The global fintech sector is highly competitive and billions of dollars are being put into startups and major corporations alike. By the end of this year, funding is expected to surpass $120 billion worldwide.
From banking apps to cryptocurrency, the world of fintech is exceptionally diverse. More than 500 fintech companies are created every year.
A lot of new fintech companies are outsourcing tech talent in Eastern Europe in order to stay ahead of the game. Working with IT professionals in Eastern Europe allows you to stick to your budget without losing sight of your ambitions.
Here are some success stories of fintech companies who chose to work with remote development teams in Eastern Europe and the reasons behind it.
What Is Fintech?
Financial technology (fintech) aims to disrupt traditional financial markets. Fintech companies rely on various technologies, including artificial intelligence, big data, robotic press automation, and blockchain.
The world of fintech includes cryptocurrency and the blockchain, digital lending and credit, mobile banking, mobile payments, and more.
A lot of people don’t have access to banks or traditional financial services. Other people are skeptical of the banking system and choose to pay for everything in cash.
According to the World Economic Forum, fintech can promote financial inclusion, especially in developing countries. Those without a bank account have more difficulty obtaining a loan, having insurance, starting a business, and so on.
The fintech sector is developing in real time, so what the future of global finance looks like remains to be seen.
However investments, insurance, trading, banking services, and risk management are all set to benefit. This is why a lot of companies are now in search of top talent for fintech software development services, no matter where they’re located.
Outsourcing Fintech To Ukraine. Why?
Ukraine is currently one of the top outsourcing destinations in Eastern Europe.
The country boasts a talent pool of over 200,000 highly-educated and skilled tech professionals.
From startups to big-name companies, here are some fintech businesses that have worked with remote development teams in Ukraine.
Vive is a Dutch investment app for those who want to become financially healthy. Users define their life goals, whether it’s buying a new car or traveling the world, and the app aids them in financial planning to make it a reality.
The Dutch founders of Vive were struggling to find tech talent in the Netherlands due to major corporations snatching up all of the local talent. As a startup it was difficult for them to compete with higher salary offers and lucrative bonus packages.
They augmented their in-house staff with a remote development team in Ukraine to finally realize their project. The founders were deeply impressed by the work ethic of Ukrainian developers and the fact that they even wanted to use the app themselves.
Pricena is a leading price comparison platform in the Middle East. It allows shoppers in the United Arab Emirates, Saudi Arabia, Qatar, Egypt, Kuwait, Nigeria, and South Africa to make informed purchasing decisions
There are thousands of products from stores like Amazon, Carrefour, and Huawei on Pricena’s website.
According to the founder of Pricena, the chance to work with remote tech professionals meant having access to top tech talent. Using project management tools, her offshore team of Ukrainian developers worked efficiently with those on-site.
Currencycloud is a cloud-based company that offers B2B cross border payments. The company is headquartered in the United Kingdom and has partnered with some of the largest financial service corporations in the world, such as Visa.
The ease with which Currencycloud’s clients can make payments, track beneficiaries, convert currencies, and maintain multi-currency wallets makes it a huge asset for entrepreneurs who are trying to succeed in competitive markets.
Prosper is a US-based peer-to-peer lending service platform. Users can request personal loans that range between $2,000 and $40,000 and repay them over a 3-5 year period.
Lenders can choose how much they want to invest; their choice is based on the borrower’s credit score, the borrower’s reason for requesting the loan, testimonials from close family and friends, and so on.
Prosper handles the servicing of the loan. Peer-to-peer lending services often have lower interest rates than borrowing money through a bank, making it an extremely useful lending service.
Settle’s cashflow management software enables companies to track, pay, and settle invoices with greater ease and proficiency. With streamlined invoicing, its clients can focus more on core business development.
The company is headquartered in San Francisco and has a growing engineering hub in Lviv.
PayOp is an international fintech and ecommerce company with offices in the United States, the United Kingdom and Singapore, with an R&D center in Kyiv.
They offer over 300 payment methods in 170 countries. Its users can automate mass payments, offer more than 200 alternative payments such as QIWI and Alipay to clients, acquire cards to get paid in a local currency, and more.
Fintech Market OÜ is a financial software company headquartered in Estonia with an engineering hub in Kyiv.
They offer SaaS based software for established banks, fintech businesses and lenders throughout North America, Europe, Asia, and Africa.