# fintech

a mobile app for giving and receiving affordable peer-to-peer loans

backend

Python

Django REST Framework

PostgreSQL

Python unittest

Celery

Redis

design

Figma prototyping

Wireframes

Marketing Materials

frontend

React Native

Firebase

Redux

Manual system testing

Manual acceptance testing

Manual interface testing

API testing with Postman

tools

Slack

AWS

GitLab

Sentry

Firebase

Redux

BitRise

Nginx

Postman

fin. services integrated (payments, KYC, client data collection)

full-time team members

unique Figma views

8000+

users registered at pre-product stage

What pops into your mind when you think of borrowing money? Bank loans, overdrafts, and credit cards must be on the list. The thing is, they often come at a price of high-interest rates, which is an insurmountable problem for many potential borrowers. The alternative for them is to ask family and friends for financial support, which can be awkward for both sides.

This challenge inspired our client to devise a solution that would make borrowing and lending more affordable: a community-driven platform that allows individuals to benefit from P2P loans. The client had already developed a close-to-complete User Interface prototype when we joined the project. Backed up by investors and about to enter the market, they were looking for a tech partner to polish the design and help them deliver a fully functional MVP.

Our collaboration began with a six-week-long discovery phase, during which we dug into the users’ expectations and best-in-class tech solutions. Working hand-in-hand with the client, Merixstudio’s Product Design team sought to bring the prototype to the next level with crisp and energetic UI designs.

At the same time, the Engineering Team looked for the best ways to translate the business idea into code. Compared to other startup projects, reaching the “minimum viable” stage was quite an endeavor, as the app had to be integrated with recognized financial services from day one. Our tech team analyzed the documentation and developed several technological recommendations for building a fintech cross-platform mobile app.

On the backend, we went for the tried and tested combination that would work best for such a P2P lending mobile app: Django REST, PostgreSQL, Celery, and Redis. This choice gave us the benefits of flexibility, scalability, and decoupling from the frontend. Additionally, to enable the optimal distribution of resources, we developed a microservice that handled the logic of loan calculation – separating it from the rest of the app allows for optimal allocation of resources. We achieved this goal with a lightweight and quick-to-code Fast API.

To bring the most value to the user, the client chose, and we implemented three integrations. Credit Kudos, an Open Banking credit reference agency, shares the financial data of a given user. Sikoia, a data platform and API marketplace for financial services, calculates the user’s credit score based on data delivered by Credit Kudos. Finally, Rapyd handles the local payments. To improve the user experience, we decided to store Rapyd data within the app’s database.

Since the client sought to deliver maximum value to the mobile users without overspending the budget, we bet on React Native. As opposed to native mobile solutions, React Native guarantees responsive and fast development of one codebase for both leading operating systems and doesn’t call for compromising on quality. Compared to other cross-platform frameworks, it boasts a bigger community and offers a wide range of reputable libraries. Moreover, using this framework gives the client a vast range of possibilities, such as handling dynamic links for app invitations that contributes to increasing the number of potential users.

Last but not least, it’s worth paying attention to the workflow in this project. As usual, we followed the Scrum framework and two-week-long sprints. The main challenge, however, was managing dynamic change. To best align the evolving business conditions and the development process, we kept a detailed change log and held regular meetings with the client to discuss and refine the changing requirements.

integrations with recognized financial services

backend integrations with Rapyd (the world’s largest local payments network), Credit Kudos (a credit reference agency that uses Open Banking), and Sikoia (an API marketplace for financial services) for smooth user authentication and efficient credit score checks
focus on community

users can invite their friends to join their network and speed up the process of requesting P2P loans

intuitive animations charts

eye-catching animations and charts that make data more comprehensible for the users
binding loan agreement

even though users borrow money from their friends and family, both parties are protected by an agreement that specifies the interest rates and payment schedule