Launching an Offshore Development Center for a Fintech Startup from California

The fintech industry is rapidly growing and has become an increasingly competitive market. In this case study, we will discuss how our ODC (brand of HMD LLC) helped a Fintech startup from California launch its offshore development center in Portugal. The startup team was aiming to launch a digital wallet for employee benefits and required a team of skilled developers and designers to build and maintain the platform.

The Fintech startup from California required a team of skilled Java and Angular developers to build a digital wallet with employee benefits. The founders of the startup were looking for the best location for the development center. Jacob, the CTO of the startup, set the main criteria for the offshore development center. It should have a good pull of talents, a favorable tax regime, and cultural proximity. Time zone was also among the requirements but not the top priority. Based on the criteria we advised two locations: Poland and Portugal.

The die was cast and the winner was Portugal. Despite roughly equal numbers, Portugal has an advantage in the proximity of the time zone, which allowed the development center to be available more often for calls with the team from the U.S.

Our offshore development center (ODC) in Portugal provided the startup with a team of skilled developers experienced in building fintech solutions. We worked closely with the startup to understand their requirements and provided a customized solution that met their needs. Our developers worked collaboratively with the startup's team to build and maintain the platform. We ensured that the platform was scalable, secure, and met the highest quality standards.

As a result, the electronic wallet was linked to an employee's mobile phone account and could be used for mobile payments and other transactions. Based on achievements, companies could add bonuses to employees' wallets. The wallet has an internal marketplace (unique perks and loyalty for every business) where employees could purchase services, and perks, and make P2P gifts. The wallet also offered additional features, such as airtime top-ups or bill payments. The startup was facing challenges in finding the right talent to develop and maintain the platform.

The remote development center in Portugal provided several benefits for the fintech startup from California. Firstly, it's the speed of the start. With our help, the startup launched the offshore development center in Portugal within two months. Secondly, it allowed founders to get access to skilled talents and save time and operational costs. The ODC also provided the startup with a cost-effective solution, as the operational costs in Portugal were significantly lower than in California.

Moreover, the ODC enabled the startup to focus on core business activities like product development and marketing. While our team takes care of the Wallet platform development and maintenance. It allows the startup to grow its business and achieve its goals faster.