How Much Does it Cost to Build a Fintech App in 2024

How Much Does it Cost to Build a Fintech App in 2024

01 Mar 2024

Fintech apps are revolutionizing the financial sector. This powerful digital transformation requires financial institutions to stay ahead of the curve, creating innovative and effective tools for a digitally driven world.

But how much does it cost to build a Fintech app in 2024?

Costs can range widely, shaped by various factors like app complexity, location of the development team, and the crucial need for updates post-launch.

This blog post dives deep into these cost drivers, explores pricing for different Fintech apps, and touches on effective cost reduction strategies. We’ll also discuss the cost aspects of modernizing existing banking apps – a critical step in today’s competitive market.

The Rise of Fintech and Banking Apps

Fintech and banking apps have taken center stage. As we progressively shift towards an increasingly paperless society, these apps have redefined how we transact, save, invest, and manage our financial lives.

This rise of Fintech is propelled by the ongoing need for convenience, speed, and personalized services. Today, users can accomplish a multitude of financial tasks, from making payments and transferring funds to investing in stocks and managing budgets, all from the comfort of their smartphones.

Banking app development companies have helped modernize traditional financial institutions, effectively transforming the brick-and-mortar banking experience into an anytime, anywhere service. This change has led to a surge in online banking, with customers embracing the convenience, ease, and safety offered.

The growth of Fintech and banking apps is further fueled by technological advancements like AI, blockchain, and machine learning, which are opening new avenues for innovation and expansion in the Fintech sphere.

The right Fintech/banking app development company can help unlock the tremendous potential for banks and other financial institutions, making it crucial to understand the investment required in app development. Let’s further explore the cost factors in the next section.

Factors Influencing the Cost of Fintech App Development

Various factors influencing the cost of fintech app development

When it comes to developing a fintech app, several variables come into play. The cost isn’t a flat rate but rather a culmination of multiple factors. Here are some key considerations:

  1. Customization Level: Fintech apps, by nature, are complex and require a high level of customization. An app with standard features will cost less than one with custom features tailored to a specific business model or unique user needs.
  1. Tech Stack: The technologies and platforms used in development can significantly impact the cost. Modern technologies like AI, machine learning, or blockchain will increase the app cost due to their sophisticated nature.
  1. UX/UI Design: A well-designed, intuitive app interface is crucial for user engagement. Designing such interfaces requires skilled designers, thus driving up the cost.
  1. App Security and Compliance: Fintech apps deal with sensitive financial data, making security a top priority. Implementing robust security protocols and ensuring regulatory compliance, such as GDPR or CCPA, add to the development cost.
  1. Team Composition and Location: The development team’s size, expertise, and geographical location also play a part. Developers in North America and Western Europe typically charge more than those in Eastern Europe or Asia.
  1. Post-launch Support and Maintenance: After the app is launched, it needs regular updates, bug fixes, and improvements. These ongoing costs are a crucial part of the overall budget.
  2. Third-Party Integrations: Fintech apps must often integrate with third-party services such as payment gateways, banking APIs, and financial data aggregators. The complexity and number of these integrations can significantly impact the overall development cost.
  3. Scalability Requirements: As your app grows, it will need to handle more users, transactions, and data. Building an app that can scale efficiently requires additional planning and resources, which can increase the initial development cost.

By understanding these factors, businesses can better plan their budgets and navigate the cost landscape of fintech app development. Let’s now move on to analyze the costs for different types of fintech applications.

Understanding the Costs of Different Types of Fintech Applications

The cost of creating a Fintech app greatly depends on its specific type. Here’s a brief look at the potential costs for different kinds of Fintech applications:

Costs of different types of fintech applications based on complexity
  1. Money Transfer Apps: Developing apps like PayPal or Venmo, which primarily focus on facilitating money transfers, can be relatively less expensive. These apps require essential security features and simple, user-friendly interfaces.
  1. Personal Finance or Budgeting Apps: Apps like Mint or YNAB demand more complex features, such as bank synchronization, expense tracking, and budget planning tools. This complexity leads to a higher development cost.
  1. Cryptocurrency Apps: Apps dealing with cryptocurrency like Bitcoin or Ethereum need advanced security features, real-time data synchronization, and blockchain technology, making them one of the most expensive Fintech apps to develop.
  1. Stock Trading Apps: Development of stock trading apps like Robinhood or eToro requires integration with real-time stock market data, robust security, and an intuitive trading interface, pushing their development cost higher.
  1. Peer-to-peer Lending Apps: These platforms, which connect borrowers and lenders, need features like risk assessment tools, loan calculators, and secure payment gateways. This functionality complexity leads to a considerable development cost.
  1. Banking Apps: Comprehensive banking apps are the most complex and hence the costliest. They combine the features of most other Fintech apps and include account management, transactions, customer service, and more.
  2. Insurance Tech Apps: Apps in the insurtech space, like Lemonade or Oscar, are gaining popularity. They require features such as policy management, claim filing, and personalized recommendations based on user data. The integration of these features, along with the need for high security and regulatory compliance, can lead to significant development costs.
  3. RegTech Apps: Regulatory technology (RegTech) apps are becoming crucial for businesses to ensure compliance with financial regulations. These apps must incorporate features like real-time monitoring, reporting, and data analysis to help companies adhere to legal standards. The complexity of these features and the need for constant updates to keep up with changing regulations contribute to the development costs.

It’s essential to remember that these are just estimates, and the actual cost can vary based on multiple factors discussed in the previous section. Up next, we will delve into some strategies for cost reduction during the Fintech app development process.

Existing Banking App Modernization and Its Impact on Costs

Modernizing your existing banking app allows it to meet current user expectations, integrate new technologies, improve security, and remain competitive. While essential, this process can have significant cost implications.

Primarily, modernization can involve reengineering the app’s architecture, updating the user interface, integrating advanced features or technologies, and improving security measures. Each of these aspects comes with its associated costs.

However, it’s crucial to view these costs as an investment rather than an expense. Modernization not only enhances the user experience but also improves efficiency, reduces long-term maintenance costs, and can provide a substantial return on investment.

It’s important to approach modernization strategically, assessing the app’s current performance, identifying areas for improvement, and carefully planning the modernization process. This approach can help manage costs while ensuring your app stays competitive in the dynamic Fintech market.

Reducing Costs of Fintech App Development

Every business operates within a budget, and developing a fintech app is no different. The development process can be quite costly, given the complexity and high-tech requirements of fintech apps. However, there are strategies to manage these costs without compromising on the app’s quality or functionality.

Methods of reducing costs of fintech applications
  1. Choosing the Right Tech Stack: The technology stack you opt for can significantly influence the app development cost. By selecting open-source technologies or frameworks that allow for reusable components, you can trim down software licensing costs. Moreover, the use of cross-platform development frameworks, like React Native or Flutter, enables the development of both iOS and Android apps with a single codebase, saving time and money.
  1. Efficient Project Management: Adopting efficient project management methodologies such as Agile or Scrum ensures better task allocation and tracking. This leads to more effective resource utilization, reducing the possibility of unexpected expenses due to delays or miscommunication. Tools like Jira, Asana, or Trello can further streamline this process.
  1. MVP Development: Instead of building a full-fledged app with all features in one go, consider developing a Minimum Viable Product (MVP) first. An MVP contains only the core features that solve the primary user problem. This strategy reduces initial development costs and allows you to test your app in the market, gather user feedback, and make informed decisions about future developments.
  1. Outsourcing vs. In-house Development: While having an in-house team may seem appealing, it can be a costlier option considering salaries, benefits, office space, and training. Outsourcing to a professional Fintech app development company, especially in regions with lower operational costs like Eastern Europe or Asia, can be a more cost-effective solution. They offer competitive rates without compromising on the quality of work.
  1. Regular Maintenance and Updates: Many businesses overlook post-launch expenses like regular maintenance, updates, bug fixes, or feature additions. Setting aside a portion of the budget for these tasks can help avoid unexpected costs down the line.
  2. Leveraging Open Source Tools: Utilize open-source tools and frameworks wherever possible. These are often free or low-cost and can provide robust functionalities without expensive proprietary solutions.
  3. Focus on User Feedback: Actively seek and incorporate user feedback during the early stages of development. This can help you prioritize features that matter to your audience, avoiding the unnecessary costs of developing unwanted functionalities.

By incorporating these cost-reduction strategies, you can effectively manage your budget while ensuring the successful development of your fintech app. Up next, we wrap up with some final thoughts on the subject.

Case Study: Developing an Administrative Module for A Leading Bank in Qatar

Client: A Qatar Bank

Nintriva developed a module for a bank in Qatar to automate various administrative procedures

Industry: Banking

Type: B2C

Headquarters: Qatar

Technology Stack

Frontend: Angular

Backend: Java Spring Boot, OpenShift

Our team partnered with one of Qatar’s prominent banks to develop a comprehensive administrative module that effectively managed their core banking activities. This partnership enriched us with valuable cultural insights. The engagement was highly successful, leading to an extremely satisfied client who has plans to collaborate with us for another module.


The bank sought a streamlined solution to automate various administrative procedures. This module, primarily utilized by bank employees, was aimed at managing diverse banking operations efficiently.


  1. Develop an administrative module to facilitate the management of core banking activities.
  2. Ensure on-time implementation to help the client achieve their envisioned goals.
  3. Deliver a robust module with fewer bugs and superior performance.
  4. Transition the existing back office into a cloud-native application.
  5. Harness the benefits of modern technology for scalability.
  6. Implement user and role management for the back office application.

Project Timeline

Our engagement with the client spanned over 18 months, utilizing agile methodology to develop the module. The project was broken down into two-week sprints, allowing the team to adeptly address the client’s needs and meet the delivery timeline. The project followed several release cycles divided into three phases.

To maintain transparency and ensure alignment with client expectations, we conducted regular sprint meetings and sought continual feedback.


As one of our initial forays into the fintech industry, we encountered industry-specific challenges and complexities of microservices-based development.

The migration of the existing system, maintaining integrated functionalities, posed a significant challenge. The validation process was another considerable hurdle.


We performed thorough research on the fintech sector and its modern interfaces to educate our development team on microservices-based software. This knowledge was not only invaluable for this project but also aided our future microservices-based endeavors.

Key Features of the Solution

  1. Back Office Operational Dashboard (based on employee roles)
  2. Banking Operational Management
  3. Account Opening
  4. Payment
  5. Transaction Entitlement
  6. Customer Management
  7. 360° view of Customer Info
  8. Password Management
  9. Channel Management
  10. Employee Management
  11. Role & Access Management
  12. Account Management


The rapport between our team and Qatar Bank was highly productive. We successfully met all client requirements, leading to a seamless project handover. Their satisfaction with the first module has led them to entrust us with another module.

Read the Case Study: Bank in Qatar

Check out our other projects: Case Studies


Building or modernizing a Fintech app can seem like a daunting financial task, but with the right knowledge, strategic planning, and cost management, you can navigate this complex landscape effectively.

The rise of Fintech and banking apps is a testament to the digital transformation the financial sector is undergoing. To keep up with this wave of innovation, staying informed about the investment required is critical.

As we look ahead, it’s clear that the potential of Fintech apps continues to be immense, with opportunities for businesses and startups to transform the financial landscape.

Get your high quality, scalable Fintech Application Solution! Discuss your project with us

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