EODHD APIs

How EODHD APIs Pivoted to Become a $3.5M Financial Data Powerhouse

March 13th, 2025

Founded By

Denis Alaev

Monthly Revenue

$292K

Days To Build

730

Founders

Profitable

Yes

Days To Build

730

Year Started

2015

Customer

B2B & B2C

Founded By
Denis Alaev: Monthly Revenue
$292K: Days To Build
730

Founders
1: Profitable
Yes: Days To Build
730

Year Started
2015: Customer
B2B & B2C

Who is Denis Alaev?

Denis Alaev, founder of EODHD APIs, is originally from Russia and has a background in computer science and product management, having worked with companies like Yandex, Mail.ru Group, and Ahrefs before establishing his own ventures.

What problem does EODHD APIs solve?

EODHD APIs solves the problem of expensive, unreliable financial data by providing affordable, global market data through APIs, making it easier for businesses and individual investors to access crucial information.

Homepage

How did Denis come up with the idea for EODHD APIs?

Denis Alaev's journey to founding EODHD APIs began with his personal experiences as an investor struggling to find high-quality financial data at a reasonable cost. Observing that many solutions either lacked reliability or were prohibitively expensive, he saw an opportunity to create something better given his technical background. Initially, he set out to develop a product focused on data analysis for individual investors, offering them accurate financial insights.

To validate his idea, Denis started by building a prototype of what would become EODHD APIs, while simultaneously working freelance gigs to support the project financially. As he explored the business model further, he realized that targeting individual consumers wasn't sustainable due to high costs and limited profitability. This realization led to a critical pivot: focusing on API-based data delivery catering to both individual and institutional clients.

Denis' pivot to an API-first approach opened doors to a new market, allowing him to offer services to family offices, fintech startups, and other businesses requiring financial data. This shift was vital, overcoming the challenge of an unsustainable initial model and ultimately positioning EODHD APIs for its current success. Through this process, Denis learned the importance of being adaptable and validating ideas early on, using feedback and market demand as a guide.

How did Denis Alaev build the initial version of EODHD APIs?

Denis Alaev built the initial version of EODHD APIs himself, leveraging his formal education in computer science despite a long gap since practicing programming. To develop the product, he dove into programming languages like JavaScript, PHP, Python, and R, which were crucial in building the API infrastructure. The first prototype emerged from a pivot in May 2017 from a robo-advisory tool to an API-based data delivery system, focusing on end-of-day pricing data through JSON and CSV APIs. Denis managed the development process alongside freelance programming work to sustain himself, dedicating 10-hour workdays to build the product. One significant challenge was relearning coding after years, which made the process more demanding and time-consuming. Within a weekend of the pivot, he created a landing page and secured the first paying client, marking a successful validation of the product concept.

What was the growth strategy for EODHD APIs and how did they scale?

Forums

Denis Alaev began by engaging with potential customers on online forums and communities like Quora. He focused on identifying the demand by responding to questions related to financial data and recognizing unmet requirements. By providing insights and linking these queries to EODHD APIs, he garnered the initial wave of users who would later become long-term customers.

Why it worked: Forums are a direct line to understanding prospective clients' needs. Engaging directly with potential users builds trust and positions a company as an industry authority. By addressing specific needs and offering solutions, EODHD APIs successfully pulled in early adopters who were invested in the product.

SEO and Content Marketing

The company placed a significant emphasis on SEO and content marketing by creating an Academy section filled with expert articles on financial data and investment analytics. Furthermore, they developed a GitHub repository and launched a forum. These initiatives established EODHD APIs as a knowledge hub and boosted their search engine rankings.

Why it worked: Quality SEO and content help in reaching users actively seeking specific information or services online. Publishing valuable content not only improved their online visibility but also enhanced their reputation as a go-to resource within the financial data community, attracting a steady stream of users.

Google Ads

As the company scaled, it introduced paid marketing strategies like Google Ads to draw targeted traffic. These ads were tailored to reach specific audiences interested in financial data solutions.

Why it worked: Google Ads allowed EODHD APIs to pinpoint their marketing efforts on users actively searching for financial and API services. This precise targeting ensured that marketing budgets were effectively spent on attracting potential clients ready to subscribe to their services.

PR Efforts

In recent years, EODHD APIs expanded into PR efforts to bolster their presence in fintech and developer communities. This included creating media coverage and working with industry influencers to spread awareness and validate the company's services.

Why it worked: Public relations activities helped increase visibility and credibility within specific industries. By showcasing their expertise and reliability through reputable channels, EODHD APIs effectively reached potential clients who value industry validation and authoritative endorsements.

What's the pricing strategy for EODHD APIs?

EODHD APIs utilizes a tiered subscription model with plans ranging from €19.99 to €999.99 per month, offering scalability based on data usage needs for both individuals and enterprises.

EODHD APIs Pricing

What were the biggest lessons learned from building EODHD APIs?

Embrace Pivots: EODHD APIs started as a data analysis tool but shifted focus to API-based data delivery. This pivot was crucial and opened doors to a broader market, including both B2C and B2B clients. Be open to changing your business model if the current path isn’t sustainable.
Learn As You Go: The founder had to relearn programming languages and adapt to new technologies. It's okay to not know everything from the start; what's important is being willing to learn and adapt continuously.
Focus on Validation: The success began with a simple landing page and a $5 subscription from the first client. This small validation was enough to prove the concept. Don’t wait for perfection; get feedback from real customers early and often.
Choose the Right Model: A subscription-based business model proved sustainable for EODHD APIs. It emphasizes the importance of choosing a business model that ensures long-term growth rather than short-term gains.
Delegate and Grow: Initially doing everything on his own, the founder learned that building a team could accelerate growth. Hiring early and delegating can lead to quicker achievement of goals and overall business success.

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