Wilmington-based software firm nCino announced plans Tuesday to lay off approximately 7% of its global workforce.

“As a global market-leader, nCino continuously evaluates our organizational structure to optimize operations and drive efficiency across the business,” Natalia Moose, nCino’s head of brand marketing, wrote in an email to the Business Journal. “To ensure our long-term success in the face of evolving market conditions, we've made the challenging decision to reduce our global workforce by approximately 7%.”

“These strategic adjustments position us to accelerate innovation in the products and services our customers rely on. By streamlining our operations, we're investing more deeply in the capabilities that matter most to our customers' success while maintaining our unwavering commitment to delivering exceptional service and support,” Moose added.

A majority of the impacted roles are located in the U.S., according to Moose, who said the impacted positions weren't "limited to a specific office, location, group or division." When asked how many local employees were affected by the layoffs, Moose didn't provide a number.

Late last year, the fintech firm told the Business Journal it has 700 local employees. The company had 1,833 employees worldwide as of Jan. 31, 2025, according to an SEC filing. 

nCino started as Live Oak Bank’s technology unit, helping the bank operate nationally without branches. It spun out of Live Oak in 2011 as a separate company, eventually going public itself in July 2020, at a value far higher than its parent company.

Tuesday's news echoes a previous layoff, with the same percentage. In early 2023, the fintech firm announced a 7% reduction in its workforce, trimming nearly 120 employees.

In recent months, the firm has grown through acquisitions, acquiring Sandbox Banking, an industry-leading Integration Platform as a Service (iPaaS) solution in February for $52.5 million. 

nCino also recently acquired London-based FullCircl, a business-to-business, software as a service (SaaS) platform, for $135 million and a South African onboarding software company DocFox, for $75 million.

The company is also under new leadership, with Sean Desmond appointed president, CEO and a member of the cloud-based banking software firm's board of directors in February. He succeeded Pierre Naudé in the role.

nCino is set to report its first-quarter financial results on Wednesday after the markets close.