A Functional Prototype Helped the Cleo Fintech Confirm Their Concept’s Feasibility
To trade on the commodity exchange, one must have detailed information as well as a bird’s-eye view of the overall situation. Or an app which connects you directly to an expert. An application where you can observe an expert's sales and acquisitions and, once the broker convinces you of their expertise, allows you to invest along with them. We developed a functional prototype for the Czech Cleo.finance fintech and then handed it over for further in-house development.
A Hobby Idea which Turned into a Business
It all started with a few school friends who traded commodities on the commodity exchange in their spare time. They were doing well and came up with the idea to make trading accessible to other people – and make money doing it. “They founded a company and came to us with a detailed idea for an application connected to the commodity exchange through which users could shadow the activity of other traders,” describes Pavel Tupec, CEO at Hyverr.
“If a Cleo user wants to invest into gold, for example, they find a dedicated trader and study when and for how much they buy, and how their acquisitions are doing. Then, with the help of the application, they can simply copy their investments – the trader buys 300 ounces of gold, and they can buy 10, or 1000,” explains Tupec, adding that both the traders and Cleo get a small commission from the transaction.
Although the founders had some background in IT, they lacked the capacity for programming the application themselves. That’s why they were looking for a technological partner who would make a functional prototype. And when the idea proved feasible, they took over the app’s development and started working on it in-house.
An Application Connected with Commodity Exchange, and an Online User Interface
In the analytic part of the project, we described the architectural requirements, the functioning, and the application design. This yielded certain fundamental issues, among them:
the system’s speed and reliability (the trades of general users had to have the same conditions as the investments of the shadowed trader),
dividing the application into a server module connected to the commodity exchange, and the web module through which one managed their traders (e.g. sorting traders based on their success rate, or setting limits for novice traders),
creating a functional system for paying commissions based on completed transactions.
We decided to develop the application in Microsoft Azure and used the Enterprise Service Bus cloud service for sending communications.
Do You Fancy a Functional Prototype Too?
We developed, tested and implemented the application. The software successfully gathered data from hundreds of traders from all over the world. The founders of Cleo.finance then decided to expand the in-house development team and took the project’s further development under its wing. The fintech startup’s team has been hard at work transporting the original solution to an automatic trading platform.
We will gladly use our experience with proof-of-concept development for your project. Contact us for a free consultation where we can discuss your goals.
Contact Petr Pavliš, Business Development Manager at Hyverr, at firstname.lastname@example.org or give him a call at +420 776 629 083.
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