Could nCino’s (NCNO) Spanish Market Entry Reshape Its International Adoption Strategy?

• On October 9, 2025, Baghdadi Capital Group announced it selected the nCino Platform to standardize and automate global operations across its Trade & Working Capital, Higher Bridge Capital, and Tamwuil businesses, marking nCino’s entry into the Spanish market and expanding its footprint in continental Europe.
• This client adoption highlights growing demand in underpenetrated international markets for AI-powered automation and integrated banking solutions to accelerate growth and enhance operational efficiency.
• We'll examine how nCino's foothold in Spain may influence its international expansion narrative and support broader platform adoption prospects.

Find companies with promising cash flow potential yet trading below their fair value.

nCino Investment Narrative Recap

To own nCino, investors need to believe in the acceleration of digital banking transformation, particularly the company's potential to drive global adoption of its AI-powered platform. The recent partnership with Baghdadi Capital Group marks a milestone entry into Spain, but as a single contract, it is unlikely to materially change the biggest near-term catalyst: broad-based European adoption; meanwhile, geographic concentration and competition remain present risks, and the impact on revenue diversity will take time to develop.

Among recent announcements, nCino’s June win with Banque Raiffeisen in Luxembourg aligns closely with the Baghdadi Capital Group deal, both represent first market entries in Continental Europe that speak to the company’s international expansion prospects. These early partnerships serve as important signals for progress in addressing the risk of revenue concentration in established markets and may provide a template for further client adoption across Europe.

However, in contrast to international wins, investors should be aware of how product concentration risk could...

Read the full narrative on nCino (it's free!)

nCino's narrative projects $728.9 million in revenue and $56.0 million in earnings by 2028. This requires 8.3% yearly revenue growth and a $89.6 million earnings increase from current earnings of -$33.6 million.

Uncover how nCino's forecasts yield a $35.54 fair value, a 46% upside to its current price.

Exploring Other Perspectives

Fair value estimates from four Simply Wall St Community members range from US$17.51 up to US$35.61, reflecting a wide spectrum of outlooks. With international expansion as a key catalyst, be mindful that divergent views often shape expectations about how quickly nCino can broaden revenue streams outside North America and reduce exposure to single-market risks.

Explore 4 other fair value estimates on nCino - why the stock might be worth as much as 46% more than the current price!

Build Your Own nCino Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your nCino research is our analysis highlighting 3 key rewards and 1 important warning sign that could impact your investment decision.
• Our free nCino research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate nCino's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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