How Much Does It Cost to Develop a Fintech App in 2024?

Updated 17 Jun 2024
Published 19 May 2020
Rahul Mathur 2716 Views
fintech app development

One of the hottest trends in 2024 will be fintech application development. With the significant evolution of online payment methods, fintech development has gained traction in the market.

This development has undoubtedly brought numerous opportunities for many fintech organizations.

Companies like Nubank and MoneyLoin have earned rapid growth with astonishing figures.

Also, consider becoming a successful businessperson in the future. In that case, consider hiring a well-known financial and banking app development company that can help you achieve your considerable targets and goals.

Top Finance and Banking Apps that can be considered in 2024

Name of the app Price Play Store Link Apple Store Link
MoneyLion Free Android App Development Company iOS App Development Company
Chime Free Android App Development Company iOS App Development Company
Mint Free Android App Development Company iOS App Development Company
Revoult Free Android App Development Company iOS App Development Company
Nubank Free Android App Development Company iOS App Development Company

Categorization of FinTech Applications

The various types of FinTech applications are as follows:

  • Applications that are used for transferring payments from one account to another, making bill payments, and tracking expenses.
  • Applications that are used for trading in stocks, analyzing savings that are being made every month, getting instant loans, and seeking financial advice.
  • Applications that are designed using blockchain and Bitcoin technology for payment integration.

Some Trends of FinTech Applications in 2024

You can utilize some of the most recent developments to improve your application because the technology market is constantly growing.

Following the latest trends for fintech app development will provide you with a competitive edge—something every new product needs.

This section will sum up the most significant trends in the financial technology industry.

  • Big Data

Financial businesses must manage enormous volumes of data to anticipate and identify trends and patterns successfully.

Expanding Big Data activities is becoming much more urgent since traditional data management systems cannot handle the volume of data being processed.

By gathering data, you can gain insightful knowledge that may be applied, for instance, to risk analysis in insurance applications. Accurate fraud detection is another application of big data in the financial technology sector.

  • Computational Intelligence

Machine learning is an unavoidable technology for creating financial technology applications. Algorithmic trading can be made, fraud can be detected, and other things can be done.

Businesses in the financial sector may benefit from machine learning algorithms by using them to predict market risks, curtail fraud, and possibly even open up new business prospects.

Finally, this technology allows for the development of robo-advisors, which instruct customers on the newest methods and trends in investing and provide advice on how to make wise decisions.

  • Blockchain Technology

According to a Deloitte report, 76% of financial executives think digital assets might completely replace traditional currency in the next 5 to 10 years.

Blockchain technology makes cryptocurrencies possible, increasing transaction efficiency by eliminating the requirement for a central facilitator to approve them.

This means the transfers will be completed far faster than at traditional universities. Additionally, by employing a distributed database, blockchain developers can improve the security and transparency of transactions.

  • Gamification

“Gamification” in financial app development involves using interactive dashboards, granting unique badges, and motivating people to accomplish specific goals.

Investment applications also use this tactic to entice users to start investing even when they do not already have any available funds by offering fantasy trading.

By raising user engagement and lowering the learning curve for all stakeholders, gamification makes finance, accounting, and investing more approachable for users.

  • RPA

Robotic process automation (RPA) is a technique that uses bots to automate repetitive and tedious tasks that don’t require brain work.

For example, you can use bots for data entry or information processing jobs, freeing human time and reducing operating expenses.

  • Voice Technology

Voice-enabled technology allows users to use their devices merely by speaking commands.

Investing in this technology is essential if you want to increase the accessibility of your app for a larger group of users.

Voice recognition technology allows visually impaired people to check bank balances, make transactions, and carry out other tasks without difficulty.

  • Smart Contracts

Smart contracts are based on blockchain technology, but because they involve automated clearinghouses and central securities depositories for bond issuance, they go beyond blockchain technology.

By lowering costs and speeding up completion, smart contracts enhance transfer efficiency by eliminating the need for third parties.

They also minimize the need for overhead management and encourage transparency and accountability, which is a bonus.

How to develop a Fintech App?

Custom fintech app development is not a straightforward task. Ensuring that the development process is conducted professionally is crucial, especially when the software is used for commercial gain.

To learn how to create a fintech app, you need to understand regulatory requirements, implement robust security measures, and design a user-friendly interface for seamless financial transactions.

The steps that must be completed to build a fintech app are listed below.

  • Determining your area of expertise and making sure you’re following the law
  • Choosing the features and calculating the costs
  • Form a group or employ one.
  • Develop the Minimum Viability through UX and UI Design

Let’s discuss these in more detail so you can support and enhance your fintech application.

  • Ascertain your market segment and confirm that you are operating legally

Finding your niche is one of the most crucial things to undertake before starting the development process.

It implies that you must choose the area of financial technology you want to focus on as well as the kind of financial technology application you want to create.

Many distinct types of fintech apps have already been explained on this page. Either decide what features you want to include in your app first and then choose your specialization based on those features, or decide what features you want to include first and then choose your niche.

As soon as you have selected your market segment, ensuring that your application conforms with all local regulatory standards for the areas in which it will be used is critical.

Applications in the field of financial technology work with quite significant data.

Therefore, to ensure the security and privacy of your clients, it is crucial to ensure that it complies with the law. Because this step is important, you should move through it carefully.

  • Choosing the Features and Calculating the Price

After identifying your target market, the next stage is to decide which features to include in your financial technology app.

Be careful to include only the necessary parts. Your fintech app may confuse users and become more challenging to use if it has too many unnecessary features.

It is also necessary for you to estimate the cost to develop a fintech app before starting the procedure.

Budgetary constraints in the last stages of your custom fintech app development could cause the process to slow down.

To avoid any issues in the later stages of growth, you should know what you are entering into and approximate how much money you will invest.

Before creating project scope documentation, you should always have a written list of all your needs and an expected budget available.

  • Build your team

Creating or hiring the right development team for the project you are working on is the most crucial step.

For fintech application development, you will require a huge team of technically talented individuals from various industries.

  • Designers of user interfaces for websites
  • Project managers
  • Professionals in Quality Assurance and Control
  • iOS and Android developers
  • Business analysts, front-end and back-end developers, and so forth.

You must assemble a team of extremely skilled experts to ensure the creation of a top-notch app and the most effective use of the funds contributed.

Hiring a group of experienced developers focusing on finance apps is typically advantageous. As a consequence, you can save money and time.

The size of the project you are working on is one of the criteria that will influence your development team’s size.

Adding more partners will be necessary as the project grows in scope. If your project is modest, you can also hire fintech developers individually, according to the skill sets you need.

Also, you can contact one of the reputed mobile app development companies to help you.

A well-known company can help you cope with many fintech app development challenges, which can pose a lot of hurdles for you before delivering.

  • UI Design and UX

A strong user interface and user experience design are essential for all fintech applications.

This is the most crucial element and the one the user will interact with the most. Because of this, it is essential to ensure the application is easy to use.

It helps produce numerous prototypes, which you can use to choose the UX/UI interface and design that work best for your application.

This stage will be easier if you have recruited an experienced workforce. Some recommendations for a respectable user interface and UX design for a finance application are as follows:

  • Avoid packing the software with more functionality than it needs.
  • The clients should not have any difficulty locating options.
  • The circumstances should be straightforward.
  • Develop MVP

It is highly advised that you test your idea before starting the custom fintech app development process. The acronym “MVP” stands for “Minimum Viable Product,” a proof of concept with enough features to support a test run.

It will help you ensure that your financial technology application is productive and adds value for the people who use it.

Using an MVP allows you to get early feedback, which reduces risk factors and increases areas for improvement.

  • Support

Deployment and testing are not the end of the process. Every fintech application should undergo regular upgrades and improvements after it is created to ensure that it is functioning properly.

Furthermore, based on the situation, updates to legal compliance should be made, as should frequent additions of new features.

The above steps will help you create a Fintech app for your organization. Custom fintech app development is not difficult, but a proper procedure should be followed to ensure its functionalities and compliance.

How can money be earned from FinTech applications?

The strategies that can be utilized for making money are as follows:

  • Charging some fees

It’s one of the most direct approaches to monetizing mobile applications and web apps. Payment plans differ, depending on the consistency of charges, and can be value-based or subscription-based.

With a value-based methodology, users pay some amount just when they utilize the assistance, while with a subscription model, a fixed commission is charged per unit of time.

  • In-app advertising and referrals

Users don’t need to pay with cash to utilize the services. As another option, entrepreneurs can actualize an alleged fintech P2P commercial center and benefit from the items by offering users attention or information to sponsors and colleagues.

Besides, a few organizations transform users into lead generators, rousing them to welcome companions or family members and get rewards.

  • Partnerships with businesses

Today even the quickest developing fintech organizations collaborate with customary money-related establishments or neighbouring merchants, along these lines extending the scope of services and giving extra incentives to their users.

  • API

Application programming interface (API) is the most ideal approach to getting to fundamental usefulness without the need to put resources into an exorbitant and tedious turn of events. API users send solicitations to certain services, and these services get back with reactions.

With the ongoing presentation of open banking, the procedure turns out to be increasingly entangled, as European banks are currently required to provide APIs at no charge, so they need to create both free and paid banking APIs to grasp this plan of action.

Read Also: How to Develop a Cash Advance App Like Dave?

Advanced Features in a Fintech App

  • Simple Registration:

About a banking application, security is the highest need. Users must settle on multi-factor authentication for progressively secure sign-in and sign-up processes.

FinTech applications are increasingly effective, secure, and adaptable as the Fintech business is prepared to receive the most recent advancements like blockchain, biometrics, API joining, and more.

features of fintech app

  • Signing in Securely:

The most significant and main component that will determine the destiny of your fintech application is security. It begins at the sign-up stage, where the users need confirmation that the application is making sure about their budgetary data.

It tends to be through special code generation, facially recognizable proof, fingertip acknowledgement, and mail alerts each time a user joins the application.

  • Real-time Notification:

Without opening the banking application, the users should know all the updates on their accounts along with the finance industry news.

Instant spending notifications, notifications of investments, and notifications related to bill payments. It simultaneously increases the validity and continuous user engagement growth of the application.

  • Data Analytics:

The fintech application ought to painstakingly examine all the budgetary information of the user and give it to the user. It ought to likewise permit the user to handily access and track all the budgetary exercises legitimately from the application.

If your fintech application centers around resources on the board, at that point the investigation your application gives ought to be founded on venture profits and recommendations for it.

Getting insights concerning information investigation will turn out to be all the simpler for users if your application gives a graphical portrayal of the information.

Besides, it can likewise assist them with learning about spending, reserve funds, and investments.

fintech app features

  • API Integration:

These days, various industries like payment transfer, asset management, and much more focus more on fintech technology. Therefore, your application ought to be planned so that it can, without much of a stretch, be coordinated in different stages.

The significant bit of leeway of this joining is that the applications can undoubtedly interface with one another for sharing data.

Also to characterize rules of communication, anticipated outcomes, rundown of orders, and for connection with one another, application programming interfaces are utilized by programming applications.

With the assistance of APIs, designers can assemble enormous application programs without re-building specific functionalities for every single application.

Read Also: How Does the Fintech and Banking Sector Use APIs?

  • Artificial Intelligence:

For automating monotonous and manual assignments, AI will assist designers with creating FinTech Apps. With the assistance of Artificial Intelligence, users will have the option to make choices about their cash.

These choices might be the place to put their cash, favoring financing costs and credits, how to oversee overdrawn accounts, etc.

Computerized reasoning will likewise assume control over warning management, so you will be advised uniquely about the notices that require your interference.

  • Personalization:

The implementation of some robust algorithms which can analyze and read human behavior can help the application provide a personalized user experience.

The different components, like user needs and concerns, should be considered before giving any kind of financial services. In such a way, users are constantly served by their requirements.

This component of customized user experience keeps your app users occupied with the application and brings about expanded income and benefits.

  • Blockchain and Cryptocurrency:

Even though blockchain is another innovation in the market, it is still being increasingly utilized in FinTech applications.

A blockchain is a set or arrangement of squares that stores information as a hash function and timestamps with the goal that the information can’t change later.

Blockchain offers automatic algorithms and protocols to various financial proxies, such as money marketers, banks, etc., that are completely secured by cryptography. With blockchain, micropayments from peer to peer can be done easily.

While development looks like significant financial institutions, virtual monetary forms are likewise coming into specialist levels. A couple of countries are looking at how stable crypto-made virtual monetary forms could be done inside their nations.

  • Third-party Authentication:

To make sure about your digital records, two-factor validation is most likely the best choice. SMS check is the most commonly utilized, yet third-party applications can likewise be utilized for fintech application protection.

  • Secured Biometric System:

Security is one of the most fundamental parts of FinTech applications. Cyber assaults and dangers can devastate the user’s trust in utilizing digital payment services.

FinTech organizations want to supplant passwords that are unreliable or pattern-based locks with a unique mark (fingerprint) or a biometric input.

Alongside a facial recognition system, a biometric system that identifies users by their pulse is likewise in the creation stage.

Later, you will have the option to log in to banking applications by estimating your pulse through a smartwatch or a smart wristband.

In addition, palm-vein biometrics are likewise in their advancement stage. With this element, you will have the option to approve the instalment just by essentially checking your palm or hand over the peruser.

  • Robust Platform:

When making a FinTech application, one must consider information security issues to build up a dependable connection with the users.

Security is a prime concern that assists with guaranteeing information security with guidelines and consistency. A few security measures that are used prominently are:

  • After failed login attempts, the account gets locked.
  • While making the payment, only the three digits of the card are displayed.
  • While logging through the application, a one-time message is shared with affiliated contact numbers.

How is Artificial Intelligence helping Banks and Fintech startups become smarter?

AI is a miracle of science, and the financial world was one of the first to consider it. Even though there is still a great deal of space for advancement, some intriguing employment of AI for FinTech has just been created.

Key Benefits of Artificial Intelligence in FinTech:

  • Decision-making is quick and authentic
  • 24X7 customer support
  • Proper fraud management
  • Secured platform
  • Management of wealth and insurance policies

Read Also: How to Develop Mobile App MVP – Step By Step Guide

What changes has AI brought to the banking industry?

After the approach of AI, banks saw a quicker and increasingly exact assessment and evaluation of their clients at a low cost and labour cost. Accordingly, credit scoring has become increasingly effective when contrasted with customary credit scoring frameworks.

The procedure is presently more innovation-driven and modern, which makes it more exact than manual care. This helps manage an account by recognizing potentially dangerous candidates and borrowers who are financially sound yet miss the mark on a broad record as consumers.

Artificial intelligence-implemented banking segments will, in general, be increasingly objective as they are not exposed to any one-sided choices, on account of human management.

For instance, computerized banks and their mobile applications use AI calculations so users can utilize any gadget to dissect their eligibility for getting loans and different alternatives with no human interference.

top reasons why banks use AI

What is the cost of developing a Fintech Application?

The expense to develop a mobile application is broadly dependent on a wide range of components.

To get an unpleasant idea of what it would take to design a FinTech application from the beginning, you can take a gander at the ordinary pay for programming designers, the number of individuals required on an application-building venture, and to what extent that task would take.

Some other factors affecting the Fintech app development cost include:

1. The number and multifaceted nature of the features remembered for an application will essentially affect its expense. Some monetary organizations may dispatch applications with just essential features from the start and then include more features later.

2. Regardless of whether the application will deal with Android, iOS, or both, it likewise influences costs. Making an application that deals with both is increasingly costly.

3. Native applications are made for a particular programming language, while cross-breed applications are sites intended for use in an application. Local applications are all the more exorbitant to grow, yet they offer upgraded execution.

4. The consistency and security prerequisites you have to meet will likewise influence costs and depend upon the application’s features, the type of association, your area, and different elements.

5. Various third-party APIs imply certain charges, and all in all, the more combinations you need, the higher your costs will be.

6. Dynamic substance empowers personalization and two-way correspondence. Most fintech applications will incorporate unique substances, which expands costs.

7. No application is the same, which is why there is no fixed cost to build a fintech app. It is important to remember that every company’s particular needs and objectives impact the setup costs for FinTech applications.

8. The price for building mobile apps for fintech depends on several factors, including the kind of program, features, where the app development company is located, how well it works, and how long it takes to develop overall.

9. The lowest possible price for being involved in custom fintech application development that provides users with a reliable and straightforward way to do online financial transactions starts at $40,000. It is feasible to build a fintech app in 3 to 4 months.

10. The price to develop a fintech application with minimal user interface and functionality will range between $30,000 and $100,000.

11. Depending on the application’s complexity, the cost of integrating new technologies and improved solutions might range from $60,000 to $300,000 or even more.


Monetary applications have transformed into a huge open door for FinTech associations. With the right versatile mobile application development company, you can maintain your business activities insightfully and cost-effectively.

To launch a fintech app, you can make a note of the above-listed procedures and factors, as they will help you form a roadmap for you.

A monetary application offers a few points of interest to its users, such as checking balances progressively, leading all bank exercises easily, and offering rewarding arrangements to its loyal users.

Your Questions and Our Answers for Developing a Fintech App

  • What are the different types of Fintech apps?

    Fintech app development encompasses a variety of app types, including those for investments, banking, personal finance, insurance, peer-to-peer loans, cash advances, regtech, and more.

  • What is the cost of developing a FinTech app?

    The cost of developing a FinTech web or mobile application varies based on the type and complexity of the app. For instance, a loan-lending app can cost as little as $30,000, while an investment app starts at around $300,000.

  • What is needed to build a financial app?

    To start with, you need to come up with an idea that can be further translated into application functions. It would be better if you had an inspiration to follow. To get it built, you need to find a fintech app development company and be a part of the process of development to make sure the project is executed right.

  • How do Fintech apps make money?

    Fintech apps can monetize their services through various methods, such as commissions on transactions, in-app advertisements, subscriptions, and freemium models.

Rahul Mathur

Rahul Mathur is the founder and managing director of ARKA Softwares, a company renowned for its outstanding mobile app development and web development solutions. Delivering high-end modern solutions all over the globe, Rahul takes pleasure in sharing his experiences and views on the latest technological trends.

Let’s build something
great together!

4 + 4 =

Client Testimonials

Mayuri Desai

Mayuri Desai


The app quickly earned over 1,000 downloads within two months of launch, and users have responded positively. ARKA Softwares boasted experienced resources who were happy to share their knowledge with the internal team.

Abdullah Nawaf

Abdullah Nawaf


While the development is ongoing, the client is pleased with the work thus far, which has met expectations. ARKA Softwares puts the needs of the client first, remaining open to feedback on their work. Their team is adaptable, responsive, and hard-working.

Pedro Paulo Marchesi Mello

Pedro Paulo Marchesi Mello

Service Provider

I started my project with Arka Softwares because it is a reputed company. And when I started working with them for my project, I found out that they have everything essential for my work. The app is still under development and but quite confident and it will turn out to be the best.