9 development outsourcing providers with fintech portfolio

The fintech boom of 2015 has brought to life a lot of interesting projects focused on improving the quality of financial services by exploiting leading-edge technology. According to a recent Accenture report, global investment in financial technology ventures in the first quarter of 2016 reached $5....

9 development outsourcing providers with fintech portfolio

The fintech boom of 2015 has brought to life a lot of interesting projects focused on improving the quality of financial services by exploiting leading-edge technology. According to a recent Accenture report, global investment in financial technology ventures in the first quarter of 2016 reached $5.3 billion, a 67 percent increase over the same period last year, and the percentage of investments going to fintech companies in Europe and Asia-Pacific nearly doubled to 62 percent. The development of many of these projects was outsourced for obvious reasons – startups that raised funds needed to use them reasonably, while big companies were looking for ways to deal with the shortage of talent in the industry.

Apparently, the most popular software development outsourcing destination right now is Eastern Europe with Ukraine, Poland, Belarus and Bulgaria taking the lead in the concentration of skilled tech specialists. Therefore, we’ve made a selection of the companies that operate in these countries and have vast experience in fintech app development, interesting projects in their portfolio and expertise in a wide range of scalable and secure technologies.

Fintech outsourcing companies in Ukraine

Widely known for its engineering talent, Ukraine is one of the top development outsourcing centres in Eastern Europe. In 2016, Ukraine has gone up by 17 points on ATKearney Global Services Location Index and now holds the 24th place in the outsource rating. The country’s IT sector grows by 25 percent each year. Such steep growth can be explained by the intellectual potential of the country and a significant number of IT specialists. If we consider only the top 25 tech companies in Ukraine, together they employ more than 30,000 programmers. As for the fintech companies that outsource development to Ukraine, there are quite a few big names here like Currency Cloud, Yapital, Misys etc. So let’s take a closer look at those who work with these brands:

1. N-iX

The company has wide experience in fintech development and strong teams specializing in such essential technologies for this sphere as Java, RubyOnRails, Scala, NodeJS, Python, C++ etc. Since 2002, N-iX has partnered with many financial services companies, payment platforms, money-transfer services, exchange and trading platforms.

Founded: 2002

Location: Ukraine, Poland

Company size: 500 employees

Clients: Currency Cloud, Lebara Money, Finatek, Mobile Trading Partners, Baxter-FX

N-iX fintech clients

2. DataArt

DataArt is a technology consulting firm that has worked with many financial services and capital markets clients. The company also specializes in custom software development, mobile application development, financial services software, cloud computing technology etc.

Founded: 1997

Location: Ukraine, Poland, Russia

Company size: 2000 employees

Clients: Misys, Bematech by TOTVS, Credorax

DataArt fintech clients

3. Ciklum

The company developers offer a range of services including extended software development teams, quality assurance, IoT, product development and engineering consulting. Ciklum`s experts help financial, banking and insurance companies deliver innovative web and mobile solutions.

Founded: 2002

Location: Ukraine, Poland

Company size: 2500 employees

Clients: Yapital, Leverate, Paycash

ciklum fintech clients

Fintech outsourcing providers in Poland

This year, Poland has moved up into top 10 offshoring destinations according to A.T. Kearney Global Services Location Index. The country has rich pools of tech talent and relatively inexpensive labour force as for the EU member. Many of the Polish IT outsourcing providers partner with fintech companies to deliver a wide range of software solutions. So we continue our list with the most experienced IT outsourcing providers in Poland.

4. Netguru

The company’s main speciality is Ruby on Rails development services, so its major financial technology projects have been written in Ruby, the programming language that fits the needs of such solutions very well.

Founded: 2008

Location: Poland (Poznan, Warsaw, Krakow)

Company size: 51-200 employees

Clients: Skrill (formerly Moneybookers); BZ WBK

Netguru fintech clients

5. BLStream

BLStream is a Polish software development company that works primarily with communication, consumer and entertainment industries but also has a few interesting fintech projects in its portfolio.

Founded: 1999

Location: Poland (Szczecin, Wroclaw)

Company size: 201-500 employees

Clients: Santander, ING, Credit Suisse, Deutsche Bank

BLStream fintech clients

Fintech developers in Bulgaria

Although in 2016 Bulgaria has fallen by 2 positions in Global Services Location Index due to increases in tax and regulatory costs, it still holds the 12th place as one of the most attractive IT outsourcing markets. In addition, it is ranked 38th out of 189 countries in the World Bank’s annual Ease of Doing Business Index 2016. Bulgarian IT outsourcing companies can boast of such financial technology clients as RBS WorldPay, Net mobile AG, PayMill etc. So we’ve shortlisted 2 leading companies for the review:

6. Qaiware

This young but ambitious Bulgarian company has already delivered several big fintech projects. The team specializes in such technologies as Ruby, AngularJS, PHP, iOS and Android.

Founded: 2011

Location: Bulgaria (Sofia)

Company size: 11-50 employees

Clients: Concardis, Paymill, Payon

Qaiware fintech clients

7. Dreamix

Dreamix is an outsourcing software development and consultancy company specializing in Java EE, Oracle Fusion, ADF, SOA, BD, TIBCO, Struts, Swing etc. It mainly works with such industries as insurance, financials, telecommunications, aviation, governmental and healthcare.

Founded: 2005

Location: Bulgaria (Sofia)

Company size: 11-50 employees

Clients: RBS WorldPay, BNP Paribas, Net mobile AG

dreamix fintech clients

Fintech outsourcing companies in Belarus

Belarus is another popular development outsourcing destination with more than 30,000 IT professionals and around 800 development outsourcing companies. According to a recent RnR Market Research, the country’s IT outsourcing market is about to grow at an annual rate of 17.8% by 2018. We have selected 2 established software development companies that have worked with widely known firms in this industry.

8. Itransition

Itransition is one of the biggest software development companies in Belarus with more than 18 years of professional experience. The company delivers a full spectrum of software consulting and development services to clients from across the globe. It has partnered with such fintech clients as Anybill and Maximus Inc.

Founded: 1998

Location: Belarus (Minsk)

Company size: 1300 employees

Clients: Anybill, Maximus Inc, CarlaBella

itransition fintech clients

9. ScienceSoft

ScienceSoft is a software development provider with a big team in Minsk and customers from North America and Europe. In financial technology sphere, it has worked mainly on solutions for banks and accounting platforms.

Founded: 1989

Location: Belarus (Minsk)

Company size: 201-500 employees

Clients: Big Red Book, Belgazprombank (BGPB Mobile solution); Home Credit Bank, Unibank

ScienceSoft fintech clients

With the pace at which fintech industry is advancing right now, we are very likely to see more new partnerships built and solutions developed by the outsourcing providers in Eastern Europe. Banks are likely to follow fintechs, establishing partnerships with digital vendors (as we describe in a post on digital transformation framework for banking). We’ll try to keep you updated on the latest news in the industry but you can also contact us any time to get more information on financial technology development outsourcing.


This article uses materials collected from companies’ web pages, LinkedIn and Clutch profiles.

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