In 2013, a FinTech company was founded with one mission in mind: To offer a commission-free investing app that democratized trading and finance. The company unleashed a new generation of investors who could buy and sell stocks – all without a broker.
Prior to partnering with Chronosphere, the company ran in-house observability with Grafana Mimir. The company’s team experienced high costs, was plagued by availability issues, and prone to downtime episodes that were sometimes hours long.
The high-growth FinTech company saw sky-rocketing popularity of its trading platform over the course of two years. Membership reached tens of millions, and the company saw an increased over-month usage of up to 80%.
Because of their rapidly growing user base, the biggest challenge for the organization became meeting reliability and performance demands.
“When Mimir went down, it was several hours before it came back up … We can’t win over customer trust with a system that doesn’t offer high availability, durability, and performance.” – Senior Staff Engineer
Downtime became a customer-facing disruption for enthusiastic day traders. Despite millions of dollars spent per year on their open-source monitoring product with a Mimir backend, the team was still plagued by major outages — at the Sev1 level.
The company needed a solution that was cost-effective, easy to use, and would guarantee at least 99.9% uptime of observability services — alongside improved dashboard loading speeds, and open source standard compatibility.
While the company considered running observability in-house with a different tech stack, they ultimately decided that SaaS was a better business approach. Throughout the search for a new solution, they ruled out well-known SaaS application and infrastructure monitoring products w due to issues with cost, reliability, performance, and vendor lock-in.
The more the company learned about Chronosphere, they found several capabilities that met their requirements:
With Chronosphere, the company found an observability partner who could keep up with their rapidly scaling business. The company’s observability team gained the ability to unlock new insights and examine data retention that was normally unavailable.
Now, the FinTech company no longer has to worry about critical outages and hours-long downtime that reaches the customer. The team has the power and support to proactively solve problems with rapid turn-around time.
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