Do you want to know how much fintech app development cost?
Well, you aren’t the only one.
With the market for fintech solutions being larger than ever, so many companies want to develop their own financial application.
And the first question they have is, how much will it cost to develop a fintech app? We have got you covered.
In this blog, we shall be going through a step-by-step guide for fintech app development cost and its breakdown, with some helpful points at the end.
How Much Does It Cost To Develop A Fintech App?
So, are you wondering how much a fintech app costs?
Well, you aren’t the only one.
“The fintech app development cost app ranges between $25,000 and $150,000 based on several factors including app features, features, tech stack, and so on.”
Due to various factors involved, it’s difficult to estimate mobile app development cost.
In layman’s terms, due to the unique nature of every fintech app project, the cost associated is also unique. Therefore, if you are looking for a unique cost estimate, we highly recommend that you consult an app development company.
Factors That Affect Cost To Create A Fintech App
Now that we are done with the general categorization of financial app development costs, it’s time to look at different factors that affect the cost to create an app.
There are various factors we shall be discussing here and each of them has their own advantages and disadvantages.
These are, as mentioned below:
A] App Development Platform
When you develop a fintech app, the first thing you need to choose is a platform.
Here, you get options like android app development, iOS app development, hybrid, and so on. Each of them has their own unique associated cost.
The fintech app development cost on different platforms is mentioned below:
| Platform | Estimated Cost Range |
| Native (iOS & Android) | $50,000 – $150,000+ |
| Cross-platform (React Native, Flutter) | $30,000 – $100,000 |
| Hybrid (WebView-based) | $20,000 – $75,000 |
| Web Apps | $15,000 – $50,000 |
The reason why hybrid app development cost is much lower in native is, latter one require much more time and offer better performance.
Speaking of which, let’s move to the next section.
B] Fintech App Tech Stack
Once we are done with app development platform, it’s time to discuss app tech stack.
Different levels of fintech app tech stack and cost associated with them:
| Complexity | Backend | Frontend | Database | API Integration | Security Services | Additional Features | Estimated Cost ($ Range) |
| Simple | Flask/Django (Python) | React.js/Vue.js | PostgreSQL/MySQL | – | – | – | $25,000-$40,000 |
| Mid-Complexity | Spring Boot (Java)/Node.js with Express.js | React Native/Flutter | MongoDB/DynamoDB | Plaid/Finicity | AWS Cognito/Okta | – | $50,000 – $80,000 |
| Complex | Microservices (e.g., Spring Boot + Kafka) | React Native + GraphQL | Cassandra/BigTable | Cloud Pack for Financial Services/FICO Falcon | TensorFlow/PyTorch | AI features and advanced analytics | $100,000 – $150,00 |
Much like eWallet app tech stack, the fintech one also highly depends on APIs that highly affect the cost to make a fintech app and running it.
Let’s see what these APIs are:
| Type of API Integration | Costs |
| Payment APIs
|
|
| Banking APIs
|
|
| Investment APIs
|
|
| Fraud & Identity Verification APIs
|
|
| Open Banking APIs
|
|
Now done evaluating this part of the cost of creating a fintech app, let’s move to the next section where we shall be discussing the app design.
C] App’s UI/UX Design
Does UI/UX design affect how much it cost to build a fintech app?
Well, it certainly does. And in this section of the blog, we shall be going through the breakdown of UI/UX design cost for a fintech app.
| Complexity Level | UI/UX Design Cost Range | Estimated % of Overall Cost | Key Design Features |
| Low | $5,000 – $15,000 | 5-10% | Simple interface, intuitive navigation, pre-built UI elements |
| Moderate | $10,000 – $30,000 | 10-20% | Dynamic elements, custom icons, personalized dashboards, light animations |
| High | $20,000 – $50,000+ | 20-30% or more | Highly customized UI, advanced data visualization, interactive charts, custom animations, micro-interactions |
As a general rule of thumb, the more complex a fintech is, the more it will cost to develop a fintech app.
Speaking of which, we’re moving to the next section where we shall be discussing how development partners affect custom fintech app development cost.
D] Development Partner Type and Location
It’s time to hire mobile app developers.
As things stand, there are a few ways you can do this, these are:
- Outsourced to a development company
- Assemble in-house team
- Or go for Staff augmentation
Now, as one might assume, each of them has a different cost associated. Now, here’s the twist, cost to hire app developers highly depends on location.
Combining these two elements, here’s a table:
| Location | Hourly Rate Range (USD) | Project Cost Estimate (USD) | Staff Augmentation Cost Range (USD) | Outsourcing Cost Range (USD) |
| United States | $50-$150 | $180,000-$500,000+ | $75-$125/hour | $50-$125/hour |
| Canada | $40-$100 | $120,000-$350,000 | $60-$90/hour | $40-$80/hour |
| Western Europe (UK, Germany, France) | $35-$90 | $100,000-$300,000 | $50-$80/hour | $35-$70/hour |
| Eastern Europe (Ukraine, Poland, Romania) | $20-$60 | $60,000-$200,000 | $35-$55/hour | $20-$50/hour |
| India | $15-$40 | $30,000-$120,000 | $25-$45/hour | $15-$35/hour |
| Latin America (Brazil, Argentina, Mexico) | $25-$50 | $75,000-$150,000 | $40-$60/hour | $25-$45/hour |
This can be a little confusing, but to get a more accurate cost estimate, you need to consider the tech stack of developers.
i.e. whether you want to hire android app developer or iOS app developer.
E] After-Launch Maintenance and Support
Lastly, we have app maintenance and support services.
This is one of the most important parts of financial app cost as well as running an app that has a chance at being successful in the market.
So, what’s the cost to maintain a mobile app?
| Type | Monthly Cost Range | Estimated % of Overall Cost |
| Bug Fixes and Security Updates | $200 – $1,000 | 1-2% |
| Performance Monitoring and Optimization | $300 – $1,500 | 1-3% |
| Compliance Updates and Reporting | $500 – $2,500 | 2-5% |
| Customer Support | $1,000 – $7,500 | 5-10% |
| Feature Enhancements and New Releases | $1,500 – $10,000+ | 7-15% or more |
For a better understanding of the same, you might as well consult dedicated developers who will be giving you a better insight on the same.
Different Types of Fintech Apps and Their Cost
To understand the cost of fintech app development, one must understand its different types.
As we know, Fintech being an umbrella term, there are various different types of solutions covered within it.
Let’s see, fintech app cost estimation for different types.
| App Type | Cost |
| eWallet App | $25,000 – $100,000 |
| Crypto-Wallet Apps | $50,000 – $150,000+ |
| Mobile Banking Apps | $30,000 – $75,000 |
| Money Transfer Apps | $25,000 – $200,000+ |
| Loan Lending Apps | $40,000 – $125,000 |
1. eWallet App | $25,000 – $100,000
The market is filled with top eWallet apps with each billions of users, making billions in revenue. Thus, making it one of the largest niches of the fintech industry.
Consequently, there are a lot of people who want to create eWallet app.
Coming to the point, if you want to take up this venture cost to build an eWallet app ranges from $25,000 and $100,000.
Depending on the specifications of your platform, the cost may go up or do.
Key Features:
- Seamless User Onboarding
- Multi-Currency Support
- Secure Transactions with Encryption
- QR Code Payments
- Real-time Transaction Tracking
- In-App Customer Support
2. Loan Lending Apps | $50,000 – $150,000+
Inspired by the growing popularity of loan lending apps, a lot of businesses are considering this investment.
So, how much does it cost to build a loan lending app?
Well, loan lending app development cost range between $50,000 and $150,000+.
Now, there are various different types of loan lending apps, including cash advance solutions and BNPL apps like AfterPay.
Depending on which type of solution you want to develop, the total cost can be affected.
Key Features:
- User-Friendly Loan Application
- Instant Approval Algorithms
- Secure Document Uploads
- Automated Repayment Reminders
- Integration with Payment Gateways
- Compliance with Financial Regulations
3. Money Transfer Apps | $30,000 – $75,000
Take a look at one of the most popular fintech app solutions.
And If you too want to create a money transfer app, it will set you back anywhere between $30,000 and $75,000
Being a popular yet simple fintech app, it is well within the average cost of developing a fintech app.
Key Features:
- Quick and Easy Fund Transfers
- Multi-Platform Compatibility
- Biometric authentication
- Transaction History Tracking
- Notification Alerts for Transactions
- 24/7 Customer Support Integration
4. Mobile Banking Apps | $25,000 – $200,000+
To create a mobile banking app, you have to pay anywhere from $75,000 to $200,000+.
It goes without saying that mobile banking apps are the future of banking, helping traditional institutions reach billions of unbanked users.
If you are offering banking services, you may consider Neobank app development.
Key Features:
- Account Management on-the-go
- Bill Payments and Fund Transfers
- Investment Portfolio Tracking
- Customizable Alerts and Notifications
- Two-Factor Authentication
- Integration with Third-Party Financial Services
5. Crypto-Wallet Apps | $40,000 – $125,000+
Lastly, we have crypto wallet app development.
With the rise of blockchain technology and its increasing use in the fintech market, we get cryptocurrency-enabled digital wallets.
The cost to build a crypto-wallet app ranges from $40,000 and goes all the way up to $125,000 or beyond.
Key Features:
- Multi-Currency Support
- Private Key Management
- Real-Time Market Updates
- QR Code Transactions
- Biometric Security Options
- Cold Wallet Storage for Enhanced Security
Popular Fintech Apps and Their Cost
In today’s lucrative market, we have leading fintech apps that are defining digital success.
A lot of people are inspired to build fintech apps like xyz. So, let’s look at popular fintech applications and how much does it cost to clone them.
These are, as mentioned below:
1. PayPal | $150,000 – $500,000
PayPal is a widely used online payment platform that stands out due to its comprehensive set of features.
It facilitates peer-to-peer transfers and online payments, and serves as a merchant service for businesses.
With a high level of complexity, apps like PayPal integrate with numerous financial institutions and offer services such as credit options and currency exchange.
- Complexity: High.
- Estimated cost: $150,000 – $500,000+.
2. Wise | $75,000 – $200,000
The market is filled with cross-border transfer apps, but there aren’t many like this one.
Formerly known as TransferWise, Wise focuses on international money transfers with an emphasis on competitive rates and transparency.
The platform’s moderate complexity arises from strong currency exchange mechanisms and integrations with global banking systems.
Complexity: Moderate.
Estimated cost: $75,000 – $200,000.
3. Zelle | $50,000 – $150,000
Zelle is a peer-to-peer payment platform that primarily focuses on secure, bank-to-bank transfers within the United States.
While its feature set is more limited compared to other platforms, the low to moderate complexity arises from efficient fintech APIs and secure connections required for seamless integration with various US banks.
The success of the Zelle business model has attracted a lot of people to build their own solutions like this. And considering the fintech app cost involved, it’s a rather popular solution.
Complexity: Low to moderate.
Estimated cost: $50,000 – $150,000.
4. Venmo | $75,000 – $175,000
Venmo stands out from its social component, combining peer-to-peer transfers with features that allow users to split bills and add comments.
For those who don’t know, this is the platform pioneering contactless payments.
Moving on, the moderate complexity of Venmo’s development is attributed to the additional layers of user interactions and data management required for its social features.
Complexity: Moderate.
Estimated cost: $75,000 – $175,000.
5. Cash App | $50,000 – $150,000
Do you want to build an app like Cash App?
There are a lot of people who do.
Cash App, developed by Square, offers a range of features including peer-to-peer transfers, direct deposit, budgeting tools, and Bitcoin trading.
While its core functionalities are similar to Venmo, the integration of Bitcoin transactions and investment features adds some complexity.
Complexity: Moderate.
Estimated cost: $50,000 – $150,000.
How Long Does It Take To Make A Fintech App? ( & it’s effect on cost)
A leading question following, how much does it cost to develop a financial app is: “How Long Does It Take To Build An App?”
Well, if you were wondering, about app development time, let’s break it down.
| Phase | Time (Weeks) | Estimated Cost ($ Range) |
| Discovery & Analysis | 4-6 | $25,000 – $50,000 |
| UI/UX Design | 4-8 | $25,000 – $75,000 |
| Development & Integration | 12-36 | $75,000 – $150,000 |
| Testing & Quality Assurance | 4-8 | $25,000 – $50,000 |
| Deployment & Launch | 2-4 | $10,000 – $25,000 |
| Post-Launch Maintenance & Updates | Ongoing | $5,000 – $15,000 per month |
As this table shows, the time to develop an app, also highly affects the cost to create a fintech app. Now, to make it a complete guide to fintech app development costs, let’s see what are some cost effective ways to build a fintech app.
How Nimble AppGenie, a Top Fintech App Solution Provider, Can Help You?
Do you want to develop a fintech app (cost-effectively)?
Nurturing an app idea and converting it into a successful fintech app is a lot of work. You can let go of all of that by partnering with the best development partners.
Nimble AppGenie is a vetted fintech app development company with years’ worth of experience in the market, working on 700+ projects, and delivering 95% client satisfaction.
For our contribution to the fintech industry, we are recognized by top platforms like Clutch.com, GoodFirms, and DesignRush.
Some of our top solutions are, as mentioned below:
- Pay By Check– Pay by Check is a popular eWallet mobile app in the United States of America. It allows users to transfer, pay, or even exchange currency.
- SatPay– An eWallet platform is a Versatile eWallet Solution that allows users to request, receive, and send payments without hassle.
- CUT– an E-wallet Mobile App, CUT is available in China and Myanmar. It works well with both RMB and MMK currencies.
- SatBorsa– a Currency Exchange Fintech app. SatBorsa is one of the platforms that is available on both platforms, iOS and Android.
If you have an idea for a fintech app, we have the right tools to bring it to reality. Contact us today and we will assign you a team of top fintech developers within 24 hours.
Conclusion
With the market projected to reach $492 billion by 2028 and a user base expected to surpass 5.5 billion, the potential rewards are substantial. The fintech app development cost, ranging from $25,000 to $150,000 or more, hinges on factors like complexity, features, and development platform.
Exploring cost-effective strategies such as focusing on a Minimum Viable Product, optimizing the development process, and prioritizing security can enhance the chances of success. Ultimately, navigating the intricate landscape of fintech app solutions demands a strategic and well-informed approach.
FAQs
Basic FinTech apps with functionalities like personal finance tracking, budgeting, and transaction categorization can range from $25,000 to $40,000. However, the cost can increase significantly depending on added features and complexity.
Focus on an MVP (Minimum Viable Product): Launch a basic version with core features first, gather user feedback, and iterate based on their needs.
Choose the right tech stack: Utilize cross-platform development tools and pre-built APIs for cost-efficient development.
Prioritize security and compliance: Implementing robust security measures upfront saves potential costs from breaches and penalties later.
Follow these considerations to hire fintech app developers.
- Clearly define your project needs and technical requirements.
- Research and compare developers with experience in FinTech Development.
- Evaluate their portfolio, case studies, and client testimonials.
- Assess their communication style, project management approach, and transparency.
- Compare cost estimates and pricing models to find a partner within your budget.
The on-going costs associated with fintech app are as mentioned below:
- Bug fixes and security updates: Ensuring app stability and user data protection.
- Performance monitoring and optimization: Improving app speed and user experience.
- Customer support: Providing user assistance and resolving issues.
- Feature enhancements and new releases: Keeping the app competitive and engaging.
Some of the key legal and regulatory considerations for fintech solutions are, as mentioned below:
- Data Privacy Laws
- Anti-money laundering (AML) and know-your-customer (KYC) regulations
- Financial sector regulations
- Tax regulations
- Entering a high-growth and lucrative market.
- Providing innovative financial solutions and improving the user experience.
- Reaching a wider audience and building brand loyalty.
- Generating revenue through user fees, subscriptions, or partnerships.
The cost to develop a fintech app ranges between $25,000 and $150,000 based on several factors including app features, features, tech stack, and so on.
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.
Table of Contents
No Comments
Comments are closed.