How Much Does It Cost To Develop a Fintech App?

By RisingMax

December 27, 2022

"The challenge for financial firms isn't getting DIGITAL; It's enhancing customer's confidence in digital transactions."

Like most other sectors, the Fintech industry has also been a target of the COVID-19 outbreak. With the breakout effects in market performance and daily operations, most financial companies pushed on the blurry road. Especially startups in the fintech landscape had struggled to keep up with their loyalty and retain their customers.

metaverse casino game development

As uncertainty continues to create unforeseen problems even in 2021, it doesn't mean there is no chance to make a comeback. One secret will work; building a fintech app around customer needs using the right set of technologies and tools. A top financial software development company can help to find the right tech stack for your fintech app requirement.

If there ever is the right time to build an app, the time is NOW. Fintech app development doesn't sound new; we're well known for this and keep hearing this term. Almost every finance service provider is taking critical steps in entering the business into the modern mobile space.

When you are building a fintech app, there are many things you need to keep in focus, from the cost of making a financial app to essential features that you need to add.

What Global FinTech Market Report Says?

The future of the fintech industry is intense. As per the data obtained, the estimation is that the financial sector will reach a market value of over $300 by 2022-2023. Plus, Fintech is currently considered the hot market because of banking or e-wallet apps rapid growth. As a result, the industry has attracted many new entrepreneurs serving financial services to go for digital banking.

Before getting into more detail, let's start with the basics-

Types of Fintech Business Models

Banking App

Banking apps help enhance customer experiences by offering services 24/7. There is no longer a need to deal with the hassle as everything is easy to manage via an app. Also, banking apps come with an increased security level for customers. 

It's all easy for the banks to keep a solid customer base without opening any other branch. All in all, a banking app is the best alternative in terms of saving expenses. Within mobile banking apps, customers can 

  • Digital Banking
  • Stock Market App
  • Crowd Funding App
  • Investment App
  • Digital Wallet
  • Forex Trading App
  • Payment Gateways
  • Insurance App
  • Loan & Credit Apps

Stock Market App

Whatever is happening inside the stock market can be well explained via an app. A stock market app offers a helpful navigational system that enables users to have a sharp eye on all the necessary information they require in their investing journey. 

With so many stock market apps in the market, investors have complete freedom to pick the stocks of their choice. If you think of stock trading app development, the future is bright in revenue and fame. Investors with a stock market app can avail following.

  • Expert financial advice
  • Market behavior predictions
  • Real-time information on stocks
  • Statistics on share prices

Payment Gateways

Apps integrated with payment gateways allow shopping lovers to pay for products and services via their preferred payment method – be it a debit card, credit card, or digital wallet. 

Fintech companies out there are now handling transactions by integrating all these payment methods into apps. Using payment gateways inside the app can help customers in the following ways.

  • Faster payments 
  • Smooth transactions 
  • Secure one-click solution
  • Better experiences

Insurance Mobile App

Fintech companies in the Insurance field are also now taking steps to digitize their traditional services. Fintech can offer cheaper coverage plans at variable prices through apps at variable rates. 

An insurance company or provider can build an app either for customers or agents. With an insurance app in place, the end-user can avail following benefits.

  • Policies across multiple lines
  • Quick & easier interaction
  • Faster claims processing
  • Prompt deal conclusion

Money Loan or Lending App

The process of originating and reviewing loans has transformed into loan apps. With a digital lending app or software, it's easy to efficiently handle loan requests and easy transactions between lenders and borrowers. 

So for financial institutions out there, it's an excellent opportunity to create a fintech app for digital lending and enhance their services.

  • Quick Decisioning
  • Instant loan approval
  • Faster cash access
  • Transactions tracking

What Goes Into The Powerful Fintech App Development & Approx. Cost

Now, let's start with must-have features that should be inside the Fintech app.


Digital analytics is an essential and powerful feature of the fintech app. Analyzing users' financial data and providing the appropriate insights is more vital than ever. Such a feature inside the fintech app allows the users to easily access and track all their finance activities directly via an app. 

An end-user can avail insights about everything right from spending, savings, and investments they made. With data analytics help, users can easily manage reports, generate transactional messages, and achieve savings goals faster.


The era of Artificial Intelligence is here to stay, and startups can leverage its potential to deliver intelligent services to customers. By integrating AI inside the fintech app, you can analyze financial records, identify patterns, detect frauds, and make predictive analyses. Artificial intelligence as a solid feature enables the utilization of the potential of the following technologies. 

ML - Machine learning enables you to have predictive analysis by analyzing customers' behavior regarding investment and spending. 

AI Chatbot: Allows to deliver better customer experiences by addressing their queries quickly.

Robotic Automation: Helps automate, streamline financial operations, and boost accuracy using Artificial Intelligence. 


Fintech companies out there ensure to follow security measures against unwanted threats. No user wants their data or information to be leaked or treated carelessly. Data security and privacy are crucial aspects that can't be ignored during fintech app development.

To ensure 100% app protection, it is a must for Fintech to approach a development company that holds extensive experience in integrating security features in the app. The firm must know different methods to guarantee or boost the app's security level - biometric authentication, multi-factor authentication, etc.


Artificial Intelligence is a technology that helps you deliver the utmost personalization to the end-users. With this innovative integration inside the fintech app, it becomes easy to track investments and specific users' spending habits. And based on that analysis, you can assist users with the plans they require. 

Moreover, when you have AI in place, you don't have to worry about your availability to answer users' queries. So make sure to equip the fintech app with AI potential so that you can quickly analyze users' needs and help them deliver personalized experiences.


Developing a fintech app is worth trying. But if you are in the app development process, make sure users get the best experiences from that app. The seamless app design makes the user experience more enjoyable. 

Right from picking the right fonts, and straightforward terminology to proper use of white space, an app needs to be structured mannerly. A well-designed app allows end-users to find out the information they need quickly. 


When it comes to fintech app development, Blockchain is also a critical feature that needs a focus. Its addition inside the app can deliver extreme transparency to the end-users, making transactions in quick minutes. With a blockchain in place for the fintech app, you can increase Peer-to-peer payments. 

Everyone involved in the trades can save a lot of money and time and a Blockchain-powered fintech app. Also, the technology has the power of enabling the fast sharing of data across different platforms through an interface like banks and financial institutions.


The onboarding process should be crafted in such a way that users get a positive experience while registering on the fintech app. All that means, when users get registering on the app, they can complete the process quickly with minimal input from their side. So make sure your fintech app includes the registration process that delivers a positive experience to users.


Users have the full right to know all the updates regarding their accounts plus the latest news on the financial industry. So in your Fintech app, don't miss to add a robust notification system that delivers instant notifications on one's spending, investment, and related bill payments.

Technology Stack Behind Development of Fintech or Banking App

Technology stack plays a decisive role in the development process. For Fintech companies and financial institutes, selecting the right technology stack is necessary to define the overall project. The most popular programming languages that lead in the development of fintech apps are - Java, Python, C++, C#, and ruby. 

Complete overview of the fintech stack and cost variation.

Programming Languages Used


In fintech services, Java remains on top of the programming language used in the development process. When used in the construction of banking and fintech apps, this language ensures high-level security. For the implementation of lengthy programs to deal with massive data, Java proves to be the best.

  • It's completely secure
  • Many OS supports Java


Python is proven to be the best choice for the development of investment banking apps. For many banking apps, developers usually prefer Python to handle challenges regarding trade management and risk management. It comes with a variety of supported libraries; Python is famous due to its straightforward syntax.

  • Straightforward and clear
  • Ensures Lower error chances


Another programming language used in the FinTech sector is C++ which is best in terms of efficiency. Whenever there is a need to work on programs that need advanced computation, C++ proves to be the best in that case. The language is quick in executing numerous operations. That's why C++ is considered one of the best programming tools for fintech projects.

  • More efficient
  • Equipped broad tools 


C# works as the most elegant programming language to develop websites and apps. It carries the best functions from C, C++, and Java. 

  • Carries Useful libraries
  • Secure programming language


Ruby is one of those languages that has already gained popularity in the Fintech space—highly used for building digital payment systems, e-wallets, etc.

  • Tool to create secure code
  • Cost-efficient with high speed

Databases used

  • MySQL
  • Postgres
  • MongoDB

Front-end Development Tools Used

  • Angular.js
  • Bootstrap

Guide to Calculate Banking or Fintech Apps Cost in 2021

The fintech sector has a promising future, and there is no doubt about this. There are several factors in the list on which the cost of the fintech app depends. Below are some of the aspects that contribute to the development cost of the fintech app.

  • The complexity of the fintech app
  • Number of features, functionalities, and type of platform
  • This-party plugins requirement
  • Consistency and security layers you have to meet
  • Cost and the location of the development team

No matter what finance business you deal in, it's a recommendation that you to pick both Android and iOS if you are on the way to developing a fintech app. But this option is not for those who have budget constraints; they can pick any of the one platforms plus consider simple features and functionality. On the other side, the cost of the advanced fintech app can be more due to the advanced functionality.

  • The cost of a basic fintech app is somewhere between $25k to $50k.
  • The cost of a complex fintech app may cost you more than $1,00,000.

E-wallet App Development Cost

People love to use e-wallets like Paytm, Google Pay, Paypal, etc., to make fast and secure payments. Businesses that are planning to get on the surface of building their robust financial solutions need to determine the cost. Summing up some of the critical factors, the payment app development cost with the latest features lies somewhere between $20 and $80.

tools used to create digital twin

Who is involved in the development of the fintech app?

Having a cost estimation of the fintech app is not just enough for you if you require end-to-end fintech app development. You also have to understand which experts need to be there in the team that helps you provide quality services. A perfect fintech app development team involves the following team members. 

  •  Project managers
  • Business Analysts
  • UX/UI Designers
  • App Developers
  • AI programmers 
  • QA and testers

The Importance of Hiring a Reliable Fintech App Development

A lot of effort plus work was involved in the development of the Fintech app. You can't think of creating your team from scratch, renting office space, and purchasing new equipment. The best thing is to search for a reliable app development company that can work for your business dream. But not all IT service providers focus on quality; you make sure to check for experience, expertise, and portfolio before making the final hiring.


Are you ready to rock the fintech industry by developing a fully functional fintech app with advanced features? Great! The demand for Fintech apps is on the rise and it brings significant opportunities for organizations. This blog contains and everything that one needs before getting into the process- Like the development cost, features desired to build a fintech app, and technologies used in the process. All you need is to hire a custom software development company that prepares fintech apps with your needs and expectations in mind. With the right development team, you can run your Fintech smartly. Talk to our experts today!   

Get Free Estimation