Leobit
Guarantee Solution For Security Deposit
Finance Platform For Real Estate Loans
ABOUT
the project
Client:
Location:
Estonia | Tallinn
Company Size:
Industry:
Solution:
Services:
The platform that we have developed for an Estonia-based startup offers an innovative approach to B2C deposit guarantee operations for the European market. This cloud-based security deposit solution has been built specifically for the real estate industry, ensuring secure and affordable rent for both landlords and tenants. One of its core features is precise tenant screening. The platform also helps both tenants and landlords precisely calculate security deposits withdrawn from a tenant’s account in case he or she violates the conditions of the landlord-tenant agreement. As a SaaS solution, the platform charges flexible fees from a security deposit in case it is withdrawn from a tenant’s account.
Leobit has provided highly experienced and capable developers who facilitate a strong working relationship. Flexible and timely, the team communicates seamlessly and demonstrates a strong work ethic. They demonstrate an unwavering commitment to understanding the client and their business needs.
CUSTOMER
Our customer is an ambitious Estonia-based startup intending to deliver a solution that will solve numerous challenges in the proptech industry. The customer approached us with a strategic vision for their platform's continuous growth. They had a set of features to implement, wireframes of the solution's UI/UX design, and even a list of technologies to use for the development of the app. The customer only lacked a skilled team capable of merging the expertise in both fintech and proptech domains and implementing the solution within the deadline.
BUSINESS
CHALLENGE
The customer had a clear vision of the platform they wanted to receive. However, the implementation of their goals required much expertise, as the solution had to be seamlessly integrated with the Everpay payment system and provide excellent security, as well as conform to fintech regulations. At first, they partnered with a team that lacked expertise in fintech development and failed to meet the deadlines.
The customer understood the potential financial loss, so they had to continue development as soon as possible. Leobit easily met the customer’s requirements as our experts already had experience in financial software engineering and development. Our team took over the backlog tasks after the customer’s previous vendor and scheduled the launch date.
The main challenge faced by our team was the necessity to quickly get into the project that was initially planned and organized according to the demands of another team. In addition, we had to focus on the product's compliance with regulations and permissions required for operating in the fintech industry. Keeping all data secure was one of our top priorities. The Leobit team had to focus on the privacy and integrity of all transactions and financial records while keeping the solution high-performing and accessible to end-users.
Why
Leobit
The customer chose Leobit as a perfect partner for implementing their solution because of our strong expertise in both the fintech and proptech domains. They were also attracted to our team’s focus on security and compliance with GDPR, CCPA, and OWASP regulations. We were also ready to provide them with full-stack developers skilled in Ruby on Rails, the solution's primary back-end technology, and capable of implementing their planned functionality within the deadlines.
Project
in detail
At first, we had to research the customer's requirements and the backlog created by the previous team working on the project in order to get into the project as soon as possible. Our team adjusted the project roadmap to our approach. Some of our predecessors’ crucial decisions, such as the choice of the main technology stack and basic integrations, were preserved.
Cloud-based Architecture
Our team provided the customer with scalability and flexibility of the cloud with Heroku, a cloud platform known for its excellent compatibility with Ruby on Rails. This solution helped us implement the app's basic functionality in the short term and lay a foundation for simple scale-ups, which was especially relevant in terms of the customer's plans for the platform's continuous growth. We also applied several cloud services, such as Sidekiq used for running background jobs, and Heroku's native Logplex for logging.
Fully-automated Tenant Screening
We implemented an automated script for screening the tenants, including the research of their credit history by integrating the app with Veriff through a corresponding API. This feature allows landlords to easily access all the data they need in order to understand the reliability of their potential and actual tenants. By indicating the basic information about the tenant (such as the country of residence, name, surname, and personal ID), a landlord can receive the information on the tenant's eligibility within seconds. Such functionality facilitates secure, quick, and easy online completion of the rental agreement.
Claim Management
With our solution, landlords can effortlessly initiate a claim against tenants who fail to comply with the agreement's conditions. This claim can be made once during a guarantee period. Landlords should use a template specifying the amount of money to be deducted from the tenant's deposit, along with a comment detailing the reason and purpose for the deduction. The claim is subsequently submitted to the governing body for assessment of its justification.
Excellent Security Powered with Several Integrations
Security was one of our top priorities during this project. The Leobit team performed several integrations to ensure that there was no space left for security vulnerabilities. In particular, we leverage Veriff integration that combines biometric verification with machine learning algorithms to check whether a platform user’s identity is genuine and protects all sides of the agreement against forged documents.
Integrations with Onfido, Twilio and Smart ID electronic identity solutions provided users of the customer’s finance system with highly-secure identity authentication when logging into their accounts. Smart ID also speeds up the agreement finalizing thanks to legally recognized electroniс signatures equivalent to handwritten ones.
Technology Solutions
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Straightforward and easily manageable monolithic architecture with Ruby on Rails on the back end and HTML, CSS, and Stimulus.js on the front end.
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Scalable and high-performing cloud architecture built with Heroku and its native services.
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Top-notch security and authentication practices ensured with Onfido, Twilio, and Smart ID integrations.
Value
delivered
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The customer received a compliant security deposit platform that leverages several security-oriented integrations to protect financial data and other sensitive information.
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We laid the foundation for the product that could grow over time, adding new functionality through integrations and simple scale-ups.
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The Leobit team helped the customer grow their idea from a mere prototype into a full-fledged fintech and proptech solution within the deadlines.
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Leobit’s team provides ongoing support for the released product and delivers new features and functionalities.