Journey Capital (formerly OnDeck Canada)
The context
For over two years, we’ve cultivated a productive partnership with Journey Capital (formerly OnDeck Canada), a leader in providing swift and accessible online financing solutions to Canadian small-to-medium businesses (SMBs). Recognizing an unmet need in the market, Journey Capital identified an opportunity to innovate beyond traditional financial products. They enlisted our expertise to support the development and launch of a novel business line of credit.
Our role involved the creation of robust infrastructure, execution of complex financial models, and seamless integration of the new offering into Journey Capital’s existing ecosystem. Here’s how we did it.
Project details
The challenge
This project wasn’t just about launching a product, it was about creating an empowering credit tool for SMBs to thrive. Journey Capital brought their deep financial knowledge to the table, while we leveraged our development expertise to tackle this challenge. Journey Capital wanted to extend their existing web application and our developers had to deep dive into the well-constructed but unfamiliar code. We took the time to understand the codebase thoroughly, which laid the foundation for a transparent and effective collaboration.
Unlike Journey Capital’s Business Term Loan, which offers short-term infusions of capital with fixed term repayments, and their Flex Funds Advance, which offer cash advances with variable term repayments, their Business Line of Credit is designed so that business owners can withdraw as much as they need, as often as they like, while only being charged interest on what they borrow. Understanding and adapting to complex financial calculations presented another significant challenge. We managed large Excel sheets filled with business rules and logical frameworks crucial for accurate calculations. Learning the rules and basics of the financial world was imperative, and integrating these new business rules with existing merchant statuses and funding mechanisms required a meticulous approach. Fortunately, the robustness of the original application facilitated a smooth integration, allowing us to successfully implement the new features.
The task at hand
Our approach to this project was rooted in leveraging our existing expertise to enhance and optimize the software already in place. We dove deep into the existing systems, fully committed to not only supporting but also improving what Journey Capital already had. This commitment to enhancement is a cornerstone of our client support philosophy.
In terms of technology, the project was spearheaded using a robust stack. The backend was developed using a Java application with Spring framework, while the frontend was an Angular web application, all securely wrapped within an AWS environment. Security was a top priority throughout the project, and our SOC-2 compliance was a key factor in providing Journey Capital the assurance that their data was protected.
The entire project was marked by a high level of collaboration from the outset. We worked closely with Journey Capital's stakeholders and project managers, ensuring that every step was aligned with their needs and expectations. The process began with an extensive onboarding phase that included detailed explanations about the project's scope and objectives. This phase smoothly transitioned into an iterative process, characterized by rapid sprints and hands-on collaboration, allowing us to implement features swiftly and efficiently. This dynamic workflow not only facilitated quick adaptations but also fostered a strong, collaborative relationship with our client.
The entire project was marked by a high level of collaboration from the outset. We worked closely with Journey Capital's stakeholders and project managers, ensuring that every step was aligned with their needs and expectations. The process began with an extensive onboarding phase that included detailed explanations about the project's scope and objectives. This phase smoothly transitioned into an iterative process, characterized by rapid sprints and hands-on collaboration, allowing us to implement features swiftly and efficiently. This dynamic workflow not only facilitated quick adaptations but also fostered a strong, collaborative relationship with the client.
The end result
Journey Capital launched its Business Line of Credit in June 2022, which rapidly became a cornerstone of their operations, emphasizing the value of client-focused financial solutions. Client feedback has been overwhelmingly positive—the product’s introduction not only strengthened relationships with existing clients but also attracted new customers, strengthening Journey Capital’s market position and expanding their customer base. This successful launch underscores our shared commitment to improving financial accessibility and demonstrates the tangible benefits of our collaborative and innovation approach.
What’s next
Journey Capital remains a prominent partner, deeply integrated with our team. As their primary software partners, we are committed to enhancing our product through new features and refinements, exceeding the evolving needs of Journey Capital and its clients.
Our experience with this project has further enhanced our ability to handle sensitive information and complex business rules. We’re proud of our swift and successful integration of a new financial product into Journey Capital's framework, achieved without disrupting their operations. This successful integration reflects our dedication and strengthens our commitment to delivering exceptional value and building lasting partnerships.
Did this project give you some ideas? We’d love to work with you! Get in touch and let’s discover what we can do together.
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