The Importance of a Nearshore Partnership in the Fintech Industry
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The Importance of a Nearshore Partnership in the Fintech Industry
June 19, 2024
The Client: An Open Banking Pioneer
Our client promises you will never want to pay with your card again – and millions would agree. A pioneer in the world of online bank payments, our partner is a Swedish fintech company established in 2008, with its headquarters in Stockholm.
One of the first to see the potential in instant account-to-account (A2A) payouts, the company offers online banking payment solutions, enabling consumers to shop and pay directly from their bank accounts without the use of a card or an app, completely free.
Currently present in 33 markets, our client’s service is used by thousands of merchants across various industries, including e-commerce, travel, financial services, and gaming. Its network supports more than 12,000 banks worldwide and reaches more than 650 million consumers.
The Challenge: Building a Delivery Centre
At the time, our client was facing a very aggressive recruitment market in Stockholm and was finding it difficult to hire the best professionals for its teams.
The organisation had a clear goal of reaching more European markets, so it was urgent to expand its development teams quickly. With the promise of quality at more competitive prices, it was then that the solution of relying on Nearshore teams emerged, and they decided to ask Prime Nearshore to build a delivery centre focused on the pay-ins.
The main challenges of the project
Growing a team from scratch to 15 people, then to 30 and finally to more than 60 people is no easy task, especially in a market as competitive as Portugal. In order to overcome the challenges of hiring a large number of employees at the same time, we worked hand in hand with our partner and took on a well-defined framework of responsibilities.
To this end, we also relied on specific stakeholders who helped us qualify consultants aligned with the scope of the project, which enabled us to secure the best professionals in record time.
Our Solution
The client sought the expertise of Prime Nearshore to develop a dedicated delivery centre focusing on pay-ins tailored to its specific needs. The main need was to create several teams in liaison with Sweden, so that we would be responsible for all the pay-ins with the European banks.
We launched the project with three teams in the first two months, scaling up to 45 consultants globally within the first year. Furthermore, we established three operational teams to support the company’s business operations, offering first and second-line support, and took over the management of KYC and AML processes, with an additional 20 consultants.
The project involved direct contact with banks to design and implement pay-ins, as well as the ongoing first-line support and fraud analysis, both at user and merchant level. At the peak of the project, we had a team of over 60 people.
Our Teams
– 8 Product Development Teams
– 4 Product Owners
– 1 Delivery Manager
Each team included one Tech Lead, one Scrum Master and 3 developers. In addition, we had 4 Product Managers who were responsible for two teams each, divided by country.
Main Technologies Used
The project developed mainly in Java and Spring, with the aim of carrying out various pay-ins with European banks.
Project Duration
The project lasted around four years, from 2019 to 2023, from the conception of the teams to the opening of the client’s office in Lisbon. Given the success of the initiative, the client decided to internalise several professionals from our team.
The Impact: A long-term partnership
The main aim of this project was to enable our client to establish a presence in the markets more quickly than expected, expanding its business.
Thus, the partnership between with Prime Nearshore yielded significant positive outcomes – the opening of an office in Lisbon was the result of this excellent work, fulfilling the client’s objective. Today, a large part of the team we built is still working with them.
The partnership between the fintech company and PrimeIT stands as a testament to the power of collaboration in driving innovation and operational excellence. By leveraging PrimeIT’s technological expertise, our client has successfully established a specialised delivery centre, which has opened door for the growth of its business.
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