FinTech mobile applications provide a platform where you can easily manage transactions, deposits, loans, credit scores, and saving accounts with a single touch. They can collect and categorize all your financial information on one platform. And use that to simplify your personal and business-related financial operations. But why is the cost of developing a fintech application on the rise? Because the Fintech industry grows every day due to its ability to provide comprehensive financial solutions to startups and large businesses. And reports that the value of the global fintech market was $135 billion in 2021. And it may reach $266 billion in 2027 by showing a CAGR of 11.9% between 2022 and 2027. Expert Market Research The cost to develop a fintech mobile app is fairly reasonable in 2022 despite all this growth. That is why the number of fintech startups is on the rise as well. According to , fintech startups in North and South America have increased quickly over the years and as presented below: Statista FinTech Startups in North and South America Year FinTech Startups 2021 10,755 2020 8775 2019 5779 2018 5686 This report makes North and South America the region with the most fintech startups worldwide. Types of FinTech Mobile Applications Different types of fintech apps each have a unique purpose. And that is why they all have flexible development costs. 1. P2P Loan Lending Apps P2P loan lending apps connect individual borrowers with various lenders and make it easy to borrow the amount they need. 2. Blockchain Apps You can use blockchain apps to manage/trade cryptocurrencies, insurance, international payments, P2P transactions, supply chain management, and money laundering protection. 3. Digital Banking Apps Digital banking apps help users pay bills, check account balances, transfer money, pay during online shopping, apply for a loan, and apply for a credit card. 4. Investment apps Investment apps help you trade with minimum risks and provide streaming charts, real-time stock/financial news, and data analytics. 5. Robo-advisor Apps Robo-advisor apps provide account services, low fees, better investments, and ease of use. They are a suitable choice for entry-level investors. 6. Payment Processing Apps You can connect your bank account and credit cards with payment processing apps and use them to make or receive payments. 7. Personal Finance Apps Personal finance apps help manage finance (track income and expenses), track savings, check credit scores, and simplify savings, earnings, and budgeting for everyone. 8. Crowdfunding Apps Crowdfunding apps provide a platform to raise money online for startups, finance projects, business ideas, small businesses, and personal goals. 9. Insurance Apps Insurance apps make it easy to process claims, create incident reports, upload documents, and provide instant quotes, bill payment options, reminders, and electronic ID access. 10. RegTech Apps RegTech apps provide services like risk management, identity management, regulatory monitoring, compliance, reporting, and compliance within the financial industry. Top 5 FinTech Applications in the U.S. It’s easier to understand the cost of fintech app development if you know the development cost of some established fintech applications. Top 5 FinTech Applications in the U.S. FinTech Apps Company Valuation Average Cost of Development Coinbase $85 Billion $40,000 to $68,000 Robinhood $32 Billion $25,000 to $35,000 MoneyLion $2.9 Billion $20,000 to $30,000 Chime $25 Billion $25,00 to $30,000 Mint $103 Million $20,000 to $30,000 Which Factors Influence FinTech App Development Cost? 1. App Design Appealing user interface and user experience highlight the convenience of your app. But you have to prepare yourself for a big development budget if you expect a unique and captivating app design. 2. Features The features of your FinTech app are the most influential factors that determine its development cost. You can find the essential features for a FinTech app in the list mentioned below. Sign-up & Sign-in Account Management Notifications & Real-time Updates Security Real-time Money Tracking Check Credit Score Payment Management Customer Support Data Analytics Personalization Such features will determine the cost of development. And the price will keep increasing with more advanced features. 3. Platforms The cost will also depend on how many platforms you choose for your fintech app. You may choose Android, iOS, Windows, or all of them. And this will determine the total cost of your app development project. 4. Development Team Development team size is another influential factor in the development cost whether you choose in-house or offshore developers. Choosing an established offshore can prove beneficial as it brings the right talent and resources to your project. mobile app development company 5. App Location The location of the app development project also impacts the cost. It’s expensive to develop apps in the United States, United Kingdom, Australia, and Germany. But the cost is nearly inexpensive in countries like India and Ukraine. 6. Technology Stacks The number and type of technology stacks you use for the app development project will also affect its cost. Here is the list of the technology stacks you may need for your fintech app: Java Kotlin Python C# Ruby Swift & Objective-C (iOS) SDK: Android & iOS HTML5 Node.js React Native Android Cloud Google Cloud You have to choose the right technology stacks for effective app development and results. It’s best to get the assistance of offshore developers in such matters if you do not hold any experience with it. Cost of Developing a FinTech Mobile Application You must now understand the factors that determine the final cost of fintech mobile app development. But the direction you choose for the app development will help you manage your budget more efficiently. For example, the minimum viable product (MVP) will be a better option in the beginning compared to the complex app version. You will have to increase your budget and take expensive risks for standard and complex app development. Cost of Fintech App Development by Location and Requirements Fintech Apps U.S. Ukraine India MVP Development $30,000 to $40,000 $20,000 to 25,000 $15,000 to $20,000 Standard Development $40,000 to $60,000 $35,000 to $48,000 $30,000 to $45,000 Complex Development $85,000 to $100,000 $65,000 to $75,000 $60,000 to $70,000 Cost of Fintech App Development by Types Types of Apps Development Cost Lending Apps $40,000 to $45,000 Consumer Finance Apps $50,000 to $90,000 Banking Apps $50,000 to $80,000 Insurance Apps $45,000 to $60,000 Investment Apps $60,000 to $90,000 Cost of Fintech App Development by Team Development Team Cost In-house Team $90,000 to $120,000 Local Development Company (U.S.) $100,000 to $140,000 Freelancers $40,000 to $65,000 Offshore Developers (India/Ukraine) $55,000 to $70,000 Final Note You must know by now that the cost of developing a FinTech Mobile application entirely depends on your goals and project requirements. They may be specific design requirements, features, platforms, or the app location. You will know the final cost once you figure out all of this. But the industry experts recommend that it’s best to move forward with an MVP version in the beginning. It costs less and gives you a better idea about how your app will perform in the market. Choosing fintech mobile app developers from countries like Ukraine and India will also protect your project budget. A mobile app development company from those regions will provide better and more competitive rates for your project.

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