Monetor - Web App Development For Fintech

The world of FX can be unclear and difficult to understand. Learn how we developed a platform that gives a clear overview of how FX impacts your business.

Table of contents
  • The Brief / Challenges
  • Our Solution
  • Results
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Monetor is a financial (FX/trading) startup that aims to educate clients about the impact of FX risk on their business and to be a guide for all decision-makers in all areas of financial risk.

Fintech application that gives you a high level of control

The idea for the product was born over a decade ago in the financial capital of the world - the City of London. Kevin Graeter worked for large corporations with vast resources and was dedicated to controlling currency risk in the global market. While helping clients navigate global currency markets for many years, the Monetor team noticed a pattern. When it comes to currency invoices, clients face one problem. When is the right time to make a decision? When a contract is signed, many factors can affect the global foreign exchange market, and the final payment is made, resulting in hundreds of billions of dollars at risk each year from currency fluctuations.

Large corporations are aware of currency risk and surround themselves with the support of banks, treasury departments, and expensive treasury management software to manage their currency risk.

The goal was to create a product that would give all companies the same level of insight and control. It is essential because 85% of the companies they encountered do not have a treasury department, software, or a currency plan. And even if they do, many have difficulty executing it consistently. It creates a competitive disadvantage for most multinational companies in most countries. But with the Monetor application, we can avoid this definite disadvantage.

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We developed Monetor, an application that controls currency risk in a way that is data-driven and optimal for a given business situation. The goal was to create a next-generation rules-based decision-making tool to empower companies by monitoring currency risk. By reading customer invoices and financial data, the platform monitors exposure and gives the customer a call to action.

Project stages

Our developers' team created the product according to Scrum methodology. During the product workshops, we analyzed together with the Client the development goals, made a business analysis, and analyzed the needs of the recipients. The product is dedicated to CFOs and other people responsible for finance in large companies.

We then prototyped the UX AND LP of the product during product design sprints. We chose Python, Django & Java technologies which allowed us to have a fast and efficient development process and gave the Client a lot of flexibility and freedom to create their layouts and landing page templates. It was the best solution for the front-end and backend of the entire product in terms of flexibility and performance. To make the product scalable and securely stored, we used Amazon Web Services as the cloud infrastructure. We used a combination of PostgreSQL & MySQL services, Terraform to handle media, compression, storage, notifications, and authentication.

Using this technology stack in the project enabled further application development and received funding. The next stage was to test the product among users, and based on the feedback received, we designed and implemented the second version of the project. While planning the next version of Monetor, we worked according to Scrum methodology. It is a perfect way of working that guarantees the Product Owner knows how much work he invests in each stage of the project at each sprint. Besides, he knows precisely what stage the project is and when it will end.

What have we enabled in the development of the Monetor app?

  • earning or saving money on the payment of invoices in foreign currencies
  • proposing an appropriate payment strategy for invoices in foreign currencies, based on market situation research and exchange rate fluctuations
  • benefits from special software dedicated to CFOs and other people responsible for finance in large companies
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The product was successful because companies became aware of the currency's impact on their bottom line. Moreover, the Monetor team has received further funding rounds and is developing other functionality after learning how to run the project.

The team is doing a tremendously good job and they are evolving with us throughout the process.
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Henric Jonsson
Head of Business Development, Monetor
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