Fintech startups choose MySQL HeatWave

Fintech (financial technology) companies continue to disrupt the financial services industry.  According to a report from Boston Consulting Group (BCG) and QED Investors, fintech revenues are projected to grow sixfold from $245 billion to $1.5 trillion by 2030, with banking fintech expected to constitute almost 25% of all banking valuations worldwide. 

To succeed, fintech companies tend to serve an underserved segment of the population and/or to deliver a cost-effective service faster and with greater convenience than what customers are accustomed to from traditional financial institutions. The technology they rely on is paramount; it often determines their ability to deliver an innovative solution exhibiting the performance, scalability, security, reliability, and cost-efficiency that will sway customers.

MySQL HeatWave has become a very popular choice among fintechs. MySQL HeatWave is a fully managed database service, powered by the HeatWave in-memory query accelerator. It’s the only cloud service that combines transactions, real-time analytics across data warehouses and data lakes, and machine learning in one MySQL Database—without the complexity, latency, risks, and cost of ETL duplication. It’s available on OCI, AWS, and Azure.

Let’s consider why 4 fintech startups migrated to MySQL HeatWave, and the results they achieved:

Fintechs improve results and reduce costs with MySQL HeatWave

Exchange Speed migrated from Amazon RDS and Redshift to MySQL HeatWave to deliver its high-performance trading platform

Exchange Speed needed a database powerful enough to process all the trading activity on the Australian Securities Exchange (ASX) in real time to create rapid and accurate alerts for its subscribers—providing an enterprise transaction notification service to retail investors. The company initially implemented Amazon RDS and Redshift, but these did not have the processing power to handle the high volume of orders and trades coming in from its ASX data feed, resulting in dropped trades. Exchange Speed needed to improve data processing efficiency with a robust, low-cost, reliable, scalable, and more secure database. In their search for a suitable database cloud provider, Exchange Speed assessed various solutions from AWS, Google, and Oracle. The company selected Oracle’s MySQL HeatWave and achieved the following results:

• Gained the power to seamlessly monitor all activities, which average 1.7 million trades and 15 million orders per day
• Executes its queries significantly faster than before and can send message alerts to its clients in real-time, enabling them to compete on the same playing field as institutional investors
• Reduced TCO; would have needed to spend 5X as much with AWS to achieve comparable levels of database performance
• Uses the native analytics capabilities of MySQL HeatWave to provide insights into key operational performance indicators
• Greatly enhanced its data security and ensured regulatory compliance

“Our business model is contingent on getting very fast query times from the database to reduce our latency between the exchange and the subscriber. We chose MySQL HeatWave on OCI. Compared to Amazon RDS and Redshift, it has pretty much everything. It's faster, it's cheaper, and it's more reliable.”

—Grant Peace, Business Founder, Exchange Speed Pty Ltd

Aicoll improves loan default prediction using machine learning in MySQL HeatWave

Aicoll - Artificial Intelligence Collection System - provides AI solutions for managing the risk of customers defaulting on loans. In Colombia, 60% of institutions providing loans in the retail, microservices, or cooperative finance sectors are not equipped with this technology. Aicoll needed an automated way to massage all the data into machine learning (ML) models that would allow its customers to create predictions covering the credit life cycle from loan origination to debt default. The company migrated from MySQL on-premises to MySQL HeatWave—with the built-in MySQL HeatWave AutoML—and obtained the following results:

• Reduced the time to build ML models from three months to one week 
• Accelerated data preparation from one day to minutes
• Executes ML-generated default predictions for millions of users in real-time, without having to extract data outside of the MySQL database
• Empowered their operations team to independently create new ML models 
• Improved liquidity by 20% across their client portfolios

“Without a doubt, Oracle has helped us sell our loan default solutions to credit institutions throughout Colombia and beyond thanks to the automated machine learning engine within MySQL HeatWave, and to the high availability and scalability of Oracle Cloud Infrastructure.”

—Yelitza Romero, CEO, Artificial Intelligence Collection System S.A.S

Credify experiences 4X faster time to market for its instant loan application with MySQL HeatWave

To meet their financial needs, 77% of India’s workforce relies on personal loans. By offering Creditt, an instant loan application that uses non-traditional credit scoring and artificial intelligence, Credify Technologies has become a key player in driving financial inclusion. The company’s applications and MySQL databases were hosted on HostGator. The management team recognized the need to upgrade the company’s technology platform to scale to demand, strengthen compliance processes, and accelerate decision-making. Credify evaluated Amazon RDS, Aurora, and Oracle’s MySQL HeatWave, and selected MySQL HeatWave as the most technically and commercially viable solution. For example, application performance was 4X higher with MySQL HeatWave vs. Amazon RDS. Credify achieved the following:

• Migrated its applications and data to MySQL HeatWave on OCI in only 8 days
• Accelerated time-to-market by 4X, being able to focus on core development
• Saved 25% of the time needed to prepare data for LOB owners
• Increased its ability to scale to demand, with a threefold increase in loan origination capacity
• Established end-to-end data security. As a result, Credify enjoys stronger compliance with the Reserve Bank of India’s data regulations and protection laws

“Oracle’s MySQL HeatWave Database Service is truly a game changer. It delivers faster performance than other MySQL cloud services while eliminating data copies and ETLs. And the cost of Oracle MySQL HeatWave Database Service is a fraction of other cloud providers.”

—Namra Parikh, Cofounder and CTO, Credify Technologies

Tamara cuts costs and improves the performance of its “buy now, pay later” solution with MySQL HeatWave

Tamara is a leading fintech in the Middle East and North Africa with a “buy now, pay later” solution.  As a startup, Tamara needed to find a platform for application development and data management that was cost-effective, easy to use, and scalable. The company was growing fast and quickly adding data sources. Demand for its detailed, segmented business analysis was increasing from business users and merchants. Tamara migrated to MySQL HeatWave from another cloud provider and obtained the following results:

• The IT staff no longer needs ETL tools to move data from the MySQL database
• With real-time intelligence, Tamara can better analyze and understand customer behavior to continuously improve its application with rapid development
• Reduced costs by more than 60%
• 3X performance improvement

“We migrated our production workload from another cloud solution to MySQL HeatWave. Doing so reduced our costs by 60% and tripled the speed for many of our complex queries, which were not executing in a reasonable amount of time before Oracle Cloud. The real-time intelligence helps us better understand customer behavior to continuously enhance our application.”

—Chien Hoang, Director of Engineering, Tamara

As demonstrated by the above examples, MySQL HeatWave can help fintechs improve customer experience, accelerate time-to-market, enhance security, increase productivity, and reduce costs. MySQL HeatWave delivers the best price-performance in the industry for data warehouse and data lakehouse workloads, enabling Fintechs to cost-effectively scale operations. 

Whether you’re an early-stage fintech or an established company, we encourage you to consider how you could benefit from MySQL HeatWave, and to contact us for any questions you may have.

Additional resources

• MySQL HeatWave migration program
• Request a free MySQL HeatWave workshop
• Try MySQL HeatWave for free