Data Pill #EXTRA - 11 examples of how Fintechs are using data, analytics, ML and MDP to improve their companies

Hi!

At the beginning of 2023, I have a surprise for you! We have prepared Data Pill Extra, a special edition where we have selected a list of fintech companies that have used data technologies, analytics, ML/AI, and others to grow.

Do not hesitate to share your opinion on this!

Enjoy!

10xbanking

HQ Location: London, UK | Founded: 2016 | 420 employees

10x is a financial services technology company with a mission to move banks from monolithic to next-generation core banking solutions delivered through the world’s most comprehensive and powerful cloud native SaaS bank operating system.?

10x Banking Powers Financial Services Transformation with Confluent

Confluent Cloud is the core of the architecture of the SuperCore banking platform offered by 10x. Confluent helps them to:?

• power event-driven microservices architecture - they can flexibly add real-time services with no point-to-point wirings or tight coupling
• build real-time data pipelines - 10x can send data directly to the clients banking system
• shared trusted and high-quality data
• provide a simple data interface to clients banks
• seamlessly leverage AWS services

Billie

HQ Location: Berlin, Germany | Founded: 2016 | 202 employees?

Billie is the leading provider of “Buy Now, Pay Later” payment methods for businesses, offering B2B companies innovative digital payment services. They enable companies to pay and get paid on their own terms simply and easily, through modern checkout solutions. Based on proprietary, machine-learning-enabled risk models, fully digitized processes and a highly scalable tech platform, Billie offers freedom to big and small businesses alike through fast liquidity, automated workflows and access to modern payment solutions.

Billie Successfully Fights Fraud and Boosts Innovation With Snowflake Data Cloud

“While we started experimenting with various data analytics vendors, nothing matched the performance and efficiency we needed for our analytics and data science workloads. I was dreaming of a solution that could offer peace of mind and performance in one—that’s when I discovered Snowflake.” - IGOR CHTIVELBAND, VP Data at Billie?

Snowflake helped Billie:

• efficiently scale its operations and secure $100 million investment.
• set up rules and alerts to help fight fraud ($3,3 million saved in potential fraud)
• empowering data-driven decision-making across the company (from senior executives to data engineers)

Banking Circle

HQ Location: Luxembourg | Founded: 2016 | 747 employees |?

Banking Circle is the payments bank for the new economy, delivering payments and banking services by connecting to the world’s clearing systems.

Cloud-based infrastructure with Microsoft Azure

Banking Circle successfully completed a full migration to the cloud in March 2021 after moving its core banking system to Microsoft Azure. This has compressed transaction processing times from multiple hours to within a single hour.

Cloud-enabled capacity and efficiency has equipped Banking Circle to handle three times the number of daily transactions and improving efficiency tenfold. This decisive, large-scale transition has also enabled the organisation to improve internal processes, and to explore new opportunities for innovation.

Adyen

HQ Location: Amsterdam, Holland | Founded: 2006 | 3700 employees |?

Adyen is the financial technology platform which provides end-to-end payment capabilities, data-driven insights and financial products in a single global solution.

Defining data roles when scaling up data culture

At Adyen we see extracting value from data as a continuous process, since technologies, products, the market and ourselves as a company evolve at a tremendous speed. We have learnt a ton of lessons by creating and applying new algorithms, putting ML models in a production flow where hundreds of billions circulate or by creating an adequate infrastructure to do that.?

Tink

HQ Location: London | Founded: 2016 | 420 employees

Tink is Europe’s leading open banking platform that enables banks, fintechs and startups to develop data-driven financial services. Through one API, Tink allows customers to access aggregated financial data, initiate payments, enrich transactions, verify account ownership and build personal finance management tools.?

Tink Onboards Customers in a Couple of Days Using AWS

Tink’s platform runs on the Amazon Web Services (AWS) Cloud. Thanks to this they are able to:

• Onboard customers in a couple of days
• Build, train, and deploy ML models in hours - they used Amazon SageMaker to improve ML
• Avoid the need for database expertise

RenoFi

HQ Location: Philadelphia, USA | Founded: 2018 | 80 employees?

RenoFi is a U.S.-based FinTech that uses the after-renovation value instead of your home's current value, enabling you to borrow the most money at the lowest rates.

Doing more with less with a Modern Data Platform and ML at home renovation FinTech

During the discussion with Adam Kawa, Micha? Wróbel said:

“It's fairly easy to have a batch ML prediction, compared to online predictions and we've been playing with that. And for batch ML on Google, you can use DBT with BigQuery ML. And that's what we've been trying to do. In BigQuery ML, obviously there's one pain point because usually data scientists are used to Python and all the transformations they do, they've been taught in Python and that's the main thing they're using. But because dbt these days is such a success and you can SQL is a lingua franca of data and everyone knows it.”

Volt

HQ Location: London | Founded: 2019 | 120 employees?

Volt is building the global infrastructure for real-time payments.?

How we built a Modern Data Platform in 4 months for Volt.io, a FinTech scaleup

Volt.io is building the world’s first global real-time payment network, powered by open banking. To build a payment platform that is fast and reliable, they need to use huge amounts of data from different sources such as: translation status, transaction quality, availability of banks, quality of internal processes and more. They decided to create a platform that processes and combines data from all sources. Together with GetInData, they designed and implemented a Modern Data Platform that was based upon Cloud components including data ingestion(Airbyte), data transformation (dbt), orchestration (Amazon Managed Workflows for Apache Airflow) and a data warehouse (Snowflake). If you want to know the architecture details, check out this blog post.

{ CHECK MORE HERE }

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Last but not least, thank you all for creating and sharing such great content in 2022!?

Regards,

Adam Kawa from GetInData | Part of Xebia