Peer-to-Peer Lending Marketplace for Retail Finance

Our client is a London-based startup operating in the consumer finance sector. It is a platform for merchants, lenders, and intermediaries, where customers can spread the cost of any purchase over several months while the merchant gets paid in full right away.

INDUSTRY

Banking and Finance

COUNTRY

UK

Peer-to-Peer Lending Marketplace for Retail Finance

Business Challenges

01

To provide merchants with an instant point of sale finance solution that works in-store, online, via mobile and over the phone.

Our Approach

Our team worked on two services for the client. The first service we provided is a financial platform that accumulates information about all of the merchants cooperating with the client. It displays all of the transactions of every shop, creates the paycheck for the bank, and forms an archive. Moreover, the platform forms statistics and calculates taxes for every operation. Also, this service is responsible for problem-solving and partially has the functionality of CRM.

The second service is related to lending, where lenders can settle conditions for lending. After that, all applications, which come from buyers, are filtered in accordance with the established conditions. In short, it’s a platform that allows lenders to process queries.

Business Value

The challenges

  1. The first challenge that our team encountered was due to a large stream of query inputs(webhook) in the context of processing DB-connections and in the context of transactions. We had to increase maximum bandwidth in order to quickly proceed with requests per second. Moreover, we had to organize transaction and rollback actions to avoid deadlocks and other similar issues (data corruption, etc.) that may occur during high request rates.
  2. The next challenge that occurred was the loading speed page at a large data volume. The page was loaded in about 30 seconds, which was too slow for us.
  3. We had a problem with effective multithreading. There was a large number of functions (jobs) that occurred simultaneously and intersected. So, our task was to make sure there are no conflicts between them in order to keep the data consistent and avoid having one function-blocking another.
  4. A small problem also arose with cash transactions. The calculations should be accurate and take into account all the marks after the comma.

The Solution

  1. We organized precise transaction management and set up a correctly configured connection pool.
  2. To speed up the loading time we assimilated SQL queries, extracting the necessary data for a particular page. In addition, we transferred many aggregation operations to the database level. Also, a part of the resources was located in RAM. We had to abandon a static page load in favour of a dynamic one. All these steps allowed us to reduce the page load time down to less than a second
  3. To overcome the problem with effective multithreading we applied spring scheduler and native tools like ScheduledExecutorService, as well as proper transaction management.
  4. To deliver greater accuracy for the cash transactions we used specific classes that provided more accurate calculations. Also, we applied proper error handling, therefore, in case of system problems, money will not be sent anywhere.

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Chris Garbacz

Co-founder, StudioNinja

The solution launched to user praise and minimal bugs. Sombra has adapted to technical challenges and limited resources throughout the partnership. Consistent communication, flexibility, and a willingness to incorporate feedback have enabled a seamlessly integrated workflow. Our relationship has run smoothly since the beginning.
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Martin Weber

CTO, Fooring Company

This is the best offshoring experience I’ve had in my 25 years of doing this. Sombra is very productive. We’re cranking things out with very little rework needed. We have speed and quality, which is important because the system is live, so if we make a change, it has an immediate effect on our customer base.
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Sloan Ginn

Former Director of Product

Sombra successfully delivered a smooth-functioning product in the time that the client needed. Their developers were competent and receptive to feedback; the team lead, in particular, proved to have great expertise. They were accommodating of large and abrupt changes, making them a reliable partner.
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Jack Crews

CTO, Legal Monkeys

Sombra keeps everything simple and prioritizes getting the work done. One thing that I was pleased with was that Sombra was able to adapt to and learn our approach to software development. They adopted our best practices and were productive within that development methodology. Overall, the quality of their work is above average.
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