May 29) that demand for its single-platform cloud banking solution and AI features drove record gross sales in the most recent quarter. 

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