Currently, the market is rapidly growing. Banks are no longer working on old models, they are adapting to the latest technology.

Among these, N26 stands as a prominent example.

If years ago, someone told you that we would be a 100% digital bank that would not require you to fill out a lot of paperwork or stand in a queue, we might not have believed it.

This made many investors look for “How Much Does it Cost to Develop an App like N26?”

The N26-like app development cost can be somewhere between $40,000 to $100,000+ depending on various factors including the development team location, features you want in your app and the complexity your idea possesses.

Sit tight and read till the end to find out who knows it all.

What is N26?

Curious to know “What is N26?”

N26 is a German Neobank headquartered in Berlin. Launched in 2013, this bank completely revolutionized the way we think about thinking.

It offers a fully mobile banking experience.

Known for its sleek design, N26 removes the need for traditional banking hassles like long queues and paperwork.

With no physical branches, it operates entirely online, offering low fees, real-time notifications, and features like savings spaces and budgeting tools.

N26 is the go-to solution for tech-savvy individuals seeking simplicity, speed, and flexibility in managing their finances.

Features to Incorporate in an App Like N26?

Features are important to make or break the app’s success.

You want to make an app like N26 that’s successful in the market. Use banking app features that attract customers and make them come back to the app for more.

Find out:

Features to Incorporate In a Banking App Like N26

♦ Seamless User Registration

Seamless user registration is what tech-savvy users look for in an app like N26.

Users can sign up for an account directly through the app, access all banking features, and handle financial activities from anywhere.

N26 doesn’t have any physical branches, which makes banking seamless and convenient.

You can also focus on digital-first which caters to the growing demand for digital-first, no hassle financial services, especially among tech-savvy consumers.

♦ Real-Time Notifications

One of the standout features is real-time notifications.

Whenever any transaction occurs, users should receive an alert within the app, offering full transparency over their spending and helping to know their finances.

The like-wise feature can be seen in the development of a Monzo-like app.

It allows users to track their expenses in real time, offering a clear view of their daily spending habits & enabling them to adjust their budget if necessary.

These push notifications contribute to a streamlined, responsive banking experience.

♦ Mobile Payments

Your app should support mobile payment through Google Pay and Apple Pay, allowing users to make quick, secure payments from their smartphones.

This feature removes the need for physical cards, offering added convenience and security for both in-store and online transactions.

With mobile payments, users also benefit from enhanced privacy features, as they do not need to share card details for every transaction. These features make everyday purchases easy and secure.

♦ Instant Money Transfers

You need to have Instant Money Transfers through its integrated payment system, making it easier to send money to other users or accounts in real-time.

Whether it’s transferring funds to friends and family, or paying for goods and services, the N26-like app offers seamless and fast transfer service.

This is especially useful for international transfers, as the N26-like platform supports cross-border transactions with no hidden fees or delays.

Users can send money 24/7, with transfers arriving almost immediately, improving the overall user experience by eliminating the waiting time associated with traditional banks.

♦ Fee-free ATM withdrawals

This is an important feature to have in your N26-like app.

Allow users to make fee-free withdrawals from thousands of ATMs worldwide. If you can offer a fixed number of free withdrawals per month, you can attract a huge number of users who are looking for such flexibility.

♦ Budgeting Tools

When you create an app like N26, it becomes more than important to have budgeting tools feature in your app.

The app automatically categorizes transactions and offers a visual overview of spending patterns.

Users can set spending limits for each category, track progress toward their savings goals, and get personalized insights to improve their financial habits.

These tools are designed to promote better money management, giving users the ability to plan, save, and adjust their spending in real-time.

♦ Security Features

Your app will work with financial transactions, so security becomes a major thing.

The app should use two-factor authentication to provide an extra layer of security during login and transactions.

Users can lock or unlock their debit card through the app, preventing unauthorized use. Moreover, you should real-fraud monitoring tools and alert users for any kind of suspicious activity.

♦ Personalized Dashboards

Personalized Dashboards are important for users.

Through this, you can access the features that you use the most quickly plus it makes the whole process easy and efficient.

It is easy to navigate and makes the whole finance user-friendly.

♦ Currency Conversion

Many users who travel abroad often look for free and fast currency conversion. This is why such features are becoming a growing banking app trend.

Your app should automatically convert currencies at competitive exchange rates, with no hidden fees, making it ideal for global travelers.

In addition, the currency conversion will work when the appropriate exchange rate is necessary in the system.

Else, you will not get the right results.

Now, with features out of the way, it is time to find out how much does it cost to develop an app like N26.

CTA_1_Get To Know About the Cost to Develop an App Like N26

Cost Estimation of an App Like N26

One of the most important questions that often arises while developing an app is, “How Much Does it Cost to Build an app like N26?”

On average, the cost to develop an app like N26 can range from $40,000 to $100,000+. The prices can increase or decrease as per the changing market requirements and project needs.

Let’s look at the cost breakdown:

Cost  Description
$40,000- $60,000 The basic app comprises basic functionalities
$60,000-$80,000 Mid-level app comprises basic functionalities that comprise basic features and more, such as budgeting tools.
$80,000-$100,000 Advanced level app with AI for banking app, security features & more.

But, this is just an estimate. Partner with a mobile app development company and share all your requirements with them and they will let you know the right cost.

Also Read: Cost to Develop an App Like Chime

Factors Affecting the Cost to Develop an App Like N26

As we said, several factors affect the overall cost to create an app like N26.

Learning about it will help you to identify the right development cost of a banking app.

Get to know them:

Factors Affecting the Cost to Develop an App Like N26

  • Features & Functionalities

Features are important to make or break the app’s success.

Some basic features include a user profile, mobile payment, and more. The cost will be less as it requires fewer resources and developer time.

Whereas, advanced features like customized dashboards, biometric authentication & currency conversions can increase the cost to make an app like N26.

Such a feature enhances user engagement but also affects the cost. But remember, you need to find a balance that meets user expectations while staying within budget.

  • Development Team Location

The location of your development team affects the overall cost to build an app like N26.

If you hire mobile app developers from Europe, USA & UK, the hourly rates can be from $120-$200. Whereas, teams in Asia & Philippines, can charge less ranging from $30-$50 due to low living standards.

You might wonder why there is such a huge difference. The reason is simple; it’s due to a huge gap in their economic condition and living standards.

Your budget and development quality can be affected due to your choice, so make sure to balance the cost with the developer’s expertise.

  • Compliance and Legal Costs

A financial app like N26 requires adhering to strict regulations, such as GDPR (General Data Protection Regulations) in the EU and various other financial regulations in various countries.

For creating a neo-banking that’s successful in the market, make sure your app complies with regulations.

This includes security measures, legal contracts, and several processes. The cost of ensuring regulatory compliance can be noteworthy.

Compliance Requirements Description Impact on Cost
Data Protection (GDPR) Ensuring data security & compliance with privacy laws High
Financial Regulations Compliance with banking and payment system regulations Very High
Legal Contracts Drafting terms of service, privacy policies, and licenses Medium
Audits and Certifications Regular security audits, certifications for PCI DSS, ISO, etc. High
  • Choosing the Right Tech Stack

It is important to choose the right tech stack is important for the development of a banking app. N26 needs to support high security, scalability, and real-time transactions.

The technology stack will include both the backend and frontend technologies, as well as tools for integration with banking systems.

Technology Component Options Impact on Cost
Frontend Development React Native, Flutter, Swift (iOS), Kotlin (Android Medium-High
Backend Development Node.js, Java, Python, Go High
Database PostgreSQL, MySQL, MongoDB, Oracle Medium-High
Cloud Infrastructure AWS, Google Cloud, Microsoft Azure Medium-High
API Integrations (Payment) Stripe, Plaid, Mastercard API, Visa API High
Security & Encryption SSL/TLS, AES-256, OAuth 2.0, Multi-Factor Authentication Very High
  • UI/UX Design

UI/UX Design can play an important role in its success.

Focusing on that, users need an intuitive, secure, and aesthetically pleasing interface. However, several factors affect the cost to create an app like N26.

Creating a smooth and modern user experience can affect the design cost.

Design Elements Description Impact on Cost
UI/UX Design Custom design for mobile interfaces, ensuring easy navigation and accessibility Medium-High
Prototyping Interactive wireframes and prototypes for testing before development Medium
Branding Interactive wireframes and prototypes for testing before development Low-Medium
User Testing & Feedback Unique branding, logo, and visual elements Medium
  • Maintenance and Updates

Another factor that affects the overall cost to develop an app like N26, is maintenance and updates, which can play a vital role.

Regular maintenance of banking app ensures that the app is as per the market requirements and functional. Somewhere in the focus is on scalability as well.

Knowing these factors helps in estimating the overall cost of creating an app like N26.

Now, with this out of the way, it is time to learn about the timeline that goes into making an app like N26.

How Long Does it Take to Create an App Like N26?

One such question that people usually wonder is, “How long does it take to make an app like N26?”

The timeline can be from 3 to 8+ months.

Factors that affect the overall N26-like app development cost also affect the overall timeline. Let’s look at the breakdown of the time:

Phase Estimated Time
Concept & Planning 2-4 weeks
Design 4-6 weeks
Front-end Development 4-8 weeks
Back-End Development 4-9 weeks
Testing & Quality Assurance 2-5 weeks
Beta Launch 4 weeks
Final launch & Marketing 4 weeks
Post-launch Support Ongoing

How Does an App Like N26 Make Money?

Sometimes the cost to make an app like N26 can be prohibitive.

There are several banking app monetization models you can integrate into apps like N26; it will help you to increase the ROI.

Let’s find out about them:

How Does a Mobile Banking App Like N26 Make Money?

➤ Subscription-Based Model

To monetize your app, you can integrate a subscription-based model. You can charge monthly, annually, or quarterly.

This way, you can target people who want different advanced investment tools. If a user sees potential in your app, it’s sure that they are sure to pay a fee for it.

➤ Freemium Model

The Freemium Model comprises free and premium models.

This method allows users to see your app’s potential and then pay for advanced features including security features.

➤ Data Monetization

Data monetization has become the new norm.

Through this, you can monetize the data and sell it to businesses who want to user preferences and more. Also ensure to keep it compliant with the regulations.

➤ Charge Transaction Fees

The work of these banks is to ensure safe transactions.

So, you can charge transaction fees during transfers. It can be a great method of making a great income stream.

If you take into consideration, apps like PayPal & Venmo, utilize the transaction fees for every transfer.

➤ Interest on Loans & Deposits

This can be a great way to make money.

Offer savings accounts on personal loans to users, earning revenue by charging interest rates higher than those paid to customers.

Additionally, collaborating with lending institutions can also generate a revenue share.

CTA_2_Want To Turn Your App Idea Into Reality?

Choose Nimble AppGenie for Your Next Mobile Banking App Project

Are you eager to be the next big thing in the Banking app market? We are here to help!

N26 has seen strong growth in customer numbers, with over 200,000 new customers signing up each month. The bank is said to have reached 4.8 million revenue-relevant customers by the end of 2024.

Such numbers can make anyone inspired enough to develop an app like N26. Are you eager to be the next big thing in the Banking app market? We are here to help!

Nimble AppGenie, the best mobile banking app development company that can help you turn your idea into reality.

With the industry’s trends and technical expertise, we ensure that your app not only exceeds expectations but enhances the user experience.

Conclusion

With the growing market of banking apps, creating an app like N26 can be a great idea. All you need to do is fill a gap in the growing market.

We believe you have to know about the features, costs, and factors affecting the cost to build an app like N26.

But remember, your goal should be to ensure a great user experience along with amazing features. But, it might not be as easy as it sounds.

Make sure to partner with a talented mobile app development company to create a robust and scalable app.

FAQs

On average, the cost to develop a N26 ranges from $40,000 to $100,000. This cost can increase or decrease based on the changing demands and requirements.

Some of the key factors that influence the cost of making an app like N26 include the app’s complexity, its features, and the development team’s location.

The time taken to get an app like N26 developed is 3 to 8+ months. Several factors can increase the time taken to build a similar app.

To ensure the security of your app, you can set up multi-factor authentication, end-to-end encryption, biometric authentication, and more.

The primary monetization models to use in an N26-like app include subscription models, freemium models, premium features, and more.

The annual maintenance cost for a digital banking app can be 15% to 20% of the development budget. However, the initial maintenance cost can vary based on your development choices.

App development costs vary significantly by region. For example, regions like North America and Western Europe typically have higher labor costs compared to Eastern Europe and Asia, which can reduce the overall development cost.