Case Study

How Vivasoft Developed Penny - An Automated Investment App for Swedish Fintech Market

Client

Industry

Region

Europe (Sweden)

Overview

Investing in mutual funds can be complex for the average person. Swedish company Greenmerc wanted to change this. Their vision was to make wealth management accessible to everyone in Europe. The result is Penny, an automated investment app.

The app builds a bridge between regular savings and professional investing. First, Vivasoft helped build a secure platform. On this platform, users link their existing bank accounts. They set targets, such as saving for a car or a home. Penny monitors their finances in real-time. It identifies "leftover" money at the end of the month. Then, it automatically invests those funds into profitable sectors without the user lifting a finger.

Technologies Used

React Native

PHP

JavaScript

Swift

Kotlin

PostgreSQL

SQLite

AWS

Jenkins

Tink

Cairo

BankID

Figma

Challenges faced by the Client

Greenmerc approached Vivasoft for staff augmentation to build their product. However, they faced several technical hurdles.

SDK Incompatibility

The client used Tink (a Visa subsidiary) for open banking connectivity. However, Tink’s SDK was written in native code using Swift and Kotlin. The Penny app was built on React Native. These two technologies did not work together immediately. This created a major compatibility issue.

Geographical Barriers

The app required BankID for login. This is a standard digital verification system in Sweden. Vivasoft’s team was located offshore in Bangladesh. They did not have physical access to Swedish banking infrastructure.This made testing very difficult.

Unstable APIs

The investment engine, Cairo, was still in development. Their API requirements changed frequently. This instability threatened the project timeline.

Localization

The app needed to support the local market. It required seamless support for both English and Swedish languages.

The Strategic Solution

Vivasoft provided a specialized team of developers. They worked directly with Greenmerc’s leadership to engineer robust solutions.

Custom React Native Bridging

To fix the SDK issue, Vivasoft’s mobile engineer wrote a custom code bridge. This allowed the React Native app to communicate perfectly with the native Tink SDK.

Mock Environment Simulation

Since the team could not access real Swedish banks, they architected a sophisticated mock environment. This simulated Swedish bank accounts and login procedures, allowing the team to test transaction flows remotely.

Agile Integration Strategy

The team implemented a flexible backend architecture. This allowed the system to adapt quickly to Cairo’s frequent API changes without breaking core app functionality.

Dynamic Localization Engine

Vivasoft implemented a file mapping system that enabled the app to switch instantly between English and Swedish text.

Features of Waelth management App Penny

BankID Authentication

A secure, region-specific login verification system.

Multi-Bank Aggregation

Users can connect multiple bank accounts to view their total financial standing in one dashboard.

Real-Time Insights

The app displays live data on income, expenses, and monthly disposable income.

Goal-Based Investing

Users can select life goals (such as, “Buying a Car”) and the app calculates the necessary investment strategy.

Automated Investment

The system automatically deducts a set amount (e.g., 500 Euros) and invests it into mutual funds based on the user’s risk profile.

Smart Budgeting

Users can set monthly spending limits and receive alerts when approaching their cap.

Team Involvement

Resources	Count
Mobile Developers	1
Backend Developers	1
UI/UX Designer	1
Project Manager	1

Development Timeline

Discovery & Planning

1 Month

UI/UX Design