cost to build fintech app 1

Cost Analysis of Building a FinTech Applications

FinTech apps have gained massive popularity over the decade. Statistics from various sites show that the fintech market has maintained steady growth in value over the last 5 years. This growth will remain steady in the coming few years. 

FinTech is a broad term used to define industries that facilitate financial transactions.

If you are wondering about the cost to build a fintech app, then it’s worth noticing that there is no definitive answer to it and you may have to consider various factors before evaluating the final cost for a Fintech app.

In this blog, we are discussing the cost to create a Fintech App. Meanwhile, we are mentioning the Fintech app ideas, must-have features of a FinTech App & the required tech stack to build a scalable FinTech app.

Some Valuable Stats for FinTech Industry

As per Market Data Forecast, “the global financial technology market is expected to grow gradually and reach a market value of approximately $324 billion by 2026, growing at a compound annual rate of about 25.18% over the forecast period 2022-2027.”

Statista reports say- that Fintech revenues worldwide in 2018 amounted to 92 billion euros. According to the forecast presented in the graph, the sector’s revenue was expected to grow at an average rate of nearly 12 percent in the following years and reach a value of 188 billion euros by 2024.

How To Estimate the Cost of Developing A Fintech App? {5 Factors}

how to estimate the cost of developing fintech app

Before going deeper into understanding the final cost to build a FinTech app, let’s go through the factors held responsible to affect the overall cost of developing a FinTech App-

#1 Types of Fintech Applications

Before we start analyzing the Fintech app development cost, you need to know the type of application you want to create.  Some popular types of FinTech Apps are-

  • Insurance apps 
  • Digital Banking apps
  • Investment apps
  • Payment Processing apps
  • Personal Finance Management apps
  • Tax filing apps
  • Money management apps
  • Crowdfunding apps
  • Blockchain apps

Read Also: A Complete Guide to Insurance App Development in 2023

#2 Essential Features Need to Be Implemented

Each business has different objectives and to achieve those, one requires to implement a set of functions and features. If you are looking to create a Fintech app for Banking & Finance, you need to implement some basic yet essential features, the list goes below-

  • Sign-up and sign-in screen- The home screen of a banking app 
  • Transaction History
  • Checkout
  • Cashback & Offers
  • Money Installment
  • Saving management
  • Bank Branch Details
  • Accounting Settings
  • Customer Support
  • Push Notifications

#3 Programming Language to be Used

To ensure your app performs well on all devices, browsers, and platforms, you must consider the best-suited programming languages and frameworks that enhance the whole process of development.  JavaScript, Python, Go, PHP, Ruby (Ruby on Rails), Scala (Akka), C ++ (.NET), and C # (. NET) are some programming languages that have gained a lot of popularity in the last few years.

#4 Type of Application & frameworks to Use

Generally, there are three types of applications, and each one requires a specific technology stack.

  1. Native apps – Native iOS or Android are those that are developed exclusively for one platform. The technologies needed to build native these apps are- 
    1. iOS apps- Objective C, SWIFT, Apple Xcode, and the iOS SDK. 
    2. Android apps-  Java, Kotlin, Android Studio, and the Android SDK.
  2. Hybrid apps- These types of apps support both web apps for web browsers and native apps to install on specific devices, Android and iOS. The tech stack required to develop hybrid apps is HTML 5 or PhoneGap.
  3. Cross-platform applications- Cross-platform apps support multiple mobile platforms. The trending tech stacks required to build them are Native, C #, and Flutter.

#5 Core Features/Functionalities Needed

Integration of the latest technologies is required to ensure a scalable efficient spp. Artificial Intelligence and Blockchain are the need of the hour. Where Blockchain could help with record tracking & security, AI can support personalized recommendations, data analysis, customer interactions, etc.

Overall Cost Estimation of FinTech App Explained

cost to build financial app

After having an understanding of the type of FinTech app, features & functionalities that need to be implemented, it’s time to define the overall cost of developing a FinTech app. The overall cost further depends on the following-

Cost Defined by Types of Apps

It is worth noticing that the cost differs for different types of Fintech App. Here is a comparison of the average prices depending on the different types of Fintech App.

  • Banking App $40,000-$70,000
  • Lending App $30,000 to $50,000
  • Insurance App $45,000 and $70,000
  • Investment App $60,000 and $120,000
  • Consumer Finance App $50,000 to $300,000

For advanced features, you may require more budget than expected.

discuss your fintech app

Cost Defined By Types of Teams

The team you are going to hire would ultimately affect the overall cost of your FinTech App Development. Hire Mobile App developers with 1-5 years of expertise would cost you less than a team with 5+ years of expertise.

Cost Based on Location

The location of your FinTech app development company is the other important aspect that influences the price of Fintech development. A Europe-based FinTech App development company can cost you somewhere between $200,000 to $600,000. Similarly, in North America, you can be charged anywhere between $600,000 to $800,000. A similar company in Asian countries like India would charge you from $60,000 onwards.

Conclusion- Final Cost of Developing a FinTech App

Putting together all the factors discussed above, we can estimate the average cost of developing a FinTech app to vary from $50,000 to $300,000 with a timeline of 4 to 5 months.

A FinTech app with just simple UI & basic functionalities for a single platform will cost between $30,000 and $50,000.

If you add up more functionalities and modern technologies, the same app will cost from $50,000 to $65,000.

For a more complex app, you would have to spend $80,000 +.

Book your free consultation with us

Please note that these are rough estimates that can vary greatly depending on the app functionality, API integration, complexity, development team, hourly developer rate, etc.

QSS Technosoft Inc. is a prominent name when it comes to building a scalable solution for your business based on varied domains. Our proficient team of 200+ associates excels in using the latest technologies, frameworks, and methodologies to create the best web and mobile solutions for our clients.

Need to know more about the FinTech app development cost? Connect to FinTech app experts for a free consultation about your project!


Hire certified


  • Avg. 6+ Years of Experience.
  • Dedicated Resource on Demand.
  • NDA Protected Terms.
  • Start/Interview within 24 Hours.
  • Flexible Engagement Models.
  • Best code practices.
Start Now!


6 Most Important Factors for a Successful Mobile App!

Every precaution that you take in the development process will help you to be effective in building products that will help you grow and reach your goals. Consider these 6 factors before heading for mobile app development.

Subscribe to our newsletter and stay updated