It started with a question: how to build an online currency exchange that can survive in conditions of ultra-low margins?
It ended with a comprehensive fintech management system – from a financial model, through a BI system and invoice automation, to sales tools.
The startup began its operations in one of the most demanding segments of the financial market – online currency exchange.
The success of the project was an answer to the market challenges: ultra-low margins, high bank competition, the need to build trust from scratch, and the requirement for rapid scaling while maintaining full cost control.
The build-out covered full operational and financial integration:
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designing the financial model supporting investment decisions,
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implementing a BI system for managing currency transactions,
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automating accounting processes,
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creating data-driven sales tools.
Key Challenges:
- There were no ready-made market solutions dedicated to online currency exchange.
- Precise financial planning was needed in conditions of ultra-low margins.
- There was a need to control tens of thousands of monthly currency transactions.
- Transparent reporting was required for the potential investment fund.
- An effective sales process based on real data needed to be built.
Stages of Building the Startup:
1. Financial Model – the Foundation for Planning and Fundraising
The first step was creating a financial model that enabled:
- testing various growth and advertising campaign scenarios,
- accurately estimating customer acquisition costs (CAC) based on Google Ads data,
- planning capital needs (CAPEX and OPEX) broken down by development stages,
- conducting meaningful discussions with an investment fund based on real data and projections.
The model was used not only for planning – it became an operational tool used for over 7 years, from the investment stage, through growth, to everyday financial management.
2. Product Design and Analytics Architecture
Before writing any code or processing the first transaction, a complete architecture for the product and analytics system was designed:
- transactional service workflow – mapping the full user journey from registration to completed transactions,
- homepage design optimized for conversion and analytics,
- built-in web analytics architecture from day one – tracking sources, geolocation, and behavior analysis,
- integration with Google Analytics and Mixpanel at the design level,
- terms and conditions and agreements adjusted to the business model and compliance requirements,
- system enabling identification of where users came from, their login geolocation, and full behavioral paths
This approach ensured that every business decision – from UX design to marketing and operational optimization – was based on data from the start, not guesses.
Dzięki wbudowanej od początku analityce, platforma wiedziała o każdym kliencie: źródło pozyskania, geolokalizacja logowań, pełna ścieżka behawioralna – fundament dla późniejszych optymalizacji marketingowych i operacyjnych.
3. BI System – From First Transaction to Millions per Month
In response to the lack of analytical tools for online exchange platforms, a dedicated Business Intelligence system was built that::
- automatically imported data from a PostgreSQL database,
- showed transaction volumes by currency, period, and customer type,
- supported analysis of dealer performance and sales effectiveness,
- enabled real-time margin and profitability control,
- supported business management from the first clients to around 15,000 transactions.
System działał nieprzerwanie przez wiele lat, obsługując transakcje o łącznej wartości przekraczającej miliardy złotych, zapewniając pełną zgodność danych – bez różnic nawet na poziomie grosza.
4. Invoice Register – Building Managerial Accounting
From day one, a tool was implemented to:
- automatically import data from the accounting system,
- segment costs by category, department, and month,
- monitor liabilities and planned payments,
- quickly assess cost structure yearly and monthly
This solution created a data-driven management culture from day one.
The tool became a key element in building trust and increasing conversion rates in client discussions.
5. Sales Calculation Module – Gaining Sales Advantage
An advanced calculator was built to:
- compare the platform’s exchange costs with bank offers,
- use real Forex rates and bank transfer costs,
- simulate client savings over a given period with visual projections,
- give sales teams an edge by offering concrete numerical insights, not just claims.
This tool became a key element in building trust and increasing conversion in client discussions.
Narzędzie stało się kluczowym elementem budowania zaufania i zwiększania konwersji w rozmowach z klientami.
5. Additional Benefits
Financial Planning |
No tools |
Dynamic financial model with scenario analysis, supporting investor acquisition and growth management |
|---|---|---|
Transaction Management |
No dedicated solutions |
BI system built from scratch, handling operations from the first transactions up to 15,000 |
Cost Control |
Standard Accounting |
Automated real-time cost analysis with segmentation and liability monitoring |
Sales Process |
Quote Based on Declarations |
Calculation tool showing specific savings based on market data |
Business Outcome |
Over 1 billion PLN in revenue in the second year of operations with a positive net result |
Additional Benefits
Comprehensive approach to building the startup enabled:
- preparation of compelling financial documentation at the capital raising stage
- professional execution of due diligence conducted by the investment fund
- transparent reporting of results from the very first months of operations
- building investor trust through control over every operational aspect
Scaling Without Chaos
The integrated system architecture enabled growth from several dozen to several thousand transactions per month while maintaining:
- full control over margin and profitability of each transaction
- immediate access to key business performance indicators
- operational efficiency even during rapid volume growth
- data consistency across all systems without manual synchronization
Competing with Banks Through Technology
The platform was able to offer better conditions than traditional financial institutions thanks to:
- precise real-time control of operational costs
- process automation that, in banks, requires the involvement of multiple employees
- analytics enabling margin optimization without losing competitiveness
- offer transparency supported by concrete data for clients
Independence from Software Vendors
Using Excel + VBA + SQL + PostgreSQL instead of off-the-shelf ERP systems provided:
- the ability to implement immediate modifications without submitting requests to an external vendor’s IT department
- avoidance of high licensing costs typical of enterprise solutions
- full control over business logic and calculation algorithms
- the capability to respond quickly to regulatory and market changes
