Case Study: Fintech of the Future
BlueSnap is an electronic payments technology company providing payments services globally in multiple currencies. The company received a large Private Equity investment several years ago to expand its market share through broader base of operations and enhancements in its technology platform, positioning the company for easier integrations with partners in the eCommerce, ePayments and online Lending. BlueSnap Technology Group was evaluating software engineering companies with experience in advanced architecture with cross-domain system design, development and integrations to stabilize and expand their own engineering teams, and accelerate completion of their roadmap. Softlab360 was uniquely qualified and engaged to align with these plans.
Softlab360 has been successfully supporting BlueSnap and their growth since 2015. Today, we are in partnership with BlueSnap as their first authorized integration and implementation partner for eCommerce vendors, Payments Processing Gateways, and custom proprietary integrations. We capitalize on our capabilities to capture business concepts in the form of a software architecture, understanding the end-user, and implementation of software as a service (SaaS) and platform as a service (PaaS). BlueSnap continues to apply our services, now in its 7th year.
BUILDING A TEAM OF ENGINEERS TO ENHANCE PRODUCT SOFTWARE AND INCREASE REVENUE
DEGREE OF DIFFICULTY: 9/10
Crowded payments processing market makes
standing out with tech a challenge
Product development teams located in one of the
world’s hottest tech hubs
Talent not only asked to develop a high-quality product but find
new ways to increase efficiency and accelerate time to market
In the world of Fintech, finding talent in an ultra-competitive market is challenging enough. But BlueSnap, a Global Payments Processing company, went a step further. They needed not only a team of highly skilled software engineers in Tel Aviv who could deliver product development, but also assist leadership in bringing new products to market sooner following a large private equity investment. Combine that with the fact that Tel Aviv was becoming one of the hottest tech hubs in the world and companies across the spectrum were dealing with constant turnover, the job of skill sourcing was that much more complex.
Timing is of the essence in nearly any skilled hiring project, but BlueSnap required an even more accelerated timeframe. Working in close conjunction with BlueSnap leadership, Softlab360, the wholly owned subsidiary of Yoh, onboarded a team of 13 senior software engineers in less than 60 days. Using our highly skilled software specialists, Softlab360 delivered a team of 9 senior software engineers and 4 test engineers who were charged with agile software development, product enhancement, testing, integration and deployment.
After integrating the Softlab360 team into the process, BlueSnap has reduced the time to integrate its platform for clients from 4 months to just over 3 weeks. Now, after more than six years in partnership, BlueSnap and Softlab360 have been witness to significant growth in BluesSnap’s client base. Softlab360 is BlueSnap’s first authorized integration and implementation partner, assisting the company to integrate its payments processing platform into the more major eCommerce platforms. Softlab360 is also BlueSnap’s go-to partner for custom client integrations, helping merge technologies to create a more seamless platform adoption for BlueSnap clients.
Reduced platform integration time (4 months ➜ 3.5 weeks)
Experienced significant client growth since partnership
with Softlab360 began 6+ years ago
Built highly skilled, agile team of more than a dozen senior
engineers in a rapid timeframe
FINTECH INDUSTRY FAST-FACTS
$305 billion market value expected by 2025
12,000+ global Fintech startups estimated worldwide
25-30% combined annual growth rate in Fintech
forecasted through 2019-2025
96% of global consumers are aware of at least one Fintech service
65% of CIOs say hiring challenges are hurting the Fintech industry
WHAT SOFTLAB360 BROUGHT TO THE TABLE
Very deep knowledge of Financial Services and Payment Processing
Scalable and efficient product development staffing
Industry-leading software engineering talent and expertise
Growth in the Fintech industry has exploded over the past half-decade. Last year alone, 64 percent of consumers worldwide said they have used one or more Fintech platforms regularly, nearly double the number of people who said the same just two years prior. The potential in this industry is showing no signs of slowing down.
One of those companies making waves in the Fintech space is BlueSnap, a global payments and ecommerce leader providing companies of all sizes with integrated sales and payment options for their businesses. But in an increasingly crowded space, the demand for best-in-class technology was growing. New players were entering the game, and BlueSnap needed the talent to make its product portfolio standout and avoid any service interruptions.
But what comes with a crowded marketplace is an even more competitive talent landscape, with high-skilled software engineers increasingly difficult to come by. Add in the fact that BlueSnap was based in Tel Aviv, one of the fastest-growing tech hubs in the world, and the challenge gets that much harder. BlueSnap needed a talent partner and staffing provider with a deep roster of software engineering pros who could not only work in an agile environment but provide actual product consulting services. They needed Softlab360.
Engineering Security & Trust
When building and testing software for Fintech companies, the importance of domain knowledge cannot be understated. BlueSnap, in looking for software engineering pros to work on its platform, needed talent that could not only work in an agile environment but individuals who had spent years working in the complex and competitive world of Fintech software development. Simply put – any compromise to software security or experience in managing high-security projects would be unacceptable.
At the time (and still to this day), BlueSnap’s technology is among the most advanced in the Fintech space. It includes multi-currency transactions, where customers may be purchasing products in one currency and paying for it in another – somewhat of a rarity when this project first kicked off. As a company with roots in financial services expertise and staffing, Softlab360 was the perfect partner. Our experience includes dozens of projects and client relationships across the world of digital payments.
BlueSnap engaged Softlab360 to bring on a team of 13 senior software engineers in less than two months to work on its platform. Of course, Softlab360 was uniquely qualified to handle the project because of the elastic model Softlab360 operates under. There was no need to search, source and vet candidates – the teams are essentially in place and at the ready. Using its deep international database of highly skilled software specialists, Softlab360 built a team of 9 senior software engineers and 4 test engineers who was charged with agile software development, product enhancement, testing and deployment. Thankfully, our teams had deep knowledge in multi-currency transactions and were able to aid BlueSnap not just in building its product but enhancing its UI and UX to best-in-class standards.
A Seat at the Table
Now, with such deep industry knowledge in the Fintech space, BlueSnap looked to Softlab360 for more than simply talent. From the onset, Softlab360 staff were involved in a consultative manner and played a part in joint proposals to their new customer targets. With an influx of new private equity investment, increasing revenue rapidly was a critical goal for BlueSnap and Softlab360 played a key role in making that happen. Often when BlueSnap is looking to pitch a new client, company leadership will turn to Softlab360 to assist with creating a full integration plan, a project estimate and proposal development. And all this is validated by the rapid growth BlueSnap has seen through the length of the partnership.
"The Softlab360 team has provided BlueSnap with outstanding software product engineering services and continues to be a great partner in helping us progress our Product Roadmap."
– Faouzi Kassab, BlueSnap SVP of Engineering
Since partnering with Softlab360, BlueSnap has experienced significant expansion in its client base. Softlab360 is also BlueSnap’s first authorized integration and implementation partner, assisting them in the integration of their proprietary payments processing platform into major eCommerce platforms. Additionally, Softlab360 is now the go-to partner for custom client integrations.
Softlab360's deep database of software engineering pros and first-hand experience working with some of the industry’s biggest companies means clients always get access to the best Fintech talent anywhere around.