Eliminating rental deposits for tenants in the U.S. through FinTech solutions such as Buy Now, Pay Later (BNPL).

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In September 2022, an Icelandic technology partner (Reon) approached Develocraft with an ambitious FinTech startup project. The focus was the U.S. rental market. The backdrop was the Covid-19 pandemic, during which a significant part of society became homeless or unable to rent housing. The startup (Standby) identified a gap and aimed to eliminate upfront security deposits for tenants by applying FinTech solutions such as Buy Now, Pay Later (BNPL). The business goal was not only to reduce financial burdens for tenants but also to contribute to financial inclusion. The startup successfully completed funding rounds (Total Funding: $9.05M) and was looking for technological support, which it found in the Develocraft team.

To guide the client toward their goal, Develocraft assembled an integrated, international team consisting of Backend and Frontend Developers, DevOps specialists, and a Project Manager/Scrum Master. Working alongside the client’s international team, Develocraft established a clear team agreement and work principles to ensure organizational alignment and smooth collaboration.

The technological efforts included development in Frontend (Next.js) and Backend (Django). Key success factors included:

• Adaptability and flexibility: The team showed openness to dynamic changes and problem-solving as the project scope (MVP) expanded.
• Collaboration and communication: Open dialogue and an integrated team approach, supported by regular workshops and team-building sessions (online and offline), helped harmonize different work cultures and seamlessly integrate new product dimensions.
• Quality: The team maintained uncompromising standards in code quality and rigorous testing.
• Compliance support: Develocraft provided assistance not only in development but also in compliance (SoC Tier2), which is crucial in the SaaS/FinTech sector.

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• Rapid MVP delivery: The initial project scope was efficiently implemented, validating the market value of the solution.
• Expansion and scalability: Achieving the goal quickly enabled the client to allocate additional resources and expand the project.
• Strengthened partnership: The collaboration continues, with Develocraft now responsible not only for ongoing technology development but also for maintaining the entire system in operation.
• Added value: The partnership with Standby is built on flexibility, with Develocraft supporting the client in both development and compliance (SoC Tier2), a key requirement in the industry.