Development and optimization
of a peer-to-peer
lending marketplace
7 years
28 experts
FinTech
USA
Summary
Business challenge:
Our client needed a strong engineering team to get the ropes of the business model fast, integrate seamlessly with the in-house team, and take ownership of building a solution for a new business vertical - mortgages.
Zoolatech approach:
  • ZoolaTech took full ownership of technical solutions, development, and recruitment
  • The team offered technical solutions that helped to optimize the solution
Value delivered:
ZoolaTech team contributed to the growth of the platform while navigating business domain challenges
Technologies:
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About our client

Our client operates a marketplace where users can compare personalized, prequalified rates and quotes from multiple lenders and carriers across various financial products, including student loans, mortgages, personal loans, and insurance.

The platform revolves around a Rules Engine that evaluates lenders’ suitability to provide funds. Upon assessment, users are presented with a dashboard displaying available products and loans.

Business Challenge:

Our client sought a proficient engineering team to swiftly grasp the intricacies of their business model, seamlessly integrate with their existing team, and spearhead the development of a new business vertical: mortgages.

ZoolaTech Approach:

Initially, our Kyiv-based team collaborated for several months to understand the business model, rules engine, credit bureau dynamics, and various product functionalities. Subsequently, we gradually transitioned team members to focus on the mortgage vertical, building it from scratch.
ZoolaTech assumed full responsibility for technical solutions, production support, development, and recruitment.

Implementation:
Mortgages

Our team created a system for the mortgages vertical from scratch. They developed a system that gathers prequalification data, implemented a rules engine, and built a user dashboard. The system collects complete information through integrations with banks and handles document collection and direct submission to lenders. The team built a complex rules engine for mortgages based on the existing core, dealing with numerous intermediary integrations. The solution is microservices-based and built from scratch. The team also participated in setting up the infrastructure and scaling the system, adapting it according to changing business needs. The solution includes over 15 integrations with lenders.

Personal loans

Our team was responsible for upgrading and optimizing the personal loans vertical of a fintech solution. They conducted partial refactoring to microservices and enhanced performance through database optimization and refactoring. The team optimized the frontend, improved the technical optimization of bundlers, and enhanced accessibility. They also worked on backend and frontend optimization and further improved database performance. The final solution included over 20 integrations with partners.

Infrastructure team

The infrastructure team tackles both technical and business challenges. They handle tasks such as setting up monitoring and observability, implementing security improvements, and developing core components used by all teams. Their responsibilities include configuring monitoring for infrastructure applications, writing a user service to manage all users and ensure data accuracy, and setting up Kafka. They also developed a consent management service, a CPA service to ensure data cleanup when users are deleted, and an image service.

The infrastructure team built a microservices-based infrastructure using Kubernetes for container management. They ensured continuous integration and delivery (CI/CD) and set up monitoring and logging to maintain high availability and scalability. The team leveraged cloud services to ensure scalability and reliability. They also automated deployment processes and configuration management, ensuring security and compliance with regulatory requirements.

Partnerships

The team created a comprehensive system for the partnerships vertical of a fintech solution. Additionally, they built numerous widgets (SDKs) for partners and developed a landing page builder (LandingBuilder) to create custom landing pages tailored to different states or requirements using Strappy. They integrated with partners like FoxMoney and the Wall Street Journal. The team also implemented automated testing to ensure the reliability and efficiency of the system.

Achievements
Feature Optimization and Integrations:

Optimizing user registration and single sign-on features to leverage AWS services has enhanced system functionality and performance. The introduction of a custom A/B testing solution provides increased flexibility for business and data analysis. Moreover, robust integrations with third-party services and credit bureaus ensure seamless user experiences.

Digitization and Automation Benefits:

Digitizing mortgage 1003 paperwork and streamlining document upload and sign-off processes have simplified operations and reduced manual effort. Seamless integration with Salesforce for back-office operations and the establishment of continuous integration processes further enhance operational efficiency.

Innovative Features and Monitoring Systems:

Our innovative features, such as widgets for partner websites and preapproval for mortgage purchases, offer users added convenience and flexibility. Additionally, the implementation of monitoring and alerting systems ensures prompt response to system instability, enhancing reliability.

Compliance and Standardization:

Adoption of the 1003 URLA standard ensures compliance and uniformity in loan applications, contributing to regulatory adherence and risk mitigation.

Continuous Improvement Commitment:

Our commitment to continuous development is evident through the introduction of new functionalities, partnerships, lender integrations, A/B tests, and innovative features. This ongoing dedication ensures that our platform remains competitive and adaptive to evolving market demands.

Value delivered

The platform now operates seamlessly across various business verticals, showcasing both robustness and scalability.

Our solution enables borrowers to compare actual refinance rates within just 3 minutes, eliminating the need to navigate away from the site.

Additionally, we’ve implemented an automated document collection system for W2s, 1099s, bank statements, and tax records, streamlining the application process compared to traditional offline methods.

By digitizing document upload and sign-off processes, we’ve significantly reduced the time borrowers spend on applications.

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