Cost Of Developing Fintech Applications In 2023

Cost Of Developing Fintech Applications In 2023

Cost Of Developing Fintech Applications In 2023

Fintech has changed the way financial services are done and has become a multi-billion dollar business as a result. This new technology has made it possible for financial institutions to give new and different services to their customers, which has caused the sector to grow at an exponential rate.

As technology keeps getting better and the cost of making a FinTech app goes down, there is a lot of room for more change in the Fintech industry. By 2030, the market for FinTech is expected to be worth $699.50 billion, and the number of people using digital banking is expected to grow from $197 million in 2021 to $217 million in 2025.

Users of digital banking and market share

Users of digital banking and market share

Where do all of these facts lead? FinTech apps are a business that is growing quickly.

So, now is the best time to make a FinTech app for your business if you plan to do so. But you might be curious about how much it costs to make a FinTech app. Don’t worry, because we’ve told you everything you need to know about how much it costs to build a FinTech app.

What kind of budget do you need to make fintech applications?

There is no set price for making a FinTech app. Every business has its own needs and goals, which affects how much it costs to make a FinTech app. The price of an app depends on many things, such as its type, features, the location of the company that made it, how it works, and how long it took to make.

A personalized FinTech application that gives customers a safe and easy way to do business online could start at a minimum price of $40,000. In three to four months, it can be made.

On the other hand, you can pay anywhere from $30,000 to $50,000 for a banking app with a simple user experience and few features. A FinTech app can cost between $60,000 and $100,000 to make use of new tools and better ways of doing things. For a very complicated banking app, you might have to pay up to $250,000.

If you also want to know how to make a personal finance app and how much it costs to make one, go to

How to Make a Good App for Your Personal Finances?

Types of FinTech apps and how much they might cost

As mentioned above, the prices of making a financial app also depend on the type of app you want to make. Here are some estimates of how much it costs to make a famous type of FinTech app, such as a banking app, a lending app, an investment app, a personal finance app, or an insurance app.

Types of Apps Development Cost (Approx.)
Banking Apps $30,000 and $300,000
Lending Apps $50,000 and $150,000
Personal Finance Apps $50,000 and $300,000
Insurance Apps $45,000 and $200,000
Investment Apps $60,000 and $120,000


Apps for banking

All financial services are available online through digital banking or Internet banking apps. From making an account to asking for loans, everything can be done online. Users don’t have to go to the branch for every problem anymore because FinTech banking apps can take care of it.

For one of our clients, a global bank based in Europe, we made an AI-based mobile app solution that cut the number of human processes by 35% and increased the number of customers who stayed with the bank by 20%. Over 50% of customer service calls can now be taken care of by a chatbot for our client.

Depending on how complicated it is, a FinTech banking app can cost between $30,000 and $300,000.

Neobanks are another type of mobile-based financial service that can offer a variety of banking services to its users and only works through online and mobile methods. Check out how much it costs to build a Neobank to get a better idea of how much your budget needs to be.

Apps for Lending

Right now, the business of P2P loans is growing quickly. Companies are making partnerships so that customers can apply for loans (up to a certain point) online. Even though the chance is high, it makes the process of lending easier.

This field uses technology to help customers with their finances in ways that are faster and more accurate. Smart systems that check and verify identity documents use artificial intelligence and machine learning to make sure the results are correct.

When technology is used in loan processes, it is easier to predict income projections, look at the borrower’s history, figure out the value of the collateral, and plan for changes. Costs for making a FinTech loan app should be between $50,000 and $150,000.

[Also see: How to make a system for managing loans?]

Types of fintech app

Different kinds of financial technology apps

Apps for your own money

Personal banking apps make it easy for customers to keep track of their money. People can keep track of their income and spending, make a budget, and stick to it. These apps can be used as personal journals to record all cash transactions. A FinTech app creation company will usually charge between $50,000 and $300,000 to make a personal financial app.

Apps for insurance

FinTech companies that deal with insurance are working to modernize their services right now. FinTech can make insurance plans with variable rates that are cheaper and easier to get through apps.

A company that sells insurance can make an app for clients or agents. With an insurance app already on their phone, the end user can access plans from a number of different lines. It makes communication easier and faster. It gives the user faster claims handling, which means that the deal can be closed quickly. The price of making a FinTech app for insurance is between $45,000 and $200,000.

Apps for investing

These apps give users the chance to invest in different services. This kind of investment program could be used by customers of some businesses, like mutual funds. Trading apps, cryptocurrency platforms, and other similar things are also examples of these ways to invest. The cost of making a FinTech investing app is likely to be between $60,000 and $120,000.

Also, other types of FinTech apps like e-portals, digital wallets, and more are doing well. Apps like Amazon Pay that let you buy everything in one place are becoming more popular.

It’s important to know that getting these apps made can add to your total budget, especially if you add features like real-time credit score tracking, EMI calculators, data analytics, and so on.

Now that you have a good idea of how much it costs to build different types of FinTech apps, it’s time to take a closer look at the other things that affect the final price.

[Also see: How to Make an App Like Zogo for Learning About Money and Managing It]

It’s not easy to figure out how much it will cost to build a FinTech app. There are many things and situations that have a big effect on the budget as a whole. Some of these things and features of FinTech apps are:

Factors of fintech

Things that affect how much it costs to make a FinTech app

Needs of the Product

The first thing that affects the cost of making a FinTech app is what it needs to do. There are two parts to an app’s requirements:

The work’s scope: This is pretty easy to understand. The scope of work is the list of features that the financial application must have or the amount of work needed to build these features. The scope of a job affects how big it is and how many hours it takes to finish.

Project complexity, on the other hand, refers to how hard it is to understand the idea behind a software product. Building, testing, and releasing a product is harder if it has complex reasoning and ideas.

There are also important non-functional needs. They include things like scalability, security, usability, dependability, performance, etc., that explain how the program works. They are important because they affect how happy the customer is.

Interacting UI/UX

It is worth trying to make a banking app with an easy-to-use interface. The user experience is better because the app is easy to use. An app needs to be put together right, from picking the right fonts to using simple words and enough white space. A good app makes it easy for users to quickly find the information they need. If you want your app to be a hit, this is also a must. So you can never go wrong by putting money into making your app easy to use.

Where is the Development Partner

The place of the company you’re working with to make your FinTech app is another important factor that affects the price. The price is based on the hourly rate of a team of 4–7 experts and the amount of time it takes to make an app in a certain country. A specialist in developing FinTech applications in the US, for example, usually charges more than an expert in India.

Location Hourly Rates of Developers (Approx)
North America $25 – $35
Latin America $25 – $35
Europe $35 – $65
India $20 – $25
Africa $25 – $30

Location Developers’ Hourly Rates (About)

How Long It Takes to Make a FinTech Mobile App

Lastly, understand that time is very important. The release time will have a big effect on how much it will cost to make a FinTech app. For rapid prototyping and creation, people will need to work together more. Because of this, the team working on the project with the shorter release time will have to pay more.

The length of time it takes to make a financial app also depends on what kind of app is being made. Based on the five types of FinTech apps we talked about above, here is a time estimate:

App Type Development Time (Approx)
Banking 2,000-3,500 hours
Personal Finance 1,500-2,500 hours
Lending 2,000-2,500 hours
Investment 1,500-2,500 hours
Insurance 2,000-3,000 hours


Time to make an app (roughly)

Upkeep of apps

When figuring out how much it will cost to build a FinTech app, you must include the cost of upkeep. The process of making custom banking apps is an ongoing one. Once an app is out in the wild, its regular upkeep and maintenance become a top concern.

Aside from that, an app’s features and functions should also be changed regularly to keep the business growing. All of this, though, adds to the cost of the application as a whole.

Use of New Technologies

Advanced Technologies Used

Digital Statistics

Digital data is one of the most useful parts of a FinTech app. It is more important than ever to look at financial information about consumers and give the right information. This feature makes it easy for users of a FinTech app to access and keep track of their finances.

An end-user can get information about what they’ve bought, how much they’ve saved, and what they’ve invested in. With data analytics, users can make transactional texts, keep an eye on reports, and save money more quickly. The cost of making a FinTech app would go up the more complicated the digital data are.

[Also see: Does your FinTech company need to outsource data analytics?]

The Blockchain

Blockchain is a key part that can change how much it costs to make a FinTech app. It needs the most attention when making tools for managing money. Adding blockchain to FinTech apps could make it easier for people to pay each other. By putting it in the app, customers will know everything about it and be able to finish transactions quickly.

With a FinTech app that is driven by Blockchain, everyone can save a lot of money and time. Also, the system can make it easy to share data between different platforms by using an interface similar to what banks and other financial institutions use.

Why are banks using blockchain technology?

Intelligence made by machines

Artificial intelligence is another type of tech that affects how much it costs to make a FinTech app. Most financial applications take a lot of time and work to process. Most FinTech apps support AI in different ways. For example, AI makes it possible for FinTech apps to have chatbots that are easy to use, complex financial planning, the ability to spot fraud, and transactions that are quick, reliable, and safe.

For one of our clients, Mudra, we made an application for managing budgets that uses AI. With the help of a robot, the app keeps track of how much money a person spends and lets them know when their budget is getting out of hand. All of this is done on the platform while making the process fun and engaging for millennial users, who get bored easily.

AI-based software for managing budgets

Used Tools and Languages

The tech stack also has a big effect on how much it costs to make a FinTech app. To get a good idea of how much your FinTech application development project will cost, you need to choose the computer language and tools you want to use.

In general, there are three types of apps, and each one needs a different set of technologies and costs a different amount.

Homegrown programs

Native apps are FinTech apps that are only made for one device, like iOS or Android. Native iOS apps are made with Apple Xcode, SWIFT, Objective C, and the iOS Software Development Kit (SDK). Native Android apps often make use of Android Studio, Java, Kotlin, and the Android SDK. When making smart contracts for the Ethereum platform, developers prefer to use the Solidity language.

Apps that work on multiple platforms

Apps that work on multiple mobile devices are made with Native, C#, and Flutter.

Blended uses

Both native apps for Android and iOS devices and web apps for web browsers can be used with these apps. The tech stacks PhoneGap and HTML 5 are used to make mixed apps.

Features Built-In

The amount and complexity of the app’s features also have a big effect on how much it costs to build a FinTech app. Some of the benefits that usually come with a FinTech app are:

Features Built-In

FinTech app has features built in.

We’ve talked a lot about how much it costs to build a custom FinTech app and other related factors. Now it’s time to talk about how to build a FinTech app.

How to Make a Financial Technology App?

The process of making a FinTech application includes a number of steps that a business must follow carefully in order to make a software that works.

Requirements gathering: At this stage, you and the company you hired to make your FinTech app write down all the needs of your project.

App design: The next step is to design the app and make sure it has a user interface and user experience (UI/UX) that will make people want to use it.

MVP development: At this stage, the features are coded, technologies are added, and the best security methods are built into the app to make it the best reflection of your project’s USP.

Testing: Your project’s MVP is tried to make sure it doesn’t have any bugs.

Deployment: The app is now live on either iOS, Android, or both platforms.

Maintenance and updates: The app is always getting new features and functions based on what the first users said. This helps the product keep growing.

If you want to learn more about how FinTech is developed, check out our complete business guide to financial software creation.

With Appic Softwares, you can start making FinTech apps right away.

We’ve looked at the quick steps for making a financial application, so now let’s look at the two biggest problems that usually slow down the process.

Problems with the process of making FinTech apps

Recent changes in financial technology have changed how we deal with money and how we handle it. Companies in the FinTech industry are at the forefront of these changes, but there may be problems that FinTech app advice can help solve.

When you start a FinTech app, you face two different kinds of problems: strategic and technical.

Strategic hurdles include getting the pitch deck made, getting the money, and following the rules. Strategic challenges are often not problems with the program but rather problems with the way the company is set up. Security protocols at the national and international levels can be a strategic problem.

FinTech mobile app development, making the app, and promoting it all have a lot to do with technical problems. These problems are caused by the engineering and technology of the goods.

Some of the technical problems that can arise when making a banking app have to do with digital identities, who owns the data, moving to the cloud, and third-party components.

[Also see: How FinOps helps optimize cloud costs]

What can Appic Softwares do for you?

Appic Softwares  is a top FinTech app development company with a lot of knowledge and experience in making financial software that is strong and meets all the rules. Our FinTech experts are also good at solving all kinds of security problems, and they always put security first.

For one of our clients, Bajaj Finserv, we built a digital marketplace of the future that connects buyers and businesses. The platform offers a range of simple, low-cost financing choices with low interest rates, flexible payment plans, and other benefits, all without compromising security.

So, if you want to build a FinTech app or are worried about how much it will cost, don’t wait. Talk to our experts right now to get the full picture.


How much does it cost to make a FinTech application?

  • To sum up, it can cost anywhere from $30,000 to $250,000 to make a FinTech app, based on how complicated it is.

How much time does it take to make a FinTech app?

  • It could take 3–6 months to build a simple FinTech app. The time it takes to make a FinTech app depends on how complicated the project is, what you need, and what kind of FinTech application development options you choose. It could take as long as 12–18 months.

How does an app that uses FinTech make money?

  • The most common and important way for FinTech apps to make money is by displaying ads within the app. When users click on an ad from a third-party ad network, the app owner gets paid. Paying for subscriptions and in-app sales are two other ways to make money.


Finally, we hope that you are aware of the price and the process involved in creating an app similar to Sanctuary.

But you should look into Appic Softwares if you’re seeking for a company to design financial apps. We have a group of knowledgeable employees who are proficient in using modern technologies like Angular, Flutter, Node, and AI. 

Additionally, we provide a free project outline service that can assist you in determining the appearance and functionality of your app. 

So why not just go ahead and do it?

Contact us right now!

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