AWS Startups Blog

How Joonko Is Building the Finance Portal of the Future

fintech insurance startup joonko's team in Berlin

Despite a willingness to take out financial products online, most Germans are skeptical of finance portals. According to a survey by Joonko, one of the biggest obstacles consumers report to face when searching for financial products is a lack of transparency. 53% believe that portals do not offer sufficient information, and 59% find that not all relevant providers are represented.

Founded in Berlin in 2019, Joonko is a digital financial portal built around transparency. Inspired by the willpower and strength of Junko Tabei – the first woman to climb Mount Everest – Joonko’s goal is to remove all obstacles that consumers face when looking for the financial and insurance products that suit them. Joonko’s sights are set high – it’s starting with car insurance, with more consumer financial products on the horizon.

Giving consumers a clear overview of a confusing market

Joonko’s portal allows consumers to easily and conveniently find the best car insurance. In contrast to existing portals, it employs a clear, uncomplicated application process – from a mobile optimised website to a smaller number of boxes to fill in. Joonko’s best match principle then finds the product that best suits a customer’s circumstances and needs. As a result, the consumer receives the best product for them at the best price.

Amazon Web Services (AWS) is used by Joonko for all its self-build technology since it allowed a clear focus on product and features, with less emphasis on infrastructure. “We mainly consume off-the-shelf, highly managed services like Amazon S3, Amazon API Gateway, AWS Lambda, AWS Step Functions and Amazon Aurora, so we don’t have to worry about scalability ourselves. This allowed us to quickly go to market and still have confidence to survive the seasonal traffic peak in the car insurance market.”, says Eric Lange, CTO/CPO of Joonko.  “This way, we were able to quickly set up our whole infrastructure as code early, have a clean separation of concerns before turning to implement some key components like Amazon GuardDuty.”

The Application consists of two main components: a single page application (React/TypeScript) deployed to Amazon S3-Website-Buckets, which the renders the UI, together with APIs (Spring Boot Backend-Services in Java) deployed as auto-scaling containers in AWS Fargate for ECS. An interesting particularity in that setup is, that customer data is ephemeral in the applications, forwarded in post-processing (lambda step functions workflow) to other systems for permanent storage when submitting insurance contract applications.

In the near future, they are planning to move operations in-house and towards Amazon EKS to have tighter control over the infrastructure and decouple system components using Amazon SQS & SNS or even take a stab at Amazon Managed Streaming for Apache Kafka (Amazon MSK).

Joonko’s plans for the future

The company, which was built by finleap, Europe’s leading fintech ecosystem, successfully completed its seed round of € 10.5 million in September, led by Ping An and Raisin.

Dr. Carolin Gabor, CEO of Joonko, explains, “With the strategic expertise of our investors, technical know-how and an incredibly passionate team, Joonko will quickly become one of the top players in the financial community. The platform is convenient, totally transparent, and operates on the principle of fairness to both consumers and financial product providers. This is the kind of vision for digital finance that Europe’s consumers deserve.”

Joonko will be equipped with outstanding technology, which will bring an advantage and new approach to customers. Eric Lange, CPO/CTO and Co-founder of Joonko, says, “We aim for providing the best experience for consumers in finding the best-fitting financial products. Through the broad experience and best-in-class technology of PingAn and Raisin, we have a jump start for our product.”