If you’re thinking about developing a fintech app, you’re likely driven by the potential to revolutionize financial services and offer your users a seamless experience.
Whether it’s eWallet, a budgeting tool, or a digital banking platform, fintech apps are in high demand.
However, one of the most crucial aspects to consider from the start is:
How much does it cost to build a fintech app?
The cost to create a fintech app can range between $20,000 to $300,000, depending on the complexity and features involved. The cost covers everything from planning and design to building core features and ensuring the app complies with financial regulations.
In this cost guide, we’ll break down the different factors that influence the cost to build a fintech app, providing insights into how each element impacts your overall budget.
Whether you’re creating a simple personal finance app or a more complex cryptocurrency platform, understanding these costs will help you plan your budget and avoid surprises.
How Much Do You Need to Develop a Fintech App in 2024?
Are you planning to start a fintech business?
More probably than not, mobile app development is going to be a big part of it.
The budget to develop the fintech app in 2024 will largely depend on the app’s complexity, features, and platform.
In general, the cost to make a fintech app can range from $20,000 to $300,000.
A basic app like a personal finance tool or an eWallet may cost on the lower end, around $20,000 to $100,000, while more advanced apps such as investment management platforms or cryptocurrency exchanges can push the cost to $200,000 or even $300,000.
These estimates cover everything from design and development to testing, security, and compliance with regulations like KYC (Know Your Customer) and AML (Anti-Money Laundering).
The platform you choose (iOS, Android, or both), the team you hire (in-house vs. outsourced), and the geographic location of your developers can also affect the final cost.
Breaking down your budget at the planning stage can help you avoid surprises.
For example, allocating separate budgets for core features, design, security, and third-party integrations can give you a clearer picture of where your money will go.
In the next section, we’ll discuss in detail the key factors that affect the cost to build a fintech app.
Key Factors That Affect the Cost to Build a Fintech App
When it comes to the cost to build a fintech app, several important factors can either increase or reduce your overall budget.
From the complexity of the app to the geographical location of your development team, each element plays a significant role in determining how much it will cost to build a fintech app.
Let’s explore the ten most critical factors and how they impact the cost to develop a fintech app.
1. App Complexity
Let’s talk about the most important one first.
One of the most significant factors influencing the cost to build a fintech app is the complexity of your app.
Basic apps with minimal features (like simple payment processing) will naturally cost less, while complex apps such as cryptocurrency trading platforms or robo-advisors will push your costs higher.
| App Complexity | Estimated Cost |
| Basics (eWallet, Budgeting Apps) | $20,000 – $100,000 |
| Medium (Investment Platforms, Digital Banking) | $100,000 – $200,000 |
| High (Cryptocurrency Exchange, Robo-Advisors) | $200,000 – $300,000+ |
2. Features & Functionality
Fintech app’s feature plays a big role here.
The more features your app has, the higher the cost to build a fintech app.
Basic features such as secure logins, notifications, and user profiles are less expensive compared to advanced features like real-time analytics, AI-driven chatbots, or multi-currency support.
Each new feature adds development time, complexity, and cost.
| Features | Estimated Cost |
| Basic (User Profiles, Secure Login) | $20,000 – $120,000 |
| Advanced (Real-Time Analytics, AI Bots) | $50,000 – $300,000+ |
3. UI/UX Design
Fintech app’s design (and cost) matters a lot.
A well-designed, intuitive user interface (UI) and user experience (UX) are crucial for fintech apps.
Investing in high-quality UI/UX design not only enhances user engagement but also drives up the fintech mobile app development cost.
The more interactive and polished the design, the higher the price tag.
Here’s a breakdown of design cost.
| Design Complexity | Estimated Cost |
| Basic UI/UX Design | $10,000 – $30,000 |
| Custom/Advanced UI/UX Design | $30,000 – $50,000+ |
4. Security & Compliance
Security is a must in any fintech app, as it handles sensitive user data and financial transactions.
Implementing KYC (Know Your Customer), AML (Anti-Money Laundering), and GDPR i.e. Fintech compliance is essential to ensure data protection, but it also significantly increases the cost to create a fintech app.
These measures involve robust encryption, multi-factor authentication, and regular security audits.
| Security & Compliance | Estimated Cost |
| Basic (SSL, Data Encryption) | $20,000 – $50,000 |
| Advanced (KYC, AML Compliance) | $50,000 – $100,000+ |
5. Platform Choice (iOS, Android, or Both)
Another factor that affects the cost to create a fintech app is whether you’re developing for a single platform or multiple platforms.
Development for both iOS and Android apps will almost double the cost compared to developing for just one platform.
While going for cross-platform development increases costs, it broadens your reach.
| Platform | Estimated Cost |
| Single Platform (iOS or Android) | $50,000 – $150,000 |
| Cross-Platform (iOS and Android) | $150,000 – $300,000+ |
6. Technology Stack
The fintech technology stack you choose for your fintech app also plays a major role in determining its cost.
While using React Native for cross-platform apps is more cost-effective, employing advanced back-end technologies like Python, Node.js, or blockchain infrastructure significantly raises the cost to create a fintech app.
| Tech Stack | Estimated Cost |
| Basic Stack (React Native, PHP) | $50,000 – $120,000 |
| Advanced Stack (Node.js, Python, Blockchain) | $120,000 – $250,000+ |
7. Development Team Location
It’s time to hire app developers.
However, did you know the location of your development team has a substantial impact on the cost to make a fintech app?
Developers in North America tend to charge higher hourly rates, while those in Eastern Europe or Asia can offer lower rates without compromising quality.
Your choice of developer location will significantly affect the project’s overall cost.
Here’s a little insight on cost to hire app developers.
| Location | Hourly Rate | Estimated Cost |
| North America | $150 – $250/hour | $200,000+ |
| Eastern Europe | $50 – $100/hour | $100,000 – $150,000 |
| Asia | $30 – $60/hour | $50,000 – $100,000 |
8. Third-Party Integrations
Fintech apps often require integration with third-party services such as payment gateways (e.g., PayPal, Stripe), identity verification systems, and financial data providers.
The cost to integrate these services depends on the number and complexity of the APIs involved.
| Third-Party Integration | Estimated Cost |
| Basic (Single Payment Gateway) | $10,000 – $30,000 |
| Complex (Multiple APIs, Identity Verification) | $30,000 – $60,000+ |
9. Testing & Quality Assurance
Fintech app testing is essential for ensuring functionality, security, and compliance.
The development cost of fintech app includes QA (Quality Assurance), security testing, and user acceptance testing to make sure everything works perfectly.
| Testing Type | Estimated Cost |
| Basic Testing | $10,000 – $20,000 |
| Comprehensive Testing | $20,000 – $50,000+ |
10. Post-Launch Maintenance
After launch, your app maintenance and support services are crucial to keep it updated and secure.
Regular bug fixes, feature updates, and security patches are necessary to ensure smooth operation, and these services will be an ongoing cost in your budget.
Here’s a breakdown of app maintenance cost.
| Post-Launch Maintenance | Annual Cost Estimate |
| Basic Maintenance | $10,000 – $30,000 |
| Comprehensive Maintenance | $30,000 – $50,000+ |
These factors collectively influence the overall cost to develop a fintech app, and understanding them will help you plan a more realistic budget.
In the next section, we will break down the costs associated with different types of fintech apps, including eWallets, investment platforms, and more.
Also Read: Fintech Super App, Here’s How To Build One
Fintech App Types & Development Costs
The cost to create a fintech app varies significantly based on the type of app you’re creating.
In other words, your app’s IDEAS.
Different fintech solutions come with unique sets of features, regulatory requirements, and complexities that influence the final cost.
Here’s a breakdown of some of the most popular fintech app types and their estimated development costs:
► eWallet Apps
Planning to build an eWallet app?
eWallet apps enable users to store funds, transfer money, and make payments with ease.
Security is a top priority in these apps, which means features like encryption, multi-factor authentication, and bank integrations are required.
The ewallet app development cost largely depends on the number of features and the complexity of the security protocols involved.
| eWallet Development Cost | Estimated Cost |
| Basic eWallet (Simple Transactions) | $20,000 – $50,000 |
| Advanced eWallet (Multi-Currency, QR Code Payments) | $50,000 – $150,000+ |
► Digital Banking Apps
Digital banking apps replicate traditional banking services, offering users a range of features such as account management, fund transfers, and bill payments.
Advanced apps might also include wealth management tools, loan applications, and investment services.
Compliance with strict KYC and AML regulations is a must, which increases the complexity and cost.
Here’s a breakdown of banking app development cost:
| Digital Banking App Cost | Estimated Cost |
| Basics (Account Management and Payments) | $20,000 – $100,000 |
| Advanced (Investment and Lending Features) | $100,000 – $200,000 |
► Robo-Advisory Apps
Robo-advisor app development has become super popular as it offers automated financial planning services based on algorithms and user data.
These apps need to provide real-time financial insights, portfolio management, and investment recommendations.
The financial app development cost here rises significantly for apps that include advanced AI features and personalized recommendations.
| Robo-Advisory App Cost | Estimated Cost |
| Basic (Automated Investment Advice) | $20,000 – $100,000 |
| Advanced (AI-Driven, Portfolio Management) | $100,000 – $250,000+ |
► Cryptocurrency Exchange Apps
With the increasing popularity of cryptocurrencies, exchange apps are in demand.
And needless to say, there are a lot of people who want to build a crypto platform.
These apps allow users to buy, sell, and trade cryptocurrencies, often requiring blockchain integration, real-time trading features, and high levels of data security.
Due to these complexities, crypto exchange apps are among the most expensive fintech solutions to develop.
| Cryptocurrency Exchange App Cost | Estimated Cost |
| Basics (Single Currency Trading) | $35,000 – $200,000 |
| Advanced (Multi-Currency, Real-Time Trading) | $200,000 – $500,000+ |
► Peer-to-Peer Lending Platforms
P2P lending platforms connect borrowers and lenders directly, bypassing traditional financial institutions.
These platforms require robust backend systems for processing loans, managing interest rates, and handling repayments.
Compliance with lending regulations adds another layer of complexity.
| P2P Lending App Cost | Estimated Cost |
| Basics (Loan Matching, Simple Credit Scoring) | $20,000 – $100,000 |
| Advanced (Credit Scoring, Risk Management) | $100,000 – $150,000 |
Understanding these cost ranges for different fintech apps can help you better plan your budget based on your specific needs.
Next, we’ll take a closer look at the app development process and its cost breakdown.
Breakdown of Development Process for Fintech App
The app development process is a multi-stage journey that involves several key steps, from initial planning to post-launch maintenance.
Each stage requires different resources, skills, and time, which directly impact the cost to develop a fintech app.
Speaking of which, here’s how to build a fintech app and the cost associated:
Step 1: Planning & Market Research
Before development begins, the app idea must be validated through market research, competition analysis, and feasibility studies.
This phase helps you define your app’s goals, audience, and core features.
- Cost Estimate: $5,000 – $10,000
Step 2: UI/UX Design
Creating an intuitive and visually appealing design is crucial for user retention. The UI/UX design phase focuses on wireframing, prototyping, and creating a seamless user experience.
- Cost Estimate: $10,000 – $50,000
Step 3: Backend & Frontend Development
This is the core development phase, where the app’s functionality is built.
The backend involves server-side programming, databases, and security protocols, while the frontend handles the user interface and interactions.
- Cost Estimate: $20,000 – $150,000 (depending on complexity and features)
Step 4: API Integrations
Fintech apps often require integration with third-party services like payment gateways, banking APIs, and identity verification tools.
These integrations ensure that your app can perform critical financial transactions and meet compliance standards.
- Cost Estimate: $10,000 – $50,000
Step 5: Security Implementation
Security is one of the most important aspects of fintech app.
Ensuring data encryption, secure logins, multi-factor authentication, and compliance with regulations like KYC and AML is essential.
- Cost Estimate: $20,000 – $100,000
Step 6: Testing & Quality Assurance (QA)
Rigorous testing is required to identify bugs and ensure that the app works smoothly across all devices and platforms.
This phase includes functional testing, security testing, and user acceptance testing (UAT).
- Cost Estimate: $10,000 – $50,000
Step 7: Deployment
After development and testing, the app is deployed on the desired platform(s), such as the App Store or Google Play Store.
Deployment also includes app store optimization (ASO) to ensure visibility and a smooth release.
- Cost Estimate: $5,000 – $10,000
Step 8: Post-Launch Maintenance
Once the app is live, ongoing maintenance is required to fix bugs, release updates, and ensure the app remains compatible with new operating system versions.
- Cost Estimate: $10,000 – $30,000 per year
Each stage of the development process is vital to creating a secure, user-friendly, and compliant fintech app.
By understanding the cost to make a fintech app involved at each step, you can better allocate your resources and budget accordingly.
Next, we’ll discuss the development timeline for a fintech apps and how long each phase typically takes.
How Long Does It Take To Make A Fintech App?
The timeline for developing a fintech app can vary widely based on its complexity, the features you want to implement, and the resources available.
On average, development time for a fintech app ranges from 4 to 12 months. Let’s break down the different stages and how long each typically takes:
| Development Stage | Estimated Timeframe |
| Planning & Research | 2-4 weeks |
| UI/UX Design | 4-8 weeks |
| Backend & Frontend Development | 3-6 months |
| API Integration | 4-8 weeks |
| Security & Compliance | 4-8 weeks |
| Testing & QA | 3-6 weeks |
| Deployment | 1-2 weeks |
| Post-Launch Maintenance | Ongoing |
The time to develop a fintech app depends on complexity and available resources.
Understanding the time commitment at each stage allows you to better manage your project timeline and expectations.
Next, we’ll look at some tips for reducing the development cost of fintech app while maintaining quality.
Tips to Reduce the Cost to Build a Fintech App
Building a fintech app can be a significant investment, but there are strategic ways to reduce the cost to build a fintech app without compromising on quality.
| Tip | Cost-Saving Impact |
| Start with MVP | 25-50% reduction in initial costs |
| Outsource Development | 30-60% lower hourly rates |
| Use Cross-Platform Tools | 20-40% reduction in development costs |
| Prioritize Essential Features | Focus on critical functions, cutting unnecessary costs |
| Leverage Third-Party Solutions | Save on custom development time |
Here are a few tips to help reduce costs while still delivering a robust, secure, and user-friendly app:
1] Start with a Minimum Viable Product (MVP)
One of the best ways to control costs is by starting with an MVP (Minimum Viable Product).
This approach allows you to build the core features of your app first, launch it, and gather feedback before adding more complex functionality.
An MVP can help you avoid spending on features that users may not need or want.
2] Outsource Development
Outsource fintech software development!
Hiring an experienced offshore development team from regions like Eastern Europe or Asia can help you significantly reduce the cost to make a fintech app without sacrificing quality.
Developers in these regions typically charge lower rates than those in North America or Western Europe.
3] Use Cross-Platform Development Tools
Instead of developing separate apps for iOS and Android, consider using cross-platform tools like Flutter or React Native.
These frameworks allow you to build one app that works on multiple platforms, saving both time and money.
4] Prioritize Essential Features
Focus on the most critical features for the initial launch of your app. Adding too many complex features early on can increase both development time and cost.
Prioritize the features that provide the most value to your users and plan to add additional features in later versions.
5] Leverage Third-Party Solutions
Rather than building everything from scratch, take advantage of existing third-party services like payment gateways (e.g., PayPal or Stripe) and identity verification tools (e.g., Onfido). These integrations save development time and offer robust, secure solutions.
By implementing these strategies, you can effectively manage and reduce your mobile app development cost, allowing you to bring your app to market more efficiently. Next, we’ll explore how you can generate ROI from your fintech app and start making money back.
Generating ROI with Fintech Apps: How to Make Money Back?
Once your fintech app is live, it’s essential to start thinking about how to generate a return on investment (ROI).
Fintech apps offer several revenue-generating opportunities, depending on the type of app and its features.
Here are some of the most effective monetization models to help you make money back from your fintech app:
♦ Transaction Fees
If your app processes payments or transfers, charging transaction fees is a common and effective way to generate revenue.
You can either charge a flat fee or a percentage of each transaction.
For example, digital banking and eWallet apps often implement this model, collecting a small fee for each user transaction.
♦ Subscription Plans
Offer subscription plans for premium features.
Many fintech apps, particularly personal finance and investment apps, provide a basic version for free and charge users for advanced tools like real-time analytics, portfolio management, or robo-advisory services.
This model ensures consistent revenue through recurring payments.
♦ Lending Interest
If you’re building a peer-to-peer lending platform, earning revenue through interest on loans is a natural monetization method.
The platform can charge a percentage on every loan facilitated, making it a profitable venture over time.
♦ Advertisements
Some fintech apps incorporate advertisements as a revenue stream.
Although it’s less common in finance apps due to user sensitivity, ads can still be implemented in certain apps like personal finance or budgeting tools, where relevant financial products or services can be promoted.
♦ Interchange Fees
For apps connected to debit or credit cards, you can earn interchange fees on each transaction.
This fee is paid by the merchant’s bank when users make purchases with their cards through your app.
By leveraging these monetization models, you can ensure that your fintech app generates a steady revenue stream, helping you achieve your ROI goals and sustain the app’s growth. Next, let’s explore how Nimble AppGenie can support your app development journey.
Nimble AppGenie – Making Fintech Innovation Affordable
At Nimble AppGenie, we understand the challenges of developing a top-tier fintech app.
Our team of experienced developers has worked on a wide range of fintech projects, from eWallets to crypto exchange platforms, ensuring security, scalability, and compliance with financial regulations.
Whether you’re looking to create a basic app or a highly complex solution, we’ve got the expertise to turn your vision into reality.
As a leading fintech app development company, we offer end-to-end services, from initial market research and planning to development, testing, and post-launch support.
With a focus on delivering tailored, innovative solutions, we ensure that your app is not only feature-rich but also secure and user-friendly.
Ready to build your fintech app?
Nimble AppGenie is here to help you navigate the entire development process and bring your project to life. Let’s create the future of financial technology together!
Conclusion
Developing a fintech app can be a game-changer in the financial industry, offering users convenient, secure, and innovative financial services.
However, the cost to develop a fintech app can vary widely depending on factors such as app complexity, features, and platform choice.
Whether you’re building an eWallet, a robo-advisor, or a cryptocurrency exchange, understanding the costs and processes involved is crucial for making informed decisions and planning your budget.
FAQs
Niketan Sharma is the CTO of Nimble AppGenie, a prominent website and mobile app development company in the USA that is delivering excellence with a commitment to boosting business growth & maximizing customer satisfaction. He is a highly motivated individual who helps SMEs and startups grow in this dynamic market with the latest technology and innovation.
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