Our client was a real estate investment company with a low minimum investment. At the beginning of our partnership, the company only had a founder. The founder was looking for a technical cofounder and local developers. After the initial discussion about the timeline and budget limitations, we agreed on using a dedicated remote team and our startup development kit to boost the MVP development.
Real estate investment platform
Agriculture, Fintech software, Real Estate Investments
Project goals
We started building a new platform to implement the client's innovative land market ideas. Traditional land investment is a cumbersome, expensive, and time-consuming process. The purpose of the new platform is to provide users with the possibility to invest in land plots at a minimum price of $5000.
Users can invest their money in minutes and the platform will handle it all: real estate management, paperwork, and payments. On top of that, a due diligence process and all the legal work could also be handled via the platform. The approximate return on the investment was expected at the level of 9-12%.
- Personal finance solution
- Reg D, 506(c) Regulation D offering by the U.S. Security Exchange Commission. Only open to accredited investors Mandatory investment holding period Company must verify accreditation with financial documentation
- KYC/AML integration
- Payment gateway integration
- HIPAA Security Standard
- Process automation
- Full test coverage
Investment in the land is a rock-solid long-term option. Until recently, in order to ensure a successful land investment, you had to know a lot about land management and perform due diligence by yourself. Such due diligence is an expensive and time-consuming process. Besides, the starting price of the land plot on the market is quite high. The idea of this project was to create a platform that handles investors' due diligence and land management while they receive their dividends.
Challenges
While working on this project we faced a lot of technical and non-technical challenges. The lack of understanding of what exactly we were required to build was most challenging. We had to come up with a plan and start testing ideas quickly to find seed investors before our client ran out of money. Once we found the right direction for product development, we needed more engineers and lawyers. This product was created to provide its users with scalable, reliable, user-friendly, efficient, and legal ways to make an investment, transfer money, and provide all necessary information.
Solution
We had to adjust both the approach and the set of technologies to achieve our goals at every stage of product development. First, we focused on speeding the development process up to start testing ideas. Because of our extensive experience in FinTech, we suggested effective boilerplate solutions ready to go. As we selected optimal tech stack, we were able to test a number of ideas out and found the right one. We managed to build an MVP quickly and secured funding for the project. After that, we built an exclusive full-stack team according to the product business needs. We interviewed over 300 engineers in total to fill all the necessary roles to cover the team leadership function, design, product development, DevOps, SEO, etc.
Results
The product we created turned out to be successful and profitable. The platform meets the needs of the client-focused on user growth. The system’s capacity allowed to handle 1500 users simultaneously during marketing campaigns. The platform handled turnover of tens of millions of dollars after it was put into operation. The project is growing fast and we constantly work on the new functionality.
Project timeline
Step 1
Initial research and development
Duration: 2 weeks
Research of existing solutions and creating a list of functionalities as per the client’s needs
Step 2
Team foundation
Duration: 4 weeks
Team: Lead Engineer, UI/UX Designer, Frontend Engineer, Backend Engineer
Step 3
Private launch
Duration: 6 weeks
While, at first company were really limited on funds and time, and our team executed a plan to make a launch just in a month. Needed to state that some part of functionality were staged for a demo. But main goal was to provide a demo for farm owner to seal first and vital deals to move forward.
Step 4 & 5 & 6 (Parallel work)
Legal Work
Duration: 4 weeks
We been working together with a legal team on investment process
Payment provider integration
Duration: 8 weeks
Specific of our produce does have different requirements on the payments provider. Since payments is a funmental functionality of our product we have to be thoughfull about our wire/echeck/ach partner.
User design implementation
Duration: 6 weeks
We started the implementation of the simple and easy to use UI based on the legal and payment workflows. Such UI could be used easily by certain groups of inexperienced users, such as senior customers.
Step 7
MVP Launch
Duration: 6 weeks
Demo first users, farm owners and first investors.
Step 8
Improvements and feature implementation
Duration: 10 weeks
Before going live, the client decided to implement additional functionality and additional security protection for sensitive user data
Step 9
Product Launch
Duration: 4 weeks
Release platform to the public. Publishing google and Facebook advertisements and receiving first investment from real users which come from advertisement.
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