nCino announced CFO David Rudow will be leaving the cloud banking provider effective Jan. 31 as the company will lay off about 7% of its workforce, or 117 employees, according to Wednesday press release and a company spokesperson. Chief corporate development and strategy officer Greg Orenstein will move into its CFO seat.
The Wilmington, N.C.-based fintech’s cuts are part of a bid to shift from a “pure growth company to a best-in-case profitable growth company,” CEO Pierre Naudé wrote in a letter to employees. nCino provides cloud banking solutions to financial institutions.
Orenstein, 53, joined nCino in 2015 and has held a variety of executive positions at the company, including serving as its chief corporate development & legal officer and secretary from October 2015 to November 2019, according to a company filing with the Securities and Exchange Commission.
nCino’s layoffs, as well as planned reductions to its office space, will cost the cloud banking provider between $4.5 million to $5.0 million which it expects to incur in the fourth quarter of fiscal 2023, according to the SEC filing.
The changes, “while incredibly difficult, will enable us to continue operating from a position of strength” while it transitions to a profitable growth company, an nCino spokesperson said in an email.
nCino also affirmed its fourth quarter and full-year guidance Wednesday, expecting full-year revenue for fiscal year 2023 ending Jan. 31 of between $403 million and $404 million, it said. The company reported revenue of $105.3 million in its third quarter of fiscal 2023 ending Oct. 31, 2022, a 50% increase year-over-year, according to its Nov. 30 earnings results.
