Mint Software

BACKGROUND

Please describe your company and your position there.

I’m a former board member of LeaseLink.pl, an innovative online lending platform concentrated on a complete range of financing solutions for SME’s. It provides leasing, investment loan, and equipment and durables rentals.

OPPORTUNITY / CHALLENGE

For what projects/services did your company hire Mint Software?

Due to fast growth, our previous booking system couldn’t handle the growing number of operations. There was a necessity to develop and implement a middleware system that would provide automated data transfer between our back office and an off-the-shelf financial and accounting system according to bookkeeping rules and International Accounting Standards (IAS).

What were your goals for this project?

The solution had to deliver new automation, including integration, billing, and sentiments. It also had to act as a controlling system for monitoring and analyzing financial data.

SOLUTION

How did you select this vendor?

A colleague—knowing my needs—referred me to Mint Software because of their past work and rich FinTech experience. 

Describe the project and the services they provided in detail.

Mint Software designed and developed a middleware system customized to our client’s needs. It was based on ETL, Microsoft.NET, and Windows Communication Foundation. This new communication channel—operating on new logics—was to provide automation and support to the accounting system via providing more data, in a manner consistent with the IAS. The data would be stored in different categories, including incomes, bank statements, agreement schedules, agreement appointments, terminations, renewals, and settlements.

What was the team composition?

We worked with a project manager, an IT analyst, two developers, and a tester.

RESULTS & FEEDBACK

Can you share any information that demonstrates the impact that this project has had on your business?

Mint Software modified, upgraded, and improved the system by many years by adding all required functionalities and options. Quantitatively, it’s multiplied our business’ value 12 times over.

How was project management arranged and how effective was it?

During the project, our back office generated some new products and accounts, which changed our database’s data structure. This didn’t cause MintSoftware any problems, however.

What did you find most impressive about this company?

Their creative and flexible approach stood out to us.

Are there any areas for improvement?

No, we had an excellent experience.

BACKGROUND

Please describe your company and your position there.

I work for Pragma Faktoring SA, a leader company in providing factoring services outside the banking sector. We offer a wide range of financial services for small and medium-sized enterprises, start-ups, and self-employed people.

I’m a board vice president and am responsible for the PRAGMA GO project. This is a multifunctional service that handles the online distribution of financial products.

OPPORTUNITY / CHALLENGE

For what projects/services did your company hire Mint Software?

In 2015, we missed a big opportunity to partner with a business that would’ve increased both the number of our clients and the number of our closed transactions. Unfortunately, at the time, we didn’t have the IT infrastructure to handle all of the necessary operations, and this put the opportunity beyond our reach. He decided to hire Mint Software to prepare us to take similar opportunities in the future.

Also, during the second half of 2016, we began preparations for offering microfinancing services. We looked for an innovative business process automation technology to speed up the financing process and minimize operating costs. Instead of using a third-party product, we ended up asking Mint Software to design and develop a new system to automate our process. We needed a system that could initiate and complete the entire sale process. We wanted a 100% online payment experience that didn’t require contact with a personal representative.

What were your goals for this project?

The goal was to develop a system that could handle all of the business processes of a factoring company. We were looking for a product that was based on modern FinTech solutions. Among other things, we wanted to automate and digitize risk analysis and economic data collection from external sources. We also wanted a stable, user-friendly interface that met current UX standards and could be integrated with our API.

SOLUTION

How did you select this vendor?

We looked for a collaborative FinTech development team that had experience in both finance and technology. Another vendor recommended Mint Software as a reliable IT provider.

Describe the project and the services they provided in detail.

Mint Software performed analyses of the project according to the agile paradigm and domain-driven design. They customized the system to our business needs and built several specialized tools. The team also thoroughly tested the key elements of the system. Although we’ve successfully implemented the system, we’re still pushing for constant improvements.

Aside from developing an overarching business process system, the team developed an application that automates our sales process. Mint Software conducted multiple consultations and workshops to understand the needs of our clients. They also delivered an extensive analysis of current market trends and relevant emerging technologies. We eventually prepared a list of desired functionalities and planned each of the development sprints.

The particular elements of the application were created during hundreds of meetings. The main feature of the application was a fully automated form that acquired short-term clients online. The system initiates the sales process, provides online identity verification, and automatically rates potential clients before placing their application in our main system. With every iteration, the Mint Software team delivered a new version of the product and conducted testing.

What was the team composition?

We work with a project manager, an analyst, three testers, and six developers. The CEO is also involved in the project.

RESULTS & FEEDBACK

Can you share any information that demonstrates the impact that this project has had on your business?

Thanks to the success of this project, we’re proud to offer a complete package of online services. This gives us a big advantage over our competition.

During only one year, the value of the total amount of invoices processed increased from 15.6 million PLN (approximately $4 million USD) to 53.4 million PLN (approximately $14 million USD). Our portfolio also increased from 8 million PLN (approximately $2 million USD) to 30 million PLN (approximately $8 million USD).

The system includes an integrated settlement module that automates booking registration and information exchanges with banks and booking systems. It performs over 100,000 operations a day and saves us a lot of time and money.

How was project management arranged and how effective was it?

Mint Software’s communication is very good, and we’ve never had problems. All of these projects were implemented in a constructive environment where common ground and huge engagement were present. Also, the team’s high awareness of business needs was evident through the development process.

Mint Software suggested various approaches to developing the system and proposed solutions based on their technical knowledge and business-oriented capabilities. They managed to implement the projects within our timeline and our budget. We’ve benefitted from their round-the-clock availability and services.

What did you find most impressive about this company?

The best thing about Mint Software is their deep understanding of business needs. We’ve been impressed by their ability to think beyond code to deliver optimal results. Also, their expertise in FinTech has given them the ability to challenge our ideas and propose innovative solutions. The team was agile and engaged throughout the whole development process.

Are there any areas for improvement?

None.