The custom financial engine behind Revving

When liquidity is tight, growth slows down. Revving identified this bottleneck but needed a core banking system that adapted to its vision.

David Mandeno and Chris Pettit approached Fiter with a paradox: digital economy companies handle massive volumes of sales data, yet face serious cash flow constraints due to long payment terms. That’s how Revving was born.

David and Chris believe fintechs should have immediate access to the money they’ve already earned. But gaining control over cash flow is not straightforward. Multiple revenue streams, extended payment terms, and foreign currencies add layers of complexity. Accessing cash flow becomes slow and difficult, limiting growth. That’s where Fiter stepped in.

A core banking system that adapts to your business

To bring their innovative model to life, Revving needed a core banking system that was customizable, user-friendly, and easy to integrate with other platforms. Fiter had exactly what they were looking for. Thanks to Fineract, they were able to minimize the cost of developing their Minimum Viable Product (MVP), speed up their time to market, and gain full customization from day one.

Speed, flexibility, and scalability

Fiter helped Revving get their core banking platform up and running fast, enabling the startup to begin operations and validate their business model early on. The MVP included key functionalities for issuing loans and managing customers. This approach allowed Revving to launch with speed and efficiency. With Fineract, there’s no need for costly licensing fees.  

Thanks to this partnership, Revving now provides its clients with a tool that simplifies cash flow management, offers real-time access to earnings, and frees up resources to fuel growth. This story shows that when technology adapts to the client, challenges turn into opportunities, and you can build solutions that truly make a difference.

CEO Panel on the advantages of the Apache Fineract open-source platform in the fast-paced finance industry – part 1

Bio:

Javier Borkenztain

Co-founder and CEO of Fiter, an Apache Software Foundation Member and PMC member of the Apache Fineract Project.

Juan Esteban Saldarriaga:

Co-founder of RapiCredit, and Juancho Te Presta, two of the biggest online lenders in Colombia, CEO of Juancho Te Presta, Co-founder, president, and member of the board of the Colombian Fintech Association.

Uzoma Dozie

CEO of Diamond Bank, now merged with Access Bank to become the largest African bank with over 14 million customers.

One of the more exciting things about the Fineract community is to witness two successful FinTech startups located in two completely different regions of the world sharing the same Fineract core platform. Javier Borkenztain led the CEO Panel and spoke with Uzoma Dozie and Juan Esteban Saldarriaga to get their entrepreneurial perspective and insights on the Fineract open-source platform.

Here are the main takeaways from the panel:

1. Building a system around people

Juancho Te Presta is an online lender targeting gig economy workers, and specifically tailored for women down to the algorithm. The company believes in gender justice, offering women better terms based on their payment track records. 

The business was founded in November 2019, so most of its operation has taken place during the COVID-19 pandemic. Despite the challenging circumstances, the company has been seeing good results with support from Fiter through the Fineract and Mifos core banking software.

The Diamond/Access bank leveraged the merger to proactively build the service around what people were doing rather than reactively responding to market needs like traditional banking. It was all about finding partners that could help the bank start fresh and create a solution that increases inclusion by building the system around people.

2. Goodbye, brick-and-mortar!

Diamond Bank with Uzoma at the helm focused on small businesses, financial inclusion, and providing mobile banking services to the underbanked. The successful merger with Access Bank offered a great opportunity to go beyond the limits of brick and mortar.

The application was created from the ground up during the COVID-19 pandemic lockdown. The open-source software model allowed building the system and collaborating remotely without relying on a physical office. It took a year to build the banking application. The application launched last year without any marketing and has been a success thus far. The application created precedence in Nigeria, including enabling small businesses to open business accounts without needing to visit to a physical location.

3. Support that goes with you

The bank application also provided business support services. Businesses managing their banking services on the mobile app could now carry their business around with them and enjoy both banking services and business support services. This could be achieved due to the platform supporting the API’s with minimum effort, and being completely cloud-based.

Why choose Fineract?

As a startup, cash flow is king. The motivation to scale up flow and to scale as you go translates to leveraging the technology and its capabilities to build a banking application that first and foremost enables maximizing raised capital.

The need for flexibility and the ability to work from anywhere meant opting for a cloud-based business rather than relying on servers. Project costs were also a major consideration. Flexibility, and the ability to customize the business as desired rather than a fixed solution that hinders brand and product positioning and time to market was important. But speed to market was the driving force that led to preferring open-source software.

With traditional applications, there is a need to wait for releases to get what you want. Fineract allows businesses to go as fast as they want to without any disruptions from future releases which is key.

The cost-effectiveness of the Fineract open-source platform versus proprietary core banking solution which is very expensive, cuts time to market dramatically. Having a platform that is ready for market with minimal customization, combined with the ability to own and to make the platform yours is a big plus.

Building on the core Fineract platform yields specifically customized products for each business. People are doing different things with their own version of Fineract.

Stay tuned for part 2 of the CEO panel to learn more about the power of open source.

To find out how to leverage Apache Fineract to expand your business, contact us at: https://fiter.neodesigners.com.ar/contact-us

The Reinvention of the Resume – How Fiter Helped Velocity Career Labs Redefine the Economy of Human Capital

In a world that is becoming more and more connected and digital by the second, the job market has remained somewhat of a dinosaur, still relying on resumes and online profiles as its main tool for communicating work credentials. It was this outdated process operating with a broken data layer that Velocity Career Labs set out to innovate.

Velocity Career Labs was founded in 2018 with the vision of reinventing the way job credentials are communicated and managed within the global job market by creating a streamlined, connected economy of human capital.

Velocity is a cryptocurrency platform. People, businesses, and educational institutions can buy tokens to verify and share educational and employment credentials and status. This decentralized, trusted platform that empowers its users through transformational open-source technology offers an innovative form of connected, seamless credential verification.

Coined as the Internet of Careers®, Velocity Career Labs’ revolutionary platform went live in December 2022.  To ensure the successful GoLive of this ambitious project, Velocity leveraged Fiter’s expertise in open-source software technology.

The key to the Internet of Careers® was the tokens used as currency within the platform. The tokens enable the ownership, storage and sharing of the human capital economy within the Velocity Network™. Velocity’s Career Wallet required a storage and management solution for the value of the tokens.

According to John Gathogo BA, the key to the success of the project was the integration of Velocity’s exchange platform with the open-source software to enable the value storage of the tokens. Velocity’s insistence on the highest security, internal controls, and reliability standards combined with Fiter’s know-how not only yielded a first-of-its-kind product but also pushed the boundaries of what both companies had achieved.

 The Velocity Network™ is now empowering people everywhere to own, store and share their credentials through a reliable, fully-connected, advanced network and to take charge of their careers, education and lives. And Fiter has once again executed its vision of leveling out the playing field for people everywhere and anywhere, enabling them to take charge of their lives and future.

 To find out how Fiter can help take your business to the next level through open-source software technology, contact us at: https://fiter.neodesigners.com.ar/

Revving Up for the Future: How Revving’s Partnership with Fiter Is Paving the Path for Customer-Centric Continuous Growth

Financial liquidity is the fuel which determines the speed at which companies can grow. When operating cash flow is limited, so is the company’s ability to reach its goals. Revving has identified companies’ biggest obstacle, liquidity, and has revolutionized cash flow management based on automated solutions that enable real time access to advances against incoming revenue.

We got together with the team at Revving https://revving.io/ to learn more about how their partnership with Fiter has helped Revving revolutionize cash flow management.

 How it all started

 David Mandeno and Chris Pettit had both worked in Finance and Media and had witnessed firsthand the paradox digital-economy businesses face daily having large volumes of granular, real-time sales data but a constriction on cash flow brought on by extended payment terms. Revving was founded with the vision of resolving the issue.

The vision behind Revving

 Revving doesn’t believe businesses should have to wait for revenue or be impacted by slow cash flow. Rather, David and Chris believe companies should gain immediate access to the money they’ve earned in any currency. Companies should be in control of their cash flow. Revving simplifies the complex by connecting data, revenues and cashflow in one place. Revving’s suite of products streamlines and improves cashflow management in an easy-to-use platform that provides access to revenue when businesses need it.

Keeping it simple

With cash flow being the lifeline of any business, and the complex systems and processes required to monitor and access cash flow, it’s no wonder businesses pour so much precious time and resources into cash flow management. Multiple revenue sources, long payment terms, different currencies, all add on to that complexity, making access to cash flow a slow and complex process and stifling growth. Revving is on a mission to revolutionize how businesses use revenue data to successfully manage their cash flow. Revving’s smart solutions take the pain out of cash flow management, freeing up time and resources to drive growth.

Along came Fiter

Revving’s unique, highly innovative business model and products warranted software solutions that were both proven and established while also being highly customizable and cost-effective. Fiter was a perfect fit due to its proven, powerful set of products that are easy to understand, highly customizable, and integrate smoothly into existing platforms.

Why Fiter?

Fiter is a good fit for companies looking to minimize their MVP development cost and go-to-market time which also require a high level of customization.

Fiter quickly understood Revving’s complex functional requirements and through their in-depth knowledge of finance systems were able to quickly propose a solution by modifying existing products to fit Revving’s user case. Fiter’s in-depth knowledge of finance systems has meant Revving has been able to build a platform that is highly customized to its specific use case within a relatively short timeframe and at a comparatively lower cost.

Flexible. Transparent. Communicative.

What Revving was impressed with most with Fiter was Fiter’s flexibility and transparency. Fiter maintains an open communication channel throughout the process. Revving is updated and engaged regularly on progress and any issues or roadblocks are quickly flagged so that a workaround can be identified collaboratively.

The critical stages

Fiter proved to be most crucial at the initial scoping stage of determining how systems can be customized to meet Revving’s requirements, and then once again through agile, collaborative problem solving on development issues as they arise.

The challenges of continuous success 

Maintaining rapid, continuous growth while keeping the company customer-centric is a challenge for any company, but especially for Revving with its stellar growth. Revving has prepared for continuous success by ensuring it has the right infrastructure and resourcing in place both from a human and tech perspective.

Building the future. Today.

At Revving, the infrastructure for the future is getting built today.  The collaboration with Fiter gives Revving the ability to leverage the benefits of a continuously innovative finance solution while maintaining full control over platform software. These capabilities provide Revving with an edge in addressing current and future challenges. The partnership between Fiter and Revving is a long-term partnership designed to support continuous growth, success, and innovation.

An Interview with the Fiter team before the 2022 LendIt Fintech USA + Cryptonexus Workshop event

We got together with Javier Borkenztain, Robert Jakech and Pablo Ricobelli from Fiter in between preparations for the 2022 LendIt Fintech USA + Cryptonexus Workshop taking place in NYC on May 25th and 26th to get the scoop on the conference and understand what it’s like to be back live and in person after 2 years of pandemic-adapted virtual conferences. Here is what they had to say:

1) So, guys, what’s it like to be attending the 2022 LendIt Fintech USA + Cryptonexus Workshop in person this year in NYC after two years of virtual conferences?

Javier: I am very excited about traveling again and meeting up with other industry reps. I will enjoy seeing some old friends at the event and making new friends as well. Fiter has always operated remotely, so the pandemic hadn’t really affected the way we work. In fact, the pandemic has actually accelerated growth for us as more people became aware of the benefits of open source Fintech. We will also be holding our yearly founders’ retreat with Robert right before the conference, so this particular trip has many important events in store for us. We are really looking forward to it!  

Pablo: It’s great! Speaking with our customers face to face, it definitely gives the business and the relationship a different dynamic. With Fiter being a remote company, we relish every opportunity for having a conversation with our customers in the same room and obtaining additional information that is sometimes lost in e-meetings.

Robert: The prospect that I can interact with colleagues, industry experts and thought leaders and share ideas, chat and exchange pleasantries is irreplaceable 

2) What added value does the 2022 LendIt Fintech USA + Cryptonexus Workshop bring to the industry?

Javier: We feel the finance industry is accelerating its open-source adoption rate. Fiter is the only company at LendIt that offers a core banking open-source solution. We will be bringing open source to Fintech. I am very excited about some of the talks about CBDCs (Central Bank Digital Currencies) and the new digital currency for different countries. 

Pablo: Well, it kind of reminds me of the telecommunication boom in 2000. It’s part of the world’s evolution. The infrastructure for global communication was set in that decade. Now it’s definitely time for the world to drive the Fintech revolution using that infrastructure.

Robert: I am not surprised at the wave of evolution, revolution, and transformation of Fintech and 2022 is the epitome of that. Humanity has gone through a lot. 2022 brings revelation to this effect that everything is trending upwards. So exciting to be alive right now!

3) How is Fiter approaching all of these trends?

Pablo: We are at the very heart of these trends! Pretty much all the financial products are going to need an engine that properly supports them. Fiter is here to stay.

Robert: The key is to stay on the edge. This is what we do. We challenge ourselves to keep up with the ever-changing dynamics in the industry to stay on top of the trends.

 4) How is your schedule apart from the panels you will facilitate?

Javier: Robert and I will be arriving earlier to hold our annual strategic retreat. Pablo will join us on Monday so we can have some planned pre-event activities.

Pablo: I’m focused on building new and lasting relationships. We are aiming high. We therefore have to plan our itinerary carefully.

Robert: Arriving ahead of the main event will help us plan our game.

5)   Who will you be reaching out to at the conference?

Javier: We will be reaching out to founders and creators of the new financial companies in the USA. We have the perfect tool for them. We work with founders from all over the world. 

Pablo: We want to get in touch with the visionaries within their firms who have both access and the capability to sow the seeds of innovation within their own organizations. We also always enjoy catching up with key players and stakeholders to exchange ideas.  

Robert: I am looking forward to mingling with industry heavyweights, thought leaders and transformation leaders.

6) Are there specific speakers you are looking forward to hearing at the event?

Javier: There are so many wonderful keynote speakers at the conference. I am looking forward to learning from the best in the industry. 

Pablo: Yes, there definitely are, but I am more focused on meeting their audience, as that is where trends are born.

Robert: I am keeping an open mind but am most definitely looking forward to attending talks from some of our potential competitors. Looking forward to attending talks centered around Fintech trends.

7) NYC has so much culture to offer its visitors. Which of these would you be wanting to attend: The Food Walking Tour, an NFL game, or a Broadway show?

Javier: A Broadway show. 

Pablo: Tough decision. But it will probably be a tailored experience.

Robert: This is the part where I wish I could clone myself to attend them all! But who would want to miss Broadway while in NYC???

Catch up with the Fiter team at the 2022 LendIt Fintech USA + Cryptonexus Workshop in person this year in NYC to get the latest trends and innovations of the Fintech industry or catch a Broadway show with the guys. The Fiter meeting schedule is filling up quickly so don’t forget to book your meeting with Javier, Pablo or Robert to discuss how Fiter can help grow your business. Email us at: hello@fiter.io

Accessibility Versus Inclusion – How Current Financial Trends in Developing Countries Are Impacting the Overall Global Economy

The developing world and the developed world operate differently when it comes to many things, including Fintech. When looking at the more than 2 billion unbanked people across the world, the global economy had initially aspired for financial inclusion, or how to provide the unbanked with a seat at the table. However, for many of these people, living in third world countries means being excluded from the global economy.

Over time I came to realize that inclusion, or getting that coveted seat at the economic table, requires a different approach that is focused on accessibility.

The route to inclusion is based on services that are easily accessible. Many developing countries, having faced multiple constraints in joining the global economy such as electricity or internet infrastructure have circumvented these obstacles by creating their own Teleco Banking (Mobile Money) solutions that are easily accessible in their region, for example, Kenya’s M-Pesa.

Mobile Money has become so popular in vast parts of Africa and Asia that a real battle arose between brick-and-mortar banking institutions and Teleco Banking.

But the definition of banking is not confined to a bank account but rather to having access to financial services even without having a bank account.

Other technologies have popped up in Fintech. These Neo Banks include digital financial services such as Wise formerly Known As Transferwise, blockchain and crypto currencies. People no longer need to have a bank account to be part of the conversation in the global economy.

Despite the traditional banking institutions’ power and heavy regulation, they have come to realize that Neo Banking cannot be overlooked and have therefore adopted an “if you can’t beat them, join them” mentality, with the current trend indicating banks have embraced open-source technologies.

Banks are setting up finlabs where they can further investigate how they can replace traditional services with open-source solutions. The acceleration of open-source collaborations and extensions is beginning to drive the financial sector. The fintech industry is a fast-paced industry and banks are retrofitting accordingly to stay relevant and ensure continued growth.

“Open-source es el puente hacia la accesibilidad”

Accessibility has overridden inclusivity. Social media is another avenue where many pilots are currently being conducted to provide accessibility to financial services because people are already in the medium and it is easy for them to make financial transactions within the app. Grocery stores are becoming fintechs as well due to that same accessibility and ease of use.

The Fineract and Apache communities are driving this movement because this movement is being driven and instigated by people for people.

In many parts of the developing world, banks and Telecos have realized they can co-exist without being competitors. Banks are leveraging Telecos as extensions to reach additional clients, thereby forming Agency Banking Services. This breaks down large financial institutions into small service units, returning the power to the people. Open banking is something from which everyone can benefit.

When everyone works together despite their differences, everyone wins. The community becomes the main focus because services are easily accessible through different avenues, mediums, and platforms.

Fiter is building the necessary bridges and pathways to allow the different worlds of traditional banking and Neo Banking to integrate and communicate to support the change that is already in motion and gaining momentum every day. Open-source software belongs to the community for the community, with accessibility being the key to it all.