Fintech App Development Cost

By: Julia Nasy
9 Feb. 2023
Post image

Fintech application development is at its peak. Today, almost every second bank account owner uses digital banking services. Furthermore, digital finance provides reliability and security. It’s fast, convenient, and supplies user satisfaction. So it’s no surprise that fintech apps have become the most famous success trend of the past years.

The global fintech market includes different types of fintech applications. There are various apps for banking, investment, personal finance, insurance, crypto trading, and others. Each of them provides more freedom to financial institutions. Moreover, artificial intelligence (AI), machine learning (ML), and Big Data are transforming the industry, making mobile apps and their features more personalized. And these factors impacted the financial sector and the rising demand for fintech app development services.

And if you think about building your application, you may wonder how much fintech app development costs. To calculate the cost, you need to consider several aspects, including application type, features, tech stack, development team, location, and more. So let’s look at these significant factors in detail.

Fintech Market Overview

Financial technology is a dynamic sector driven by blockchains, AI, and application programming interfaces (API). Big companies supply the rapid growth of the global fintech market, attracting new investors and implementing modern technologies. As a result, the industry is expected to reach a market value of around $305 billion by the next three years.

The significant factors that cause the rise of fintech startups, besides blockchain technology, are the growing demand for digital payments and data security of financial operations. However, there are some difficulties either, that slowdown technologies introduction. For example, some companies still lack trust from the client side. Government regulations also inhibit market trends adoption.

Businesses and fintech software should be flexible in dealing with the industry dynamics. Today, companies’ adaption to market technologies changes is key to success.

Features to Consider Before Building a Banking App

To succeed in the market and stand out among competitors, you need not just a regular fintech app but also a unique mobile application. In addition, it must be fully equipped with the latest features to meet customers’ expectations. So let’s see which features companies primarily integrate into their fintech solutions today.



Fintech mobile app development is impossible without security aspect integration. With a high risk of cybercrime, including data breaches and cyber thefts by skilled hacker networks, customers want assurance that their confidential data is safe. And there are some secure sign-in solutions for a safe mobile experience:

  • multi-factor authentication
  • fingerprint readers
  • face recognition.

Of course, imbibing such features affect fintech app development cost. But the security of the finance application is not to be saved.

Account Management

A personalized approach is a base for a unique user experience. For example, an account management page is necessary to examine regular transactions, track expenses, and make money transfers via the phone number or email address. And many software development companies offer to build account pages that can be customized to users’ preferences.

Advanced Notification System

Push notifications are an essential feature for any fintech app type, as they’re an important component of application maintenance. It keeps your customers active and informed. Automated messages are about more than just transactions, offers, and discounts. Custom notifications inform users about application updates, payment changes, deals, renewals, and more. Such a feature is needed to maintain customer engagement and keep clients informed about any activity on their bank accounts.

Voice-Activated Chatbot

If regular AI-driven chatbots can be found in most finance apps nowadays, digital assistants that hear, perceive, and respond to voice inputs are less widespread. And conversational banking is a future for the fintech industry. Today’s development process is increasingly using voice-activated chatbots. They provide speed, quality services, and pleasant encounters. Voice-assisted banking also allows users to perform app tasks via voice commands. That’s why businesses try to take advantage of this opportunity to improve customer service.

Personalized UI/UX

The best way for customer retention is to make them feel that your financial app was created especially for them. Personalization of experience plays a crucial role in fintech apps. That’s why startups should consider this one of the hottest trends before developing fintech applications.

Personalization is very effective. Apart from customer engagement, it can also improve brand awareness and clients’ long-term loyalty. More than just a good UI is required. A fintech app must have an intuitive UI/UX to provide the most excellent comprehension when using it. For instance, a dashboard full of charts is a good decision for an experienced user. But a newbie will not appreciate it, as he will be overwhelmed with information.

The best solution to avoid such mistakes in fintech app development is to allow users to disable certain features they won’t need. It helps to make your application more focused and less cluttered. Small touches also significantly impact, like choosing suitable textual styles or language, modifying the home screen, and displaying usernames.

And many other essential features need to be implemented in the fintech app:

  • cashback and special offers;
  • transaction history;
  • customer support;
  • gamification;
  • app tours.

What Affects the Cost of Fintech Mobile App Development?

The fintech development cost is a high-priority point in building new mobile software because every company wants to stay within its budget. However, fintech is a broad term, and there is no definitive answer to the app cost question. For example, a banking app with basic functionality and a simple UI will cost about $20,000-$35,000. And this price is just for a single platform.

Many factors determine the final cost to build. It rises from one country to another and depends on your choice of developers. It can be a professional software development company or a remote team of independent contractors. Moreover, an equally important element is the type of app, programming languages, and feature set. Let’s see development cost according to different factors.

Cost Defined by Types of Apps

There are five main types of fintech applications. Below is the approximate cost of each of them. In the following blocks, you’ll find price ranges from apps with basic features to mobile software that includes advanced features. The more complex the development process, the more time and, consequently, the budget will be required.

Banking Apps

The price range for banking app development is $40,000-$70,000. Time estimation can vary from 1300 to 3500 hours. The minimal budget is for fintech applications with limited functionality and a simple user experience for a single platform. Maximum price, of course, doesn’t have a limit, and it totally depends on the complexity and quantity of implemented features. But $70,000 is enough to build a fintech app to compete with other banking solutions.

Related reading: Digital Banking Transformation

Investment Apps

Investor apps have been widespread since the pandemic, which led to financial instability. Today, indicative figures for investment app development costs are $60,000-$120,000. Such price is up-to-date for various trading apps, cryptocurrency exchanges, and mutual funds applications. The investment app development process can take from 1300 hours onwards, including an admin panel, support, authorization, dashboard, and other features.

Insurance Apps

InsurTech is a broad concept that contains various app types:

  • car insurance;
  • health insurance;
  • travel insurance;
  • life insurance and others.

Application cost estimation starts from $45,000 and can reach $125,000 for the maximum development time required for such type. Insurance apps are used in various fields, including claims processing, user query resolution, policy comparison, etc.

Lending Apps

The digital lending market is rapidly growing, and loan app development is in demand. Today, with loan apps, users have simple, quick, and convenient software to access credit. The lending app development cost can range from $48,000 to $84,000. The average time to build is around three months and up to 9+ months. Of course, all figures depend entirely on other factors, such as project complexity, team size, and location.

Personal Finance Apps

Personal finance management is as timely as ever, and the market is rather promising. Such fintech app development has its set of core features: smart balance, expense tracker, credit utilization, budgeting, and others. The simplest ones, like bank account aggregation, require about 200 hours to build, and the most complex, for example, investments, require up to 1500. Thus, app development costs start from $60,000 and reach $200,000.

Cost Defined by Types of Teams

Fintech app development cost also depends on team composition, developers’ experience, and proficiency. That’s why the choice of the right development partner is extremely important. And before proceeding to the development process, it’s better to look for your future team according to the following significant parameters.

In addition to pricing, you should learn case studies of companies or freelance developers. The next step is to examine independent customer reviews. Clarify and verify specialists’ experience. Because hiring independent contractors with 1-5 years of expertise would cost you less than a team of senior local developers with 5+ years of expertise. Pay attention to response speed and mutual understanding. Your potential partner should meet all or at least most of your requirements.

But even if you’ve done some research already, you’ll find that comparison is pretty confusing as all teams have pros and cons. And it makes fintech app development cost estimation more difficult. So anyway, let’s look at approximate figures for every option.

  • A local development company will cost around $90,000-$120,000.
  • An outsource development agency will be between $40,000-$50,000.
  • Freelance developers cost about $30,000.

And keep in mind that some projects have 2-3 teams deployed, which costs over $150k.

Cost Defined by Location

Location is essential when hiring a fintech app development company or freelancer. Below are average prices based on regions and countries for clarity.

  • The United States and Canada can be charged from $600,000 to $800,000.
  • Fintech app development cost in India and Asia starts from $50,000 onwards.
  • Developers from Western Europe can cost you somewhere between $300,000 to $600,000;
  • In Eastern Europe, costs may run from $60,000 to $280,000.

We can notice that fintech app development costs in Asia, particularly in India, can be available even for startups. But banking solutions from this region have a poor reputation. That’s why software developers from Eastern Europe are the best option, as they can provide high-quality fintech products at average prices.

Fintech Apps Maintenance

Fintech app developers ensure their regular updating аfter launching. It is a significant factor in maintaining and securing your fintech app. Thus, you avoid critical errors in the operation of the application that can cause data breaches.

Unfortunately, QA testing will not guarantee a 100% error-free development process, as most faults are detected during mass usage. But all technical problems can be quickly fixed via updates. And if earlier fintech app maintenance had a small price, now the industry’s rapid development affects even it.


Fintech applications are a worthwhile investment, as the global market has good prospects. And if you want to enter this business niche, think about software development right now.

And, of course, fintech app development cost significantly impacts your following decisions. All factors above considered, it’s important to find the best option and stay within budget. Fintech is rapidly developing and changing, and your finance app must meet market-based competition and customers’ expectations.

But without a reliable partner, you can’t expect to have the best technologies, trends, and functionality for your software solutions. And Limestone Digital would be a perfect companion for you during the fintech app development process. Our developers will happily share their expertise and build a successful solution for your business.

By: Julia Nasy
9 Feb. 2023
Read Next
Post image
Julia Nasy

- 25 mins read

20 May. 2024
Grocery Delivery App Development: A Guide…

Unsure how to navigate the booming online grocery market? This guide explores everything you need to know about grocery delivery app development, empowering you to launch your thriving grocery business. Learn about user journeys, features, and successful business models to revolutionize the way people shop for groceries.

Post image
Julia Nasy

- 27 mins read

13 May. 2024
Financial App Development: A Lucrative Journey…

Master financial app development! Our guide covers everything: niche identification, user-friendly features, security best practices, navigating regulations, and fostering consumer growth. Build the app that empowers users and shapes the future of finance.

Post image
Julia Nasy

- 16 mins read

7 May. 2024
eLearning App Development Services: A Comprehensive…

This comprehensive guide will equip you with everything you need to know about eLearning app development services. We'll delve into the world of education app development companies, explore the functionalities that make eLearning solutions effective, and showcase the range of options available to create your ideal learning experience.