Share

FinTech App Development Cost by App Types

20 Apr 2021

11 Min

501 Views

What's fintech app development cost? It’s quite a demand question, but there’s no standard answer.

It depends on two main factors: time and developers’ rates. In turn, the time will depend on platforms, the complexity of features, and server architecture’s requirements. The developers’ rate will depend on the developer's experience and location.

In this article, we’re going to flesh out the cost to build a fintech app of popular types: banking, lending, investment, insurance, and consumer finance.

Fintech Market Overview

The Global Fintech Market is expected to reach $305 billion by the end of 2025. Throughout 2020, fintech startups scooped up 105.3 billion in funding. The largest companies contribute to that growth by attracting new investors and implementing technology-driven solutions.

Fintech is a robust sector driven by advanced technologies like API, artificial intelligence, and blockchains. The main factors that have caused the rise of fintech across the globe are:

  • The implementation of Blockchain in various sectors
  • FinTech reinforcing financial data security
  • The growing demand for digital payments

However, the FinTech industry faces some difficulties that slow down the adoption of financial innovations and trends. Here are the main ones:

  • Compliance with government regulations
  • Lack of trust to financial companies
  • Challenges of Blockchain and AI integration

To handle industry dynamics, fintech providers need to focus on the flexibility of their software architecture and be ready to adapt it to market and technological changes.

Cost to Build Fintech App by 5 Types

Fintech is quite a broad term, including different types of applications. As a financial advisor with extensive years of experience (since 2011), we’ve pointed out five main types of fintech apps and estimated them feature by feature:

  • Banking app
  • Lending app
  • Investment app
  • Insurance app
  • Consumer finance

Our estimate is based on the average hourly rate of $50/hour in Eastern Europe, Ukraine.

Mind that the fintech apps development cost described below is based on general MVP features. Each product is unique and should be estimated individually, even if apps have similar features. If you want a more accurate app quote, please contact our manager for free.

Banking App Development Cost

  • Approx time: 3529 hours per two platforms
  • Approx cost: $287,050 per two platforms

The estimate below includes the banking app development cost spent on the client-side and admin panel cost.

The customer side allows you to check your current balance and transaction history, provide transfers to other bank accounts, schedule payments, send P2P payments, and look for ATMs that are free for you to use, and more.

The most popular examples of banking apps are:

  • Monobank. Monobank mobile app offers various options: from free money transfer and credits to cashback and shakes to pay. Cashback allows users to select two categories of expenses and get 1% to 20% cashback from purchases.
  • Revolut. Revolut focuses on global spendings. You can transfer money worldwide with no hidden commissions, buy cryptocurrency, gold and control your transactions with in-built analytics.
  • Chime. Chime offers three separate accounts that work together: spending, saving, and secure credit. There are various options for savings like round-up transactions, saving from every purchase, and debit cards. Also, Chime has a cool SpotMe feature. It’s a service that allows you to make payments from a debit card that overruns your account limit without overdraft fees. Limit ranges from $20 to $100.

Now, let’s take a look at the approximate banking app development time for basic features.

Time to create a native banking app (development only)

ModuleCore MVP featuresApprox time, iOS + Android (hours)Approx time, Backend (hours)

Sign up screen

  • Scan card option
  • Step-by-step instruction
  • Verify phone number
  • Resend verification SMS

78

8

Sign in screen

  • Touch ID
  • Sign in with pin
  • Forgot app pin

88

12

Cards

  • View card balance
  • View transactions history
  • Block a card
  • Change pin

190

81

Transactions

  • Transact money to other card
  • Replenish phone account
  • IBAN transactions
  • Pay for utility bills

525

376

Checkout

  • Preview the payment

110

67

Cashback

  • View cashback balance
  • Set cashback categories
  • View cashback history

88

59

Deposits

  • View deposits

118

120

Instalment

  • View instalment information

62

71

Savings

  • View savings balance

126

148

Deposit machines and bank branches

  • View the map

100

18

Settings

  • Edit personal info
  • Set phone number
  • Change app pin
  • Log out

212

61

Support

  • 24/7 chat
  • Book a call option

114

64

Push notifications

  • Notifications

42

14

Total development time

1853

1099

Notice:

The prices above are based on two platforms. You can contact our managers to get a consultation and request project cost estimation for one platform.

All banking apps require a thoughtful admin panel for managing users' profiles and money transactions. Keep that in mind to accurately calculate banking app development costs.

Banking admin panel development time

ModuleCore MVP featuresApprox time, Backend (hours)Approx time, Frontend (hours)

Authorization

  • Sign up
  • Sign out

6

7

Users management

  • List of users
  • Search user
  • Filter users
  • Sort users

48

56

Navigation

  • Navigation menu

0

4

Payments management

  • List of transactions

34

26

Cashback categories management

  • Cashback

24

12

Deposits management

  • View deposit information

40

40

Installment management

  • Payment management plan

40

40

Savings management

  • Mange savings

40

40

Deposit machines and bank branches management

  • Manage deposit machine / bank branch

32

32

Call booking management

  • Tech support

28

28

Total development time

292

285

In the tables above you can see an approximate development time by modules telling that developers will spend about 3529 hours to implement all components for iOS and Android platforms. Dividing that time into smaller parts (called sprints), we'll get about 9 development iterations. Keep in mind that software developers aren't the only specialists you need on a team to build such a complex product.

Here's the team composition required:

  • Front-end developer (2X) - all sprints
  • Back-end developer (2X) - all sprints
  • UI/UX designer - sprint 1-8
  • Business Analyst - sprint 1-8
  • Project Manager - all sprints
  • QA engineer - all sprints
  • DevOps engineer - all sprints
  • Team lead - all sprints

Given that team composition and the amount of work, it'll cost you approximately $287,050 to build a native banking app.

Lending App Development Costs

  • Approx time: 2254 hours per two platforms
  • Approx cost: $197,250 per two platforms

Peer-to-peer lending apps connect people who’re ready to loan money with the people who need money. Such apps allow users to borrow a little cash against their next payment.

The top three lending apps are:

  • ZestFinance. ZestFinance is an AI-based lending app. It utilizes machine learning to collect data on people with little or no credit history. Based on this information, the service defines the number of money lenders will lend to particular users.

Check our guide on how to create a lending app to get the most out of it.

  • Dave. Dave provides users extra cash (up to $100) if they need money to cover an expense before the next payment. The service doesn’t have any interest in cash advances, but users need to pay a monthly membership commission to use the app. Besides, users receive alerts when their balance is getting low to avoid overdraft fees.
  • Brigit. This service offers cash advances (from $50 up to $250), but users need to pay $9.99 per month for the Brigit Plus plan to access “instant transfers” and other valuable features. Brigit has a budgeting tool that allows users to monitor their spending and “Brigit score” model that measures the three financial metrics: bank account health, spending behavior, and earnings profile.

Time to build a native lending app (development only)

ModuleCore MVP featuresApprox time, iOS + Android (hours)Approx time, Backend (hours)

Customer

Register screen

  • Register using Email+password
  • Enter data

34

8

Login screen

  • Login using Email+password
  • Forgot password
  • Log out

42

10

Complete profile screen

  • Add additional info
  • Upload docs

66

17

Credit Products

  • Get the list of credit products

72

24

Loans page

  • Calculate
  • Create
  • Loans

520

268

Account summary

  • Get Customer Account Summary
  • Get Customer Details

84

28

Investor

Register screen

  • Register using Email+password
  • Enter data

28

7

Login screen

  • Login using Email+password
  • Forgot password
  • Log out

32

8

Profile Page

  • Edit data

128

32

Bids

  • Get the list of bids
  • Submit a bid
  • Modify a bid
  • Withdraw a bid

95

66

Active investments

  • Get Active Investments
  • Get Investment Details

60

56

Preferences

  • Get Preferences - Updates Preferences

30

20

Total development time

1191

544

Need a custom lending app estimate

Looking for an accurate estimate? Our tech experts will estimate your e-commerce project for free.

You’ll also need an admin panel for lending apps to manage users, loans and bids.

Lending admin panel development time

ModuleCore MVP featuresApprox time, Backend (hours)Approx time, Frontend (hours)

Authorization

  • Sign up
  • Sign out

10

10

Users management

  • List of users
  • Edit user
  • Users detail screen
  • Search users

48

48

Loans management

  • Manage loans

48

48

Bids management

  • Manage bids

48

48

Messages from Contact Us form

  • Tech support

10

16

Total development time

164

170

It’ll take approximately 2254 hours to develop loan apps for both iOS and Android platforms. Dividing that time into smaller parts, we'll get about 7 development iterations. You’ll need the same team composition. Lending app development cost will be $197,250 for both iOS and Android platforms.

Insurance App Development Cost

  • Approx time: 1386 hours per two platforms
  • Approx cost: $139,300 per two platforms

Insurance apps simplify working with insurance and help customers solve existing problems in the industry. There are different types of niche-specific insurance apps. It can be:

  • App for claims settlement. This app is designed to manage handlers' requirements (GEICO, April Easy Claim, Pocket Agent).
  • Apps for sales management. It allows workers to quickly and effortlessly get access to the sales and marketing materials (PandaDoc, RingCentral, Formstack).
  • App for travel insurance. These apps provide people information regarding health and security in the destination country, weather info, and flight changes (AIG Travel Assistance app, Chubb Travel Smart, Goose).
  • App for car insurance. Car insurance apps allow users to gather all necessary insurance information regarding the car accident since drivers use cameras to take a photo of the accident (Cuvva, Root, GEICO).

All these apps have different functionality, thus the final price will depend on industry-specific features. We’ve calculated the cost based on general features that are mostly similar for different types of insurance apps.

Development time for native insurance mobile app implemantation

ModuleCore MVP featuresApprox time, iOS + Android (hours)Approx time, Backend (hours)

Register screen

  • Register using Email+password
  • Register using social media
  • Enter data

106

23

Login screen

  • Login using Email+password
  • Login using social media
  • Forgot password
  • Log out

53

25

Complete profile screen

  • Add additional info
  • Upload docs

66

17

Start Page

  • Home (button)
  • About Us (button)
  • Insurance

180

97

Offers Page

  • Display info about the car
  • List of Offers

86

37

Payment Method

  • Checkout screen

140

52

My Account

  • Edit data

84

30

Privacy Policy

  • Security

6

-

Terms & Conditions

  • Agreements

6

-

Push notifications

  • Notifications

52

-

Total development time

779

281

Insurance apps’ admin panel lets you manage users, insurances and payments. So, don’t forget to include its costs to the final price.

Insurance admin panel development time

ModuleCore MVP featuresApprox time, Backend (hours)Approx time, Frontend (hours)

Authorization

  • Sign up
  • Sign out

10

10

Users management

  • List of users
  • User details screen
  • Search user

48

48

Insurance management

  • List of Insurances
  • Insurance details
  • Search insurance

44

44

Payment management

  • Manage payments

48

48

Messages from Contact Us form

  • Support

10

16

Total development time

160

166

Development team will spend about 1386 hours to implement those modules for both iOS and Android platforms. Dividing that time into smaller parts, we'll get about 8 development iterations. Given the same team composition and the amount of work, it'll cost you approximately $139,300 to build a native insurance app.

Notice:

Cross-platform solutions can decrease the estimated time of development by up to 50 percent. Contact our cross-platform specialists to get accurate estimate for Flutter-based fintech apps.

Investment App Development Cost

  • Approx time: 2095 hours per two platforms
  • Approx cost: $197,250 per two platforms

Investment platforms allow users to review and invest in multiple financial assets. Investment management solutions help investors to increase their investment performance by providing them with relevant analytics data.

If you want to create an investment app, look at the following solutions for ideas:

  • Acorns. Acorns offers financial videos and articles to help customers increase ROI. It lets users deposit and withdraw money at any time. The service guides investors on how to spend money without overdraft fees. Besides, it teaches users how to earn an investment bonus (up to 10%) from chosen local businesses.

Do you need a reliable investment app like Acorns? Keep up with this guide to build one.

  • Robinhood. Robinhood allows investors to invest money in Bitcoin, stock, shares, and other options at no commission trading. Users can read information about investment portfolios before buying cryptocurrencies. The app provides users with real-time market data for the selected cryptos, coins, or options and sends users notifications about the changes.
  • CNBC. CNBC isn’t a direct trading app. It enables brokers with all necessary financial news, live streams, stock alerts, and interactive news to keep up-to-date with the latest updates. Moreover, users receive breaking news alerts when their stocks are at risk.

Time to develop a native investment app (development only)

ModuleCore MVP featuresApprox time, iOS + Android (hours)Approx time, Backend (hours)

Registration

  • Email + password + phone number
  • Privacy Policy
  • Terms of Use

46

14

Login

  • Email + password
  • Forgot password
  • Logout

42

10

Complete Registration

  • Add info

92

32

Bank account screen

  • Link bank account
  • Edit Bank Account
  • Delete Bank Account

180

116

Main business logic

  • LIst of Transactions
  • My stats screen

92

100

Payment Method

  • Checkout screen

140

48

Education section

  • Youtube videos

16

-

Stocks

  • Search
  • Sort
  • Filter
  • List of stocks

406

114

Sell stocks

  • List of owned Stocks

38

30

Cart

  • List of stocks

54

41

Profile

  • Withdraw

100

72

Total development time

1206

577

Notice:

The prices above are based on two platforms. Contact our business analysts to get a rough estimate for your project based on one platform. It’s free of charge.

Investment apps require an admin panel for managing users, transactions, and withdrawals.

Investment admin panel development time

ModuleCore MVP featuresApprox time, Backend (hours)Approx time, Frontend (hours)

Authorization

  • Sign up
  • Sign out

10

10

Users Management CRUD

  • Manage user profile

48

48

Transactions

  • Manage transactions

48

48

Withdrawals Management

  • List of requests
  • Accept / deny request
  • Withdraw

52

22

Messages from Contact Us From

  • Support

10

16

Total development time

168

144

It’ll take approximately 2095 hours to build an investment app for both iOS and Android. Dividing that time into smaller parts, we'll get about 7 development iterations. Given the same team composition, it'll cost you approximately $197,250 to develop an investment app for both platforms.

Consumer Finance App Development Cost

  • Approx time: 3476 hours per two platforms
  • Approx cost: $292,750 per two platforms

This type of app is used for managing users’ finances. It helps them to plan their spending so as not to spend more than planned.

The following solutions are good examples of fintech apps for money management:

  • Mint. Mint is a top money manager, allowing users to track their income and expenses with ease. This app can be synchronized with multiple credit cards, PayPal, and bank accounts.
  • MoneyLion. MoneyLion provides users with finance and loan advice. Thus, it lets them manage their finance efficiently. People can access checking accounts without fees, entirely managed investment account, cash advance, and up to 10% cashback.
  • Finch. Fintech streamlines personal finance for users. The app pays the bills, sends money to friends instantly, creates groups for sharing bills, and shares links with user’s friends via the pay friends option. The service provides users with details of how often they visit the shop and how much money they spend in a month.

Time to create consumer finance app (development only)

ModuleCore MVP featuresApprox time, iOS + Android (hours)Approx time, Backend (hours)

Sign up screen

  • Splash screen
  • Sign up with credit / debit card

58

18

Sign in screen

  • Touch ID
  • Sign in with pin
  • Forgot app pin
  • Account is locked

98

18

Statements

  • View bank statements
  • View investment statements

336

102

Pay or Request

  • Create a pay / request

144

58

Groups

  • Create a group
  • View the list of groups
  • Settle up all bills

212

64

Finance tracking

  • View statistics
  • View credit card balance
  • View expenses
  • View income

296

130

Card management

  • Request a new card
  • Reset pin
  • Lock card (switcher)
  • ATM withdrawals (switcher)

120

112

Investments

  • View investment statistics
  • Open deposit
  • View my opened deposits

192

77

Referral program

  • View referrals balance

48

40

Settings

  • Personal information
  • Investor Profile
  • Account details
  • My devices

468

153

Support

  • Chat bot

104

76

Push notifications

  • Notifications

42

14

Total development time

2118

862

Notice:

Cross-platforms projects are much more time-efficient and cost-saving. Contact our cross-platform specialists to get free estimate for Flutter-based fintech apps.

Admin panel for consumer finance app allows you to manage users, payments, cards, and deposits. Keep its cost in mind to accurately calculate consumer finance app development costs.

Consumer finance admin panel development time

ModuleCore MVP featuresApprox time, Backend (hours)Approx time, Frontend (hours)

Authorization

  • Sign up
  • Sign out

6

7

Users management

  • List of users
  • Search user
  • Filter users
  • Sort users

42

49

Navigation

  • Map

34

26

Payments management

  • List of transactions

34

26

Groups management

  • Groups

28

28

Deposits management

  • Manage deposits

40

40

Cards management

  • Manage cards

40

40

Referral system statistics

  • Referrals

28

28

Total development time

252

244

Developers will need approximately 3476 hours to create a consumer finance app for iOS and Android platforms (8 sprints). Take the same team composition and the amount of work, it'll cost you approximately $292,750 to build a native consumer finance app.

We can guarantee successful product delivery within a specified time frame only if all needed specialists are on the team.

The price can also change drastically depending on your requirements. You can hire local developers to work remotely as a part of your company or assemble an in-house team. However, hiring local developers can be a complex and costly task. Also, you will bear full responsibility for the project’s result choosing in-house development.

If you want to save some budget, you can consider finding fintech app developers nearshore or offshore. This option doesn’t require additional expenses like renting the office or buying hardware, and you don’t need to be responsible for the management and product delivery.

However, fintech app development costs can differ from country to country, ranging from $827,850 in North America to $245,450 in Latin America.

We’ve analyzed fintech app developers’ rates in different regions and estimated the cost of building fintech apps mentioned above.

Cost to develop fintech app in different countries

Type of appEastern EuropeCentral EuropeWestern EuropeNorth AmericaLatin America

Banking app

$287,050

$394,410

$661,450

$827,850

$245,450

Lending app

$197,250

$270,880

$454,200

$568,400

$168,700

Insurance app

$139,300

$190,470

$318,850

$398,650

$119,350

Investment app

$197,250

$270,880

$454,200

$568,400

$168,700

Consumer finance

$292,750

$402,875

$676,375

$846,875

$250,125

You may encounter time differences and language barriers when choosing a foreign company. But experienced fintech vendors like Cleveroad optimize their software delivery process to avoid communication delays and misunderstandings.

Cleveroad Experience

Cleveroad is a professional software development company located in Ukraine, Eastern Europe. We have extensive experience in creating mobile and desktop solutions that cover different FinTech areas.

All our financial projects we work on are under NDA. There are only a few fintech projects in our portfolio that are allowed to be briefly told about.

We’ll give you examples of two fintech solutions in the area of microfinance and investment.

The first one is a CRM modernization for a microfinance company. Our team of 5 members was challenged to reengineer the outdated CRM system and provide high scalability of the software to meet business needs in 3 months. As a result, we completely rebuilt all СRM features using React.js and Node.js. and ensured scalability by linking the CRM with Amazon S3 and Amazon EC2 cloud services.

The other one is a project for an investment company that our team of 7 members built in 16 months. We developed AMLKYC and anonymization tools using PHP, Node.js, and TypeScript. Also, our fintech software developers reworked the PDF creation tool. They optimized the counting algorithms and redesigned the system to increase performance.

Need a custom project estimate?

Our Business Analysts will assess your requirements to draw up an estimate for your project for free

Frequently Asked Questions

The average price can vary depending on the type of app, its feature, country, and developers’ experience.

FinTech describes any company using mobile devices, the Internet, or cloud services to carry out money transactions and provide financial-related services.

There are several popular software types within the FinTech industry: banking app, lending app, investment app, insurance app, consumer finance (app for personal money management), regtech apps.

Business can acquire quite valuable benefits from working with Fintech software company:

  • In-depth FinTech development expertise
  • Regulations-compiled software top-notch scalability and performance
  • Adding P2P payments and payment gateways into mobile devices
  • Implementing cutting-edge technology to provide secure, high-quality solutions
Rate this article!
401 ratings, average: 4.90 out of 5

Give us your impressions about this article

Give us your impressions about this article

Latest articles
Start growing your business with us
By sending this form I confirm that I have read and accept the Privacy Policy