Bubble Group > Case Studies > Qoins: Accelerating Debt Repayment with IoT and No-Code Platform

Qoins: Accelerating Debt Repayment with IoT and No-Code Platform

Technology Category

Platform as a Service (PaaS) - Application Development Platforms

Applicable Industries

Buildings
Cement

Use Cases

Building Automation & Control
Time Sensitive Networking

Services

Testing & Certification
Training

About The Customer

Qoins is a financial platform aimed at individuals looking to pay off their debts faster. The platform is designed to automate the process of making payments towards one’s debt, making it easier for users to manage their finances. Users can connect their bank accounts directly to the app and choose a saving method, such as rounding up their purchases to the nearest dollar. The platform also provides financial coaching, offering users a personalized savings plan to help them reach their financial goals. In addition, Qoins sends out financial tips and videos with advice to current and prospective users, providing them with valuable information to help them manage their finances more effectively.

The Challenge

Qoins, a financial platform, was established with the aim of helping people pay off their debts faster through financial coaching and automatic payments. The founders, Nate Washington and Christian Zimmerman, faced the challenge of building an app that could automate the process of making payments towards one’s debt, provide personalized savings plans, and offer features such as payroll deductions and round-ups on everyday purchases. They also wanted to include new features such as emergency savings, spending recommendations, and more. However, they lacked the coding expertise and resources to build and maintain such a complex application.

The Solution

The founders turned to Bubble, a no-code platform, to build, test, iterate, and scale Qoins. Bubble allowed them to test their initial concept and iterate quickly. It also scaled with them better than they originally imagined. The platform enabled them to accomplish things that would typically require a larger team of developers to maintain. Even as some parts of their business transitioned to being built on code, Bubble continued to serve as the backbone of their business. When a user signs up on Qoins, they are able to connect their bank accounts directly to the app and choose a saving method. The app then automates the entire process of sending out payments on their behalf. It also sends out financial tips and videos with advice to current and prospective users.

Operational Impact

The use of the no-code platform, Bubble, has been instrumental in the success of Qoins. It has allowed the founders to test their initial concept, iterate quickly, and scale the platform effectively. The platform has grown significantly, and even as some parts of the business have transitioned to being built on code, Bubble has continued to serve as the backbone of the business. The founders have been able to build several businesses and apps with the no-code platform, demonstrating its versatility and effectiveness. Looking ahead, Qoins plans to become a household name for finances and is partnering directly with lenders to help customers get more favorable rates and payback terms.

Quantitative Benefit

Helped customers pay off over $12 million of debt
Raised an angel round of $750,000 in 2018
Won a financial technology award in 2018 that was the largest non-equity cash prize for Fintech companies in the country