Building Penny: An Automated Investment Platform for Sweden's Fintech Market
Client
Greenmerc
- Industry
Fintech / WealthTech
- Region
Europe (Sweden)
Overview
Greenmerc, a Sweden based fintech company, set out to simplify mutual fund investing and make wealth management more accessible for individuals across Europe. To bring this vision to life, the company launched Penny, an automated investment platform designed to help users grow their savings with minimal effort.
The platform bridges the gap between traditional saving and professional investing through an intuitive, automated experience. Users securely connect their existing bank accounts and define personal financial goals, such as purchasing a home or a car. Penny continuously monitors their financial activity, identifies surplus funds at the end of each month, and automatically invests those amounts into carefully selected investment opportunities, making long term investing simple and effortless.
- Tools
Technologies Used
Python
Java Script
Fast Api
React JS
Next JS
Postgre SQL
Redis
Firebase
AWS
Git
CI-CD Pipeline
S3 bucket
- Challenges
The client relied on Tink (a Visa subsidiary) for open banking integration. However, Tink’s SDK was developed using native Swift and Kotlin, while Penny was built with React Native, creating a significant compatibility challenge.
The application required BankID for secure user authentication, which is the standard digital identity system in Sweden. Since the development team was based offshore in Bangladesh, they did not have direct access to the Swedish banking infrastructure, making testing considerably more complex.
The investment engine, Cairo, was still under active development, and its API specifications changed frequently. These ongoing updates introduced uncertainty and increased the risk of project delays.
The platform needed to provide a localized user experience with seamless support for both English and Swedish languages.
- Solutions
A dedicated team of developers worked closely with Greenmerc’s leadership to design and implement reliable technical solutions.
To overcome the SDK compatibility issue, a custom integration bridge was developed, enabling seamless communication between the React Native application and the native Tink SDK.
To address the lack of access to Swedish banking systems, the team created a comprehensive mock environment that simulated Swedish bank accounts and authentication workflows, allowing transaction testing to be performed remotely.
A flexible backend architecture was implemented to accommodate Cairo’s evolving API requirements without disrupting the application’s core functionality.
A file based localization system was introduced, allowing users to switch instantly between English and Swedish within the application.
Measurable Results
- 40% enhancement in operational efficiency
- 30% decrease in operational expenses
- Supported a 50% increase in users without impacting system performance
- 70% reduction in manual data entry efforts
Project Team Composition
Role
Mobile Developers
Backend Developers
UI/UX Designer
Project Manager
Team Members
1
1
1
1
Core Features of the Software
Secure user authentication through Sweden's trusted BankID digital identity verification system.
Users can securely connect multiple bank accounts to view their complete financial overview from a single dashboard.
Provides live visibility into income, expenses, and monthly disposable income to support better financial decisions.
Users can define financial goals, such as purchasing a car, while the platform recommends an appropriate investment strategy to help achieve them.
The platform automatically invests a predefined amount (e.g., 500 Euros) into mutual funds based on the user's selected risk profile.
Users can set monthly spending limits and receive notifications as they approach their predefined budget.
Timeline
First Commit Date
2023-07-07
1
Last Commit Date
2024-04-19
2
Discovery and Planning
1 Month
1
UI/UX Design
1 Month
2
Core Development
5 Months
3
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