Banking as a Service, Developed on Open Source Foundations
As a team, we started with a simple premise, that banking systems are, or should be, closer to a flexible and scalable commodity than a bespoke suit. Keeping them as bespoke meant cost drivers would exclude billions of people on the planet from financial services.
The vendor model – we observed in 2002 – was broken in microfinance, the sector we started in. “Inch deep and globally dispersed” as one vendor put it. At this level, we also noticed an important thing: building for low resource setting and the lowest cost of ownership was vital to the financial sector overall.
We’ve seen banks with grand plans scuttled because their software could not scale, innovate rapidly, or the license fees were too inflexible to accommodate a much lower average return per customer.
From building blocks and developer-friendly APIs to end to end solutions for banking and payments, we deliver commoditized core banking infrastructure in the cloud powered by open source primitives.
We develop upstream for 80% or more of our core offering, meaning you’ll never be on a hard fork. We offer a hosted Core Banking solution in the cloud and keep that secure and scalable. We provide Level 2 and Level 3 support contracts and competitive pricing. Our value proposition is in making the offering of a wallet system, a Neobank core system, an open banking connection to an instant payment rail, or an embedded Loan Management System (LMS) simpler by the day. We offer some custom development on our core offering, which becomes part of our offering to the market.
We are headquartered in Seattle, WA with our core development team and support offices in Budapest, Hungary. Our team are DevOps engineers, full stack developers, QA engineers, and business analysts. We are actively developing contributions to the Fineract project and Mifos Payment Hub.
The full team brings decades of experience in banking and payments. The senior team has been involved in banking projects and financial Inclusion projects on five continents spanning the last two decades, and the developer team has deep roots in commercial banking, retail payments, and core banking system integrations. In financial services, our team has built applications for large global banks to regional banks across a half dozen countries.