nCino’s fiscal 2023 revenue clocked in at $477.3 million, a 13% bump — respectable, sure, but peanuts next to rivals like Temenos surging 20% or Mambu pushing past 50% in bookings.
And here’s Keith Kettell, stepping in as chief revenue officer on April 1, fresh off steering massive deals at Salesforce.
Look, nCino’s been coasting on its Salesforce-native bank platform, serving 1,100+ institutions. But growth’s flatlining. Subscription revenue? Up a measly 11%. Total ARR? Hovering, not exploding.
nCino, Inc. (NASDAQ: NCNO), the leading provider of intelligent, best-in-class banking solutions, announced the appointment of Keith Kettell as Chief Revenue Officer, effective April 1.
That’s the press release boilerplate. Translation: We’re hyping a hire to mask revenue jitters.
Kettell’s no stranger to this rodeo. At Salesforce, he scaled Financial Services Cloud from niche to $1B+ powerhouse, closing enterprise deals with JPMorgan, Citi-types. Before that? Oracle, where he owned EMEA sales. Resume screams quota-crusher.
But — and this is key — nCino’s not Salesforce. Banks move slow. Legacy systems glue ‘em down. nCino’s pitch? Cloud lending, deposits, all-in-one. Sounds great. Reality? 70% of banks still wrestle with on-prem dinosaurs, per McKinsey.
Why nCino’s Picking a Sales Gun Now?
Stock’s down 15% YTD, trading at 5x sales — cheap for fintech, but whispers of churn haunt earnings calls. Q4 guidance? $121-122M, implying 12% growth. Wall Street yawns.
Kettell’s mandate? Probably land whales. Think mid-tier banks ditching Fiserv, Jack Henry. He’s got the playbook: land-and-expand, bundle AI modules (nCino’s flirting with that), cross-sell to existing 3,600 modules deployed.
Here’s my unique take — remember Ellie Mae’s 2019 playbook? Hired a CRO pre-ICE buyout, revenue popped 25% in a quarter. nCino’s mirroring that: signal to Street you’re serious about acceleration before a tuck-in acquisition tempts.
Smart? Yeah. But risky. Kettell’s enterprise focus might clash with community banks (60% of nCino’s base), who balk at $1M+ contracts.
Sales org’s bloated post-SPAC, headcount up 20% since 2021, yet win rates dipped to 25%. Kettell’ll wield the ax — or sharpen it.
Can Kettell Fix nCino’s Go-to-Market Mess?
nCino’s strength? Sticky once in — 98% renewal. Weakness? Long sales cycles, 9-12 months. Competitors like Finastra nibble with modular plays.
Kettell’s history: At Salesforce, he slashed cycle times 30% via ‘value engineering’ squads. Expect nCino demos to get snappier, ROI calcs laser-focused.
Market dynamics scream urgency. Fed rate cuts loom — banks hoard cash, delay tech spends. nCino’s mortgage suite? Hammered by refi drought. Kettell must pivot to commercial lending, where volumes rose 8% per FDIC.
Critique time: nCino’s PR spins ‘intelligent banking solutions’ like it’s AGI for loans. Please. It’s Salesforce wrappers with workflows. Kettell’s job? Sell the sizzle without burning the steak.
Prediction: If he hits 20% growth by FY25, shares double. Miss? CEO Jeff Horing’s patience thins.
Deeper dive — nCino’s international? Flat at 10% revenue. Kettell crushed EMEA at Oracle; he’ll chase Europe, where PSD3 forces digital overhauls.
Competition bites. Backbase raised $63M for composable banking. nCino counters with Mortgage Suite 2.0, but adoption lags.
What This Means for Bankers and Investors
Bankers: Expect aggressive outreach. Kettell’s teams demoed 40% faster closes at Salesforce. Your inbox? Flooded with ‘unlock 15% efficiency’ pitches.
Investors: Buy the dip? NCNO’s at $28, forward P/E 40x — premium, but Kettell’s track record (2x’d Salesforce FS revenue) justifies. Short interest 8%; squeeze potential.
Skeptical lens: Hires like this often precede churn. nCino lost CRO Greg Orenstein in 2022; revenue dipped post-exit. Pattern?
Nah, Kettell’s a lifer type. But fintech’s brutal — 30% of CROs last <2 years.
Bottom line. Solid hire. Makes sense in a revenue-starved world.
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Frequently Asked Questions**
What experience does Keith Kettell bring to nCino?
Veteran of Salesforce and Oracle, scaled billion-dollar sales engines in financial services.
Will nCino’s stock rise after this CRO hire?
Possible, if growth accelerates to 20%; watch Q2 earnings for early signals.
How does nCino compete in banking software?
Salesforce-powered platform for lending and deposits, but faces modular rivals like Backbase.
