10 fintech companies outsourcing to Ukrainian developers

10 fintech companies outsourcing to Ukrainian developers
N-iX
1970-01-01T08:01:19+00:00

Fintech development is getting more and more appealing both to investors and tech startups. According to Statista, the investments in fintech software development have skyrocketed in the last five years. In 2018, the overall amount of the investment totaled $111.8 billion worldwide, which is 16 time...

10 fintech companies outsourcing to Ukrainian developers
By N-iX July 16, 2019

Fintech development is getting more and more appealing both to investors and tech startups. According to Statista, the investments in fintech software development have skyrocketed in the last five years. In 2018, the overall amount of the investment totaled $111.8 billion worldwide, which is 16 times up, compared to 2013 [3, 4].

To take advantage of the emerging technologies and keep up with the increasing competition, sprouting fintech companies often opt for fintech development outsourcing to Eastern Europe. Its growing talent pool and a strong fintech domain expertise allow both to upscale fintechs' in-house development teams and obtain the access to rare experts.

In this article, we’ve shortlisted ten fintech companies that have gained industry recognition, have raised substantial funding (not less than $7 million), employ over 50 people, and have partnered with Ukrainian IT outsourcing vendors.

Currencycloud

A company with professional fintech developers N-iX

Currencycloud is a B2B company that delivers cross-border payments as a service. Its platform leverages the Cloud to provide access to a multitude of payment networks and exchange rate providers. The company offers comprehensive administration and control over all features, as well as fully automated payment lifecycle from pricing and beneficiary management, through execution and receipt to settlement and reporting. 

Currencycloud was recognized in FinTech Innovation Awards 2015 nomination, multiple Emerging Payments Awards, as the FinTech Start-up of the Year, and many more. This company secured $68.1M in funding in 2018 [1]. 

N-iX cooperated with the company’s team on maintaining, refactoring and scaling the B2B Payments platform. This helped Currencycloud to ensure the security of the solution, its scalability, spotless performance, as well as compliance with fintech regulations. Fintech developers have also worked on the API development, allowing payment companies to remove the friction and inefficiencies of regular cross-border payments. As a result, Currencycloud can process over $400 million of payments on a monthly basis.

You can find more details about this fintech product development.

Expensify

Fintech product development in Eastern Europe

Expensify is a financial services startup that provides an online expense management service for customers worldwide. It provides expense management service by importing expenses and receipts from credit cards and emails or uploading the photos of receipts via Expensify mobile app. Expense reimbursement can be done in-product through ACH Direct Deposit or by exporting reports to a payroll solution. Expensify’s patented SmartScan technology reads receipts and automatically creates expenses or matches them to transactions imported from a credit card.

This company has completed several rounds of VC funding, starting from $1M in 2009. In 2015, their funding reached $10.2M. Now, the total amount of funding has reached $38.2M [1]. Expensify has over 5,000,000 active users [2], that include both individual clients and large companies, such as Deloitte. Their award list includes Tabby Award (2018), Forbes Cloud 100 (2016) World's Top 10 Most Innovative Companies, Fast Company (2015), and many others.

Salsa Labs

Fintech app developers from Ukraine

Salsa Labs is a fintech development company that helps nonprofit organizations succeed with tools like online fundraising, communications, and social media. They have several products that create an all-in-one system for marketing, engagement, and management of donations.

Salsa Labs solutions allow customers to create an account, launch a donation page, and accept donations in 30 minutes or less. They empowered more than 10,000 users and organizations to raise money for their cause with millions of donors, members, activists, and fans across the globe.

This company has many awards, including the Crowd Leader award (2018) and NTEN Excellence award. Their total funding reached $12M in 2015.

Prosper

Fintech development company from Ukraine (Eastern Europe)

Prosper is America’s first peer-to-peer lending marketplace, with millions of members and over $12 billion in funded personal loans. Prosper allows people to invest in each other in a way that is financially and socially rewarding. On Prosper, borrowers list loan requests between $2,000 and $40,000. Their clients can get assistance within one to three business days and repay their debts between three or five years.

On the other side of the deal are peer investors, who can choose any sum from $25 to fund the loan of their choice. In addition to credit scores, ratings, and histories, investors can consider borrowers’ loan descriptions, endorsements from friends, and community affiliations. Prosper handles the servicing of the loan on behalf of the matched borrowers and investors to help fund personal debt consolidation and large purchases like home improvement projects, medical bills, or even special occasions.

Their total funding reaches $415.5M with 16 rounds of funding and two acquisitions [1].

Leverate

fintech development outsourcing company from Ukraine

Leverate is a broker solutions provider that has several products such as SIRIX, MT4/5 solution, and LXRISK with multiple sub-services and extensions. These products enable Forex brokers and financial institutions to minimize risk and maximize profit. Leverate works with the concept of a “brokerage in a box.” They released LXSuite, which contains the tools and software needed to manage a Forex brokerage successfully.

Leverate has several notable awards, including Forex Magnates award and Deloitte’s Technology Fast 50. The funding of this company is $12,5M [1].

Kyriba

Qualified and certified fintech app developers

This company offers a web-based cash and treasury management solution. They use the SaaS model with a cloud-based system, which allows its users to manage their bank balances, track transactions, as well as other financial operations.

Their client base comprises client more than 130 corporate treasuries, insurance and financial companies, such as Expedia, DRS Technologies, Interpublic Group, and The New York Times. 

Kyriba was named one of The World’s Best Treasury & Cash Management Providers 2015 by Global Finance magazine. The overall funding if this company has reached $152.5M [1].

Kreditech

Fintech software development

The Kreditech Group uses big data and machine learning in their fintech software development. Their platform allows banks and financial institutions to evaluate the credit score better, based on 20,000 dynamic data points. Such technology makes physical contact and paper exchange redundant. The Kreditech Group’s subsidiaries currently operate in nine countries, at least one is added each quarter. 

The list of Kreditech accomplishments includes Fintech Germany Award, European Fintech Award, and 2017 Top 10 companies out of Fintech100 Leading Global Fintech Innovators. Their funding marks the $497.3M score in 2019 with 14 rounds of funding and one acquisition [1].

Five Degrees

fintech software development in Eastern Europe

Five Degrees is the digital core banking technology provider to retail and private banks. Their main product, Matrix, is a platform that provides fully automated banking services. The company helps its clients with many issues like SME lending, retail lending, mortgages, or even wealth management. They also provide Robo advice and FX trading assistance, allowing their clients to utilize one platform for many purposes. 

Their clients’ list includes many US and European companies such as Bankingblocks, Knab, Munnypot.com, and GarantiBank. The list of their partners includes Virtual Affairs, Deloitte, and KPMG. 

Five Degrees awards include TOP 50 FinTech companies in Europe and Dutch Fintech50. Their funding included two rounds and reached $11,23M [1].

Misys (part of the Finastra Group)

fintech development outsourcing services

This large fintech development company has a wide range of financial services software. Company’s solutions cover retail and corporate banking, lending, treasury, capital markets, investment management, and enterprise risk. 

Misys has more than 2,000 customers across 130 countries and a team of domain experts and partners that provides an ability to address industry requirements at both a global and local level. Their website features such names as ICCREA Banking Group, Alior Bank, KAMCO Investment Company, BNP Paribas, Ferratum Group, Yoma Bank, and Crossroads Bank.

Misys FusionBanking Essence Personal Financial Management solution was nominated for FinTech Innovation Awards 2015.

RateSetter

fintech app developers

RateSetter is the most popular peer-to-peer lending platform in the UK. The company allows its customers to lend and borrow money from their users with the interest rates set by a borrower. RateSetter has over 60,000 registered lenders, and its total number of borrowers reached almost 430,000.

The list of RateSetter’s accomplishments includes Queen's Award for Enterprise, Wealth and Investment Management Award, and Investment Innovator of the Year at the 2019 Fintech Business Awards. Current funding of the company is  $53.87M [1].

This company opted for fintech development outsourcing when they had more than 250,000 users, and they needed to scale up their software system. N-iX helped them to bring their fintech development to a new level by migrating to the microservices architecture, developing a testing network, modernizing the existing tech stack, and ensuring the security of the platform. Also, the outsourcing team cooperated with the client on the development of the underwriting Decision Engine which leverages Data Science to make automated decisions.

Wrap-up

Those companies are well-known industry leaders, and Ukrainian fintech developers provided them with the domain and technological expertise contributing to their success. If you are looking for a reliable fintech development partner, contact us right now!

Why choose N-iX for fintech development?

  1. An excellent record of delivering fintech solutions to companies in the US, UK, and Europe. We understand the specifics of fintech development outsourcing, its challenges, and their solutions.
  2. An extensive pool of experienced and certified fintech software developers, with certifications, fintech domain knowledge, and technical expertise
  3. A reliable IT partner, which is corroborated by recommendations on various platforms, such as Clutch, GoodFirms, as well as multiple industry awards, including Top 100 Global Outsourcing Companies by IAOP and Software 500.
  4. An officially confirmed PCI DSS compliant provider, within the scope of Software Development and IT Support.

This article uses materials collected from companies’ websites, LinkedIn, Clutch and Crunchbase profiles.

References

  1. Crunchbase
  2. Expensify Announces 2018 Growth, Ends Year Both Profitable and Cash Flow Positive by BusinessWire
  3. Global fintech investment hits record $111.8B in 2018 by KPMG
  4. Total value of Fintech investments worldwide from 2008 to 2018 by Statista

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About N-iX

N-iX is an Eastern European provider of software development services with 900+ expert software engineers onboard that power innovative technology businesses. Since 2002 we have formed strategic partnerships with a variety of global industry leaders including OpenText, Novell, Lebara, Currencycloud and over 50 other medium and large-scale businesses. With delivery centers in Ukraine, Poland, Bulgaria, and Belarus, we deliver excellence in software engineering and deep expertise in a range of verticals including finance, healthcare, hospitality, telecom, energy and enterprise content management helping our clients to innovate and implement technology transformations.

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