Digital lending platform

Innowise has designed a peer-to-peer lending web platform for the US market

Customer

Industry

Region

Australia

Client since

2021

The customer specializes in delivering loan management software. Since 2017 their FinTech solutions have been helping lenders and brokers improve loan management procedures.

Detailed information about the client cannot be disclosed under the provisions of the NDA.

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Challenge

The customer needed to create a digital lending platform that would become a top-notch loan management software for lending companies, banks, brokers, as well as individual and business users. When they turned to Innowise, they had a contract with another software development company and the development project had already been in progress. However, the results shown by the then-vendor were far from satisfactory: slow development, low-level expertise, deadline violation, as well as exceeding the planned budget.

That’s why the client opted for IT project rescue services and turned to Innowise. Our experience in creating similar solutions, extensive expertise in financial software development, and positive feedback from our partners became the decisive indicators for making a deal with Innowise.

Solution

Innowise has taken over the lending platform development project. Our team has delivered a top-tier loan management system with rich functionality to facilitate lending processes.

The lending system is a web platform with 2 major account types: lending companies and brokers. To use the loan management platform, the companies have to select the subscription model: payment for each active user or payment of a certain percentage of the income generated from conducted transactions within the system.

The lending web platform allows users to set multiple indicators and options when they fill out loan applications or assess them. Within the app, one can apply for various types of loans, including personal loans, business loans, commercial real estate loans, etc. There is also a matching system helping select a suitable lender or broker based on credit conditions, rating, location, etc.

The lending platform application provides users with specific dashboards according to their roles. Within the dashboards brokers, underwriters, loan sales representatives, individuals, and businesses can perform the following actions:

Apply for loans
Accept or reject loan applications
View available loans and lending companies
Upload personal financial statements
Check for credit availability
Assess applicants for credit
Use advanced search
View detailed statistics

The lending platform can help lenders (underwriters) accurately assess the credit rating and solvency of potential borrowers. The system uses statistical methods to analyze data obtained directly from the potential borrowers (i.e. personal financial statements), internal sources, and third-party services.

Technologies

Back-end

PHP, Laravel, Cartalyst, DBAL, fruitcake/laravel-cors, Zendesk, Laravel Tinker, Sentry, Twilio SDK

Front-end

Angular

Cloud services

AWS, AWS SDKs

Process

Our team, consisting of 3 full-stack developers and a QA engineer, joined the project on the basis of IT project rescue and dedicated team services. Our specialists worked under the management of the customer’s representatives. We employed the Scrum software development life-cycle methodology with 2-week sprints. To ensure effective communication, our team adjusted to the customer’s time zone.

The major project’s difficulty was to significantly improve the quality of code written by the previous vendor’s team. To empower payment procedures and subscriptions within the lending platform, we have integrated the loan management system with Stripe, the payment processing system. We have also deployed the standard multi-factor user authentication security system.

Team

Full-stack developers

QA engineer

Expected results

Our team has successfully completed the active stage of the project and launched a high-quality lending web application. The platform is set to facilitate the loan processes, helps make informed decisions, and streamlines interconnections.

Innowise continues to work on the lending system upgrades and maintenance. Our team is involved in the long-term development plan of the loan management app.

Project duration

2021 - Ongoing
The project is still ongoing, at this stage we support the app and implement new functionality

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