Launching a fintech startup is an empowering and potentially highly lucrative step to take, especially when you consider the level of global connectivity that is now possible. Grand plans and far-reaching visions are one thing, but it’s the technical fundamentals that will so often determine the success or failure of a startup that is attempting to disrupt the fintech space.
The need to combine rapid scalability and seamless flexibility with iron-clad security and proactive threat detection can pose a real challenge from a technical point of view. After all, if a startup gains a reputation for slack security or unreliable accessibility due to unplanned downtime, users will rapidly leave the platform and go elsewhere. We need to take a closer look at how to identify the best VPS providers for fintech startups.
Security and compliance are key
It goes without saying that users will fully expect any deposits and transactions to be completely safe and that they will assume your platform is operating legally. To ensure this is the case at all times, there are three important points that need to be carefully considered:
- Regulatory compliance should be the building block of everything you do. The likes of GDPR and ISO27001 will come into play on day one when you move into the fintech space, so make sure your VPS is fully compliant before going further
- Data protection standards will require you to use end-to-end encryption and have a series of isolated environments in place. Make sure that you build these into your architecture from the ground up when choosing your VPS
- Active threat monitoring and detection will also be needed to keep your startup safe from issues like firewall breaches and DDoS attacks. Fintech brands tend to be seen as soft targets by many cyber criminals, so prepare correctly
Once you feel satisfied that the VPS you are evaluating will allow you to take care of the three core areas above, you can move on to the next step.
Scalability and flexibility are foundational
Having a VPS that serves your immediate purpose is one thing, but you also want to be able to grow rapidly without having to migrate your services. Platform migrations inevitably cause delays, cost money, and require you to divert a large amount of human capital. The key here is to make sure that you can start building with a VPS that will offer you plenty of scalability and flexibility, regardless of how quickly your business takes off.
Having enough storage and computing power so that you can scale up or down as your user base evolves is essential. The last thing you want is a major interruption to your service to knock you out of your stride and to leave a real black mark against your name. Brand reputation takes a long time to build and can be destroyed overnight. Think of your choice of VPS as a key way to make sure that you’re protected at all times.
Having root access is also important as it will give you the ability to implement your own security configurations, making it considerably easier to meet the needs of regulators. You will also have the freedom to install exactly the type of software that you need for any given application, allowing you to take control of the technical nuances of your startup and the features that it will offer your users.
Performance and uptime are non-negotiable
Performance and reliability are things that your users will rightly expect from your fintech brand, and it’s your responsibility to choose a VPS that delivers both. The servers will need to have dedicated CPU and RAM resources, not to mention SSD storage, so that transactions can be logged and processed. An isolated server that is in a private ecosystem and that is subject to 24/7 monitoring will allow you to optimize for uptime the smart way.
Choosing a VPS to support rapid growth
While there are countless VPS offerings on the market right now, not all are created equal. For example, finding a specialist Forex VPS hosting provider will allow you to hit the ground running when it comes to things like regulatory compliance and online security around financial transactions. Such providers will also be able to offer the high degree of flexibility required to support rapid growth and expansion. Choosing a trusted name with an established track record will allow you to take the next step in your rollout with the peace of mind that only comes from knowing that the fundamentals are in place.
Conclusion
Creating a fintech startup and launching it successfully into the market is about so much more than your big vision for instant disruption. To really change user behavior over the long term, you need to be able to position your brand as one that is safe, secure, and 100% reliable at all times. The only way to do this is by making the right choice when it comes to selecting the VPS you’re going to be using.
By working through the steps above and focusing on each key point one by one, you will be able to come to a balanced judgement about what is best for your business. Once you do that, you’ll be building the rest on a solid technical foundation you can rely on.
