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

7 mins read

Building a fintech app is a great way of taking your financial business online.

Imagine, having all the financial services you have to offer in one single place, along with all your customers' data and clientele!

Top-notch security, online transactions, round-the-clock access, and much more are just some of the features of a mobile fintech app.

What more could you ask for when a single mobile app can handle every aspect of your financial biz without needing your customers to wait in line?

All you need is a functional and user-friendly fintech app to address all your customer’s queries remotely and online.

And to build that, an equally fintech-friendly app development company that understands the business and the risks.

Before you set out to find the right fintech app developer for your business, let’s set your budget straight.

But, first things first

What is a Fintech App?

A Fintech or Financial technology app is a type of mobile or web app that is designed to work as a go-to bank for consumers.

Designed to provide financial services to users through a mobile device, a fintech app serves a variety of functions and purposes.

For instance, mobile banking, online transactions, loan payments, insurance, investment, budget management, cryptocurrency, and so on. Based on that, the type of fintech app may further vary.

As you can see, the fintech app industry is a diverse field encompassing a wide range of financial solutions.

It is for this reason that about 65% of the US population and 90% Chinese use some form of digital banking or another.

The point is, as more and more people turn cashless, the need to have a financial app for your customer base will also increase whether you like it or not.

To avoid lagging in the competition, it is high time to invest in financial technology now that you have time.

Speaking of which, it all boils down to the cost.

How much does it cost to develop a Fintech App?

Developing a fintech app is subject to factors such as the type of app, complexity, features and functions, security measures, etc.

In general, however, the cost of developing a fintech app may cost upto $120,000.

But again, it depends!

For e.g., a simple mobile banking app may cost between $30,000 to $300,000.

A loan-lending platform on the other hand can cost between $50,000 and $150,000.

Similarly, personal finance management (PFM) softwares can range from $50,000 to $300,000. And insurance apps can cost somewhere about $45,000 to $200,000.

As far as special investment apps are concerned, the cost of development is between $60,000 and $120,000 on average.

Yet, this is just a general cost estimate for different types of fintech apps.

For a more elaborate breakdown, we need to consider multiple factors including the hourly rates of the fintech app developer and the time.

FYI, the global average hourly rate of a fintech app development company in US is somewhere about $32.50/ hour (This could be less in other parts of the world such as India).

Factors affecting the cost of Fintech App

Apart from this basic breakdown, the cost of developing a fintech app may vary based on several other factors.

Let’s take a look:

1. App complexity

A fintech app or any other mobile app for that matter could range from basic to medium to advanced in its complexity.

In other words, the more the number of features and the more complex, the more the fintech app will end up costing.

Therefore, when developing a financial app for your business, always start slow with a basic MVP or minimum viable product design rather than including all of the features at once.

To give you a rough idea, a basic fintech app would cost you upwards of $50,000. A slightly complex, between $100,000 – $300,000, and an advanced fintech app would be upwards of $300,000 with ease.

2. Platform type

The type of platform or device such as iPhone or Android for which you want to build your fintech app could also affect the total cost of development.

Naturally, the more the number of platforms, the higher the cost would get.

That’s because a single platform aka a native platform requires a single code for the app to function. Whereas, multiple-platform apps such as cross-platform or hybrid apps need separate codes to be written for them to be used across all operating systems.

3. UI/UX Design

The nature and depth of the graphic design is yet another factor that impacts the overall development cost of a fintech app.

Better known as User-Interface (UI) and User-Experience (UX) design, it refers to the visual and animated elements of the app that make it user-friendly and intuitive.

As a core aspect of an app, the complexity of the design can range from basic to custom. The latter increases the cost as well.

4. Security

The security or protection of customer’s data is crucial to running an online financial business be it through a web-based portal or a mobile fintech app.

Again, the more security features you opt for, the more the cost of development.

Although, for a basic app, standard security measures such as user authentication, KYC, OTP, and data encryption are enough; for a more advanced fintech app, implementing multi-factor authentication, biometric logins, and high-end encryption becomes all the more important.

At the same time, Machine Learning and AI can be used to reduce the risks of fraud associated with online banking. But this comes at an extra price.

5. 3rd party integration

Given the rise of Artificial Intelligence (AI), Machine Learning (ML), Blockchain, and the Internet of Things (IoT), the need to integrate these technologies is at an all-time high even if it costs a little more.

For instance, IoT, which connects everyday devices and objects to the Internet, is one of the most important advances for fintech as of late.

That said, make sure to add only those technologies that are essential when starting.

6. Payment gateway

Similarly, integrating a payment gateway like Stripe or Braintree for online payments and transactions is the key to making the most out of your Fintech app.

In it, standard payment methods such as credit/debit cards, wire transfers, UPI payments, and so on are less costly than advanced payment gateway solutions which may include other payment options such as gift cards, subscription services, and even cryptocurrency transactions.

7. Regulatory Compliance

Being a financial matter, there may be dozens of regulations you may have to pay for based on the region where you provide the services.

Having a diverse fintech portfolio will also invite more stringent standards for security, data protection, and financial services which may increase the overall cost too.

8. Development team expertise and location

Since every app development company might have its pricing based on its tools, expertise, and experience, it is important to take a closer look at those factors.

Naturally, a less-experienced team will cost you way less than a well-experienced one. However, if you want to make the most out of it, look no further than their skills.

At the same time, comparing multiple options for hire Fintech App Developers concerning their services and pricing can help you big time in grabbing the best deal.

9. App maintenance and updates

Another significant cost associated with building a fintech app is that of regular updates and ongoing maintenance.

While some companies may include it in the project development cost, others may charge you only if you avail their services later on.

In either case, it’s crucial to take into account the cost of maintenance.

How long does it take to create a Fintech App?

The timeline to develop a fintech app may vary depending on factors like the type of app and its functionality.

For instance, a basic fintech app with in-built functionalities will take about 3-6 months to develop.

A slightly complex app with features such as mobile banking, account management, and phone or bill payments may take between 6-12 months.

A highly advanced or enterprise solution with all the sophisticated features can take more than 12 months to complete.

If you talk about the type, then a mobile banking app may take between 2,000 to 3,500 hours.

PFM and investment apps take between 1,500 to 2,500 hours. A lending app somewhere between 2,000 to 2,500 hours. And an insurance app takes about 2,000 to 3,000 hours.

Besides these estimated timeframes, several other factors as mentioned above can influence the total time of development along with the cost.

Hire Fintech App Developers in USA

As a full-time digital solutions provider, tecHindustan is all-in when it comes to creating high-end fintech apps for our clients.

Well-versed in all kinds of app development be it a mobile app, web app, or enterprise app, we are a dedicated team of professional IT engineers who are well-aware of all the latest tools, trends, and technologies.

With a substantial experience of about a decade with some of the most renowned brands in the world such as WebMD, Adani, and Swedish House Mafia, we’d be glad to be your partner in crime.

For an up-close interaction with one of our tech mates, or to understand our fintech app development process, kindly reach out to us and we’d be happy to help.


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