How We Developed a High-Scale SMB Funding Platform for an Innovative Lender

# AWS infrastructure # Fintech # Payment integration # Web development
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Highlights

  • Helped 4,000+ Businesses Get Funded: developed a custom Small And Midsize Business (SMB) funding platform for our client.
  • Web Development Expertise at Scale: helped our client to provide $350+ million financing for its customers by leveraging our highly efficient and reliable software solution.

Client

The client is a well-established provider of business funding and real-time financing services. At the start of our cooperation, the client already owned a profitable lending business targeted for long-term lending and included a network of investors.

The top industries our client serves include: 

  • Food services
  • Retail
  • eCommerce
  • Construction
  • Manufacturing
  • Hospitality.
Country:
Industry:
Team Size:

Product

The product is an SMB funding platform that allows merchants to quickly get registered, verified, and obtain funding the same day if they qualify. The system checks the merchant’s credit history externally via an integration with a corresponding service.

For real-time financing against future receivables, the merchants link their accounts in the system with their bank accounts to give the platform access to their account information. The merchant can have an account in any bank. The platform also makes it possible to replenish the account or use the funds in it to pay some business-related expenses with the help of a payment card.

The solution is aimed to provide merchants with the working capital they need immediately, thus eliminating any weekend- or holiday-related delays and the resulting extended settlements. 

Goals and objectives

  • Develop a Large-Scale SMB Lending Platform:

Increase the business presence and diversify the service offerings for our client, by developing a modern SMB funding platform from scratch.

Project challenge

  1. Intricate Calculation Functionality:
    Develop functionality that calculates and distributes commissions while taking into account a diverse array of factors.
  2. Complex User Interface:
    Implement a great number of details, while keeping the UI intuitive and user-friendly.
  3. Provide Scalability and the Ability to Sustain High-Loads:
    Allow each of the thousands of merchants to concurrently generate hundreds of transactions per day.
  4. Numerous and Diverse Compliance Requirements:
    Ensure the solution’s full PCI DSS and GDPR compliance, while also implementing the required Know Your Customer (KYC)/Know Your Business (KYB) procedures.

Solution

To implement the project, we initially assembled a core project team that consisted of just 4 experts: a Business Analyst, a Software Architect, a Business Analyst/Project Manager, and a DevOps engineer. 

This core team quickly grew to include at first 7 team members, and then more software developers and other experts. The largest number of experts on the team, a total of 13 people, was during the project’s later stages. Among the other experts, the team also included a UI/UX designer.

Throughout the project, we were working in close collaboration with the client’s CTO, who provided the initial detailed product vision we subsequently refined and significantly expanded.

We successfully developed a complex commission calculation and distribution functionality with a user-friendly interface, including key aspects like:

  • Taking into account a diverse array of factors like sales volume, product types, and customer segments.
  • Customizable rules and commission structures. 
  • Several third-party integrations.

While working on several third-party integrations, our team was communicating with various external partners, taking part in risk analysis and system analysis. We also frequently collaborated with the members of the client’s in-house team, who provided maintenance for their first lending solution. 

Our project team extensively interacted with the clients’ prospective partners. In particular, we’ve been instrumental in defining the profile of the partner bank that would suit the client’s needs. We’ve also assisted the client in selecting this bank by being directly involved in negotiations with multiple candidates.  

Tech Stack

Web
  • Java WebJava
  • Quarkus WebQuarkus
  • Hibernate WebHibernate
Infrastructure
  • AWS InfrastructureAWS
  • Kafka InfrastructureKafka
  • PostgreSQL InfrastructurePostgreSQL

Our results

We delivered the full scope of the planned functionality on time, on budget, and to the client’s complete satisfaction.  

  1. Client’s Business Expansion: launched end-to-end solution in 18 months, allowing our client to proceed with business expansion plans.
  2. Thousands of New SMB Customers: assisted our client to tap into new market niches and attract new merchants.
  3. Diverse Functionality of the Platform: integrated with banking service providers, payment card printers, Single Sign-On (SSO) services, and money transfer services.
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