MoneyLion, a leading fintech company, is dedicated to simplifying and enhancing the financial services experience for consumers. The company embarked on the creation of MoneyLion Checkout, an innovative platform that brings the ease of e-commerce to the financial products marketplace.
Case Study: MoneyLion
Project Outline
MoneyLion set out to develop MoneyLion Checkout, a groundbreaking platform allowing consumers to search, apply for, and complete transactions for financial products seamlessly. This ambitious project aimed to revolutionize how users interact with loans, credit cards, and savings accounts by creating an integrated, user-friendly experience akin to booking a flight online.
Key Project Metrics
Team Size
14 highly skilled React engineers deployed.
Turnaround Time
Engineers embedded within 5 days.
Cost Savings
Delivered 30–40% savings compared to traditional consultancies.
Scalability
Dynamic team adjustments to match evolving project requirements.
The Project
The Challenge
MoneyLion faced two significant challenges:
- A shortage of in-house front-end engineering resources, particularly in React development.
- High costs quoted by traditional consultancies exceeded their project budget constraints.
To meet their deadlines and achieve their goals, MoneyLion required a rapid, cost-effective solution.
Key Elements
- Expert Resource Allocation:
Coltech’s team of React specialists aligned perfectly with MoneyLion’s technical requirements, ensuring immediate productivity and high-quality deliverables. - Rapid Turnaround:
From identification to integration, the entire process was completed within 5 days, allowing MoneyLion to maintain project momentum. - Cost Optimization:
By leveraging nearshore resources, MoneyLion achieved significant cost savings without compromising on the quality of engineering talent. - Flexibility:
Coltech’s scalable model enabled MoneyLion to flex team size as needed, adapting efficiently to changing project needs. - Enhanced Development Capacity:
The addition of 14 engineers accelerated development timelines, ensuring the platform was delivered on schedule.
The Solution
Coltech partnered with MoneyLion to provide a nearshore engineering solution tailored to their needs. Using our extensive network of pre-vetted engineers, we deployed 14 experienced React developers within 5 days, ensuring the project could begin without delay. The engagement provided:
- Rapid Deployment: Engineers onboarded and fully integrated into MoneyLion’s workflows in under a week.
- Cost Efficiency: The nearshore model delivered 30–40% savings compared to traditional consultancy costs.
- Scalable Engagement: Flexibility to adjust team size as project demands evolved, maintaining efficiency and focus.
The Conclusion
Coltech’s flexible and cost-effective approach empowered MoneyLion to overcome resource constraints and budget challenges. By providing a scalable team of top-tier React engineers at 30–40% lower costs, MoneyLion was able to launch MoneyLion Checkout on time. The platform has since revolutionized the way consumers and partners interact with financial products, delivering a streamlined experience and improved outcomes.
Coltech's flexible approach was a breath of fresh air compared to the traditional consultancy model. Their ability to provide top-tier engineers on short notice, while delivering significant cost savings, played a key role in the success of our MoneyLion Checkout platform