With the adoption of cutting-edge technologies like artificial intelligence, blockchain, and cloud computing, the financial technology sector has experienced a substantial expansion in recent years. Traditional financial institutions compete with cutting-edge FinTech businesses due to shifting consumer demands. Due to ongoing technological advancement, the FinTech sector is embracing new trends, including mobile payments, digital currency, InsurTech, digital lending, and others.

Why is Ruby on Rails the Perfect Match for FinTech?

This is what you need to know about Ruby on Rails as you move on with developing your FinTech application. Ruby on Rails for FinTech is the ideal choice for a business due to its characteristics, framework capabilities, and development approach.

1. Stripe

Since its founding in 2010, Stripe has aided companies in accepting payments from clients worldwide. As a result, new business models, like Lyft or Kickstarter, could flourish.

Using Ruby on Rails software, they have established a new benchmark for how companies conduct online transactions. Their user-friendly software platform manages billions of dollars every day. In both the design and development stages, user’s needs are important.

This comprehensive toolkit enables companies to efficiently and effectively establish themselves online. They currently run more than 100 firms globally.

2. Avant

The top supplier of credit options to consumers with middle-class incomes is Avant. They are also an online lender, and they provide unsecured personal loans as early as the following working day.

They provide technology solutions to bank and non-bank partners through their Powered by Avant offering, serving more than 600 000 consumers globally.

This Chicago-based startup was created using Ruby on Rails and was founded in 2012. They offer an exceptional and individualized experience for their users' thanks to the usage of cutting-edge algorithms and machine learning capabilities.

3. Fundera

This Fintech company, located in New York, was founded in 2013, and its marketplace, which offers financial solutions to small businesses, was built using Ruby Web Development.

Fundera offers specialized choices based on knowledgeable advice so that company owners can shop and contrast. This includes various options like bank accounts, credit cards, and loans that they may have yet to learn they had.

They give small business owners a chance to confidently make informed financial choices by assisting them in weighing their best options.

Users fill out an application with the required information, and Fundera links them to a financial expert who will look into their options. As users' businesses expand, they can move up to better choices on the platform, enabling scalability.

4. Coinbase

San Francisco-based Coinbase chose a Ruby on Rails development firm to create their product. One of the most user-friendly digital coin wallets was produced by them.

In June 2012, Coinbase, a company that allows consumers and businesses to transact with new digital currencies, debuted its product. Their primary objective was to make digital currency approachable and accessible to all users.

5. Square

Square was created to realize the founders' conviction that a more inclusive market benefits everyone. Square was established in 2009 in San Francisco and is now accessible in the US and countries like Canada, Australia, and many others.

No one should be excluded from the economy due to high costs or technological challenges, according to the overarching idea that sparked the creation of this fintech business. Independent business owners and sellers can start, run, and expand thanks to Square.

6. Miquido

The demands of modern finance are known to Miquido. Whether you need a product that focuses on your customers or a way to simplify your business processes, they have the best banking solution. They bring together years of specialized experience and cutting-edge technology. To revolutionize the way people conduct banking, develop your digital tool.

Their mobile banking development services allow you to create user-centered products like digital wallets or mobile banking apps. To improve the usability or income of your product, use a long-term data-driven strategy to develop unique features and solutions.

7. Praxent

After concentrating on financial software development, they found that improving modification swiftness, customer engagement, and product use depends on a fast, transparent, customizable, and user-friendly customer experience. Businesses need fintech software developers who prioritize the demands of their customers. A compelling financial user experience can provide you with a significant competitive advantage, which is what their developers do. Even small changes might help to distinguish your financial brand.

8. The Software House

The staff at the company has designed, built, and maintained systems for Seed A, B, and C firms and those moving into new areas. They know the commercial and technological challenges fintech companies must face reaching millions of consumers.

Company has over 160 products with a competitive edge have been created or enhanced. Thanks to their financial software engineers, they now want to help you in your efforts.

9. EffectiveSoft

While working with extensive data, the fintech sector must adhere to rigorous criteria for software usability, sophisticated security, scalability, and efficient performance. EffectiveSoft has developed close ties with many financial institutions and has enough industry expertise to spot potential mistakes. They assist financial institutions in building dependable and secure IT environments by providing financial software development services.

10. Inoxoft

Inoxoft is a fintech software development company that helps businesses digitize financial services, improve trading performance, and address automation problems. They provide fintech spending advice to individuals and companies.

By utilizing the digital opportunities, you can integrate these advances into the Fintech sector and position yourself as a top provider of financial software development services.

Conclusion

You are now confident that Ruby on Rails for FinTech provides the best results because you understand the nature of the security and traffic challenges in the finance business. It's crucial to choose a full-stack development firm that can handle both the frontend of your FinTech app and a robust backend like RoR. Make your FinTech big triumph a reality! To help you create a seamless transactional experience that distinguishes you from the competition, you can also hire RoR developer from specialized development companies.