Avant is a P2P lending company. It offers credit alternatives to middle-income consumers. The solution has more than 600,000 customers. It has completed 10 rounds of funding, raising more than $1 billion.
Founded in 2012, the company uses Ruby on Rails. It provides a unique and engaging customer experience. The company also offers technology solutions to bank and non-banking partner qs.
Other leading companies that use Ruby on Rails include Stripe and Coinbase. Stripe uses it to simplify hundreds and thousands of online transactions. On the other hand, Coinbase uses Rails to create a user-friendly cryptocurrency exchange. Square and Funder are two more apps that use Ruby on Rails for FinTech.
(Source: Ideamotive)
Ruby on Rails and FinTech Market Overview
1,088,355 websites currently use the Ruby on Rails framework. 7.51% of the top 10,000 websites in the world use Ruby on Rails. The number of Ruby on Rails applications is currently growing as the framework matures and delivers better functionality.
75% of global consumers have used at atleast one FinTech app to pay online or using mobile. FinTech calls for flexible development. Rails is a crucial technology for creating secure, mobile, and reliable FinTech solutions.
The financial technology industry is growing at a nearly 25% growth rate annually. It is one of the fastest-growing industries across the globe. Ruby on Rails is a mature technology that can help meet the demands of software development for FinTech.
Read more: Ruby on Rails: Relevance and Best Practices
Is Ruby on Rails suitable for FinTech Business?
Ruby on Rails is more than 18 years old. The framework runs on Ruby – the highly secure, reliable, and simple programming language. Today, big multinationals and startups use the framework because of its exceptional feature-rich capabilities.
So does it make sense to use Ruby on Rails for FinTech companies? Here are a couple of reasons that showcase why it does –
- Fast Prototypes
FinTech app ideas are proliferating. Any innovation in FinTech can face competition quickly. Therefore, rapid prototyping is crucial. The faster a FinTech software development company launches a product, the more advantage the client will have. Ruby on Rails for FinTech enterprises uses the development time by 25% to 40%. The framework makes the MVP (minimum viable product) without much hassle. - Security for FinTech
Security and data protection is the most critical aspect of any FinTech application. Fortunately, Ruby on Rails software product engineering services has in-built security mechanisms. If default authentication is not available, there is most certainly a gem that can provide that. By following the Rails security guidelines, a FinTech software development provider can create secure and protected applications. - Cost-Effective Solutions
Ruby on Rails is one of the best technologies used in FinTech. Why? Because it is cost-effective. Sometimes, it is also known as “the startup technology.” Since the process is fast, there’s no need to deploy developers for a long time. Also, the development is simple. While complexities exist, there’s a gem, library, or solution for every problem that arises in Rails. This makes it an affordable choice for companies.
Apart from these 3, RubyGems is a great advantage for developers. From payment gateway authorization to wallet integrations, gems offer everything. The plugins are one of the most loved features of Ruby on Rails for FinTech applications.
Read more: Why is Ruby on Rails Migration Important in 2022?
Conclusion
FinTech applications are growing rapidly. Today, a large part of the world depends on FinTech apps for daily transactions. Ruby on Rails is a beautiful technology that a software product engineering company uses for FinTech development. The framework has everything – from feature-rich APIs to productivity options. Therefore, it makes sense to use Rails for FinTech apps.
When you want to implement a powerful and mature technology like Rails, you need experts in the field. Hiring a product engineering company that specializes in Ruby on Rails can help you get started with ease.
