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[N]ew tech that seeks to improve and automate the delivery and use of financial services. At its core, fintech is utilized to help companies, business owners and consumers better manage their financial operations, processes and lives by utilizing specialized software and algorithms that are used on computers and, increasingly, smartphones.
SingleStore delivers enabling technology
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Real-time trading
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Personal finance
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Consumer lending and payments
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Capital markets
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Financial data marketplaces
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Cryptocurrency trading
Spotlight on Embedded Finance: AntMoney
SingleStore speeds AntMoney
The success of Ant Money’s embedded finance solution has resulted in aggressive growth including 3X user growth, 5X increase in revenue, 1,200+ sponsors and partners and $20+ million in series A funding. However, this growth has led to technical challenges.
And, SingleStoreDB helps Fintech companies like AntMoney to easily scale their applications and deliver an interactive customer experience, high availability and speed.
Prior to SingleStoreDB, AntMoney Ant Money launched its platform with PostgreSQL on Amazon RDS for first-party data and Amazon Quicksight for analytics, as it was easy to prototype, ingest data, and perform basic reports with this configuration. However, this was a costly, fragile system not well-suited for the long term.
The system was slow, with queries taking seconds to minutes to process, and lacked coverage for emergent data sources such as ATM.com or financial services. The replicated data needed to be re-ingested, and the dashboard only refreshed once every 24 hours, leading to a serious and unacceptable lag in data freshness.
AntMoney replaced Postgres with SingleStoreDB, creating a new topology illustrated below.
With SingleStoreDB, AntMoney was able to drive 60x improvement in data freshness and performance. Business teams were able to measure effectiveness of new features being rolled out immediately, instead of waiting 24 hours for their first data signal. The company saw a 50x increase in usable data to shape, slice and dice data for various user needs while driving user satisfaction.
Finally, AntMoney lowered overall TCO by 10x to boost performance and scale while keeping their engineering team lean, with less busywork (like writing ingest logic). This allowed the company to recoup valuable development resources that could be focused on other business priorities.
SingleStore powers modern applications in fintech
SingleStoreDB offers a next generation distributed database for powering all manner of data-intensive Fintech applications.
From modern data marketplaces to Banking-as-a-Service (BaaS) and embedded finance solutions, SingleStoreDB drives innovation with real-time analytics, scale, performance and lower TCO. AntMoney and all of the stories featured in our new Fintech eBook are made possible by leveraging SingleStore’s cloud-native, massively scalable architecture that provides fast ingest and query performance with high concurrency.
With 10-100x the performance at 1/3 the cost compared to legacy infrastructure, SingleStoreDB delivers the speed, scale and agility in one powerfully simple, cloud-native, relational database, helping innovative Fintechs in every segment to drive fast applications and analytics in real time.
