Business Challenge
A fintech startup, based out of Bangalore approached Codewave to build an online lending platform for peer to peer money lending – that enables simple, fast personal loans from anyone available to lend to anyone who needs to borrow. Our in person meeting with the founders, led to a series of conversations, during when we elaborated the product features and the capabilities they needed developed in the first phase.
The first cut of the platform (beta) was expected to be launched in 4-5 months from inception. The platform had to be looked at from various perspectives for market readiness – user authentication through online verification services (video-kyc and online aadhaar verification), integrity of borrower information & credit profiling, optimization of algorithms to intelligently diversify investment risks for the lender & mobilize money to the right set of borrowers in need, accuracy of interest calculations, business model, transactions & payments and technology stack.
Solution
Codewave designed and developed the online peer to peer lending platform, enabling the launch to market in about 6 months from start. Users can lend or borrow money, while many verification processes were digitized, the time taken for loan approval was drastically reduced to about 60 minutes. The platform was built on NodeJS backend (Read How Uber Uses Node.js to Scale Their Business ) and was technically challenging in many ways – like handling of automatic investment algorithms for the lender, handling integrity of data & flow of money through intermediary accounts.
The project was planned for 6 months, the platform currently processes loans worth over INR 1 Crore, every month. The platform saw gradual traction, with lenders and borrowers signing up and claims zero defaults till date.
Impact
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”Highlights of our engagement were Codewave’s ability to take on new problems and find creative solutions and teamwork - where they worked closely with our team to get things done
AVR VenkatesaFounder & CEO, Vroom
”Codewave applied an agile development method which resulted in a perfectly customized solution keeping the 3 pillars - Scope, Time, Cost in check & achieving a roadmap which goes beyond my expectations.
Dan GublerFounder & CEO, StaffTimes
”Codewave was very dependable and fully committed to the success of the project. Their 'can-do' attitude and excellent communication made our work together a very positive experience
Yuval GorenCEO, Supermind Apps
”Codewave was exceptional when it came to project management; transparency throughout the project life cycle helped us stay on track. I appreciated their adherence to timelines and quality of the final product.
Cherian SankeyInvestor & Serial Entrepreneur
”Codewave helped us on one of our web application design projects. I had a great time working with the team. Very professional and consumer grade output and excellent customer support!
Sandeep RepakaDigital Transformation Consultant, Enquero
”We have worked with Codewave and must say they bring in-depth technology and product thinking to table. Project manager assigned had a good understanding and business sense and that helped us communicate our requirements very clearly. Very responsive, professional and highly ethical.
Dhivya RaghavanCo-founder, Aapkapainter
”Had a really pleasant experience working with Codewave. The team is highly skilled and are extremely supportive.
Bhargava SimhaProject Manager, Tholasi Prints
