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Fintech App Development Cost: Full Guide to Estimation

Paul Kovalenko Paul Kovalenko | March 28, 2023 | 9 min

In an ever-changing fintech landscape, staying ahead of the curve means having a cutting-edge app that meets the needs of your customers. But with so many factors to consider, how do you estimate the cost of the fintech app development? 

At Langate, we understand the complexities of developing a fintech app, and with this guide, we’ll go deep into the essential aspects so you can confidently plan your project with a comprehensive grasp of the expenditures involved. Join us as we explore the fascinating world of fintech app development cost and how it might help your business succeed.

Outlook on the Fintech App Market

The fintech app industry is expanding at an astonishing rate, driven by increased mobile technology usage and the desire for flawless, user-friendly financial services. The market is expected to continue growing, with a global value of $460 billion forecast by 2025. As the industry grows, the competition heats up, with a slew of new fintech companies entering the fray each year. The market’s leading firms continue to lead the way, with Revolut, Venmo, and Chime among the most successful fintech applications to date.

Revolut, a financial technology business founded in the United Kingdom, has grown to become one of the most significant participants in the fintech app industry, with over 15 million subscribers worldwide. The app offers currency conversion, budgeting tools, and cryptocurrency trading.

Venmo, the popular peer-to-peer payment software, has over 70 million users in the United States alone since its release in 2009. Users can effortlessly transfer money to and from friends, relatives, and work colleagues via the app.

Chime, a digital banking platform, has also grown rapidly, with over 12 million subscribers in the United States. The app offers a variety of advantages to users, including instant access to direct deposits, fee-free overdrafts, and automatic savings tools.

As the fintech app market expands and evolves, it’s clear that the price for fintech app development will rise accordingly. With the incorporation of new features grows the complexity of the product which required more effort and skills from the software development team. Let’s look at several factors that influence the ultimate cost.

5 Factors That Help to Estimate Fintech App Development Cost 

A fintech app is a mobile application that gives users quick access to various finance and accounting services such as banking, budgeting, investing, and payments. These applications make financial services more accessible and user-friendly by utilizing innovative technology. To estimate its exact development costs, you should consider:

1. App type (features and functionalities)

The cost of developing a fintech app is largely dependent on the type of fintech app you want to build and its inherent features. Depending on the nature of the product, the necessary features can range from simple and straightforward to complex and multifaceted, with corresponding differences in cost. For example, creating personal finance apps is generally less expensive than building a comprehensive digital platform for investment analysis since it only requires basic features, such as login dashboards. 

Investment apps are another type of fintech application that can increase the fintech app building cost due to their complex functionalities. These apps may include features such as portfolio management tools, trading capabilities, and big data analysis, all of which require high levels of technical expertise. If you decide to build an insurance app, it may require features such as policy management, claims processing, and premium payments, which are often complex and require significant development efforts, making the price tag higher.

The complicated nature of the project might be a challenge while creating a fintech app, especially if developers are working with cross-platform software. One aspect that determines the app’s intricacy involves the complexity of its features. The second factor to consider is technical complexity, which might result from utilizing cutting-edge technology like artificial intelligence, APIs, big data, blockchain, and others. UX design complexity also contributes to the final price.

Fintech applications come in a range of complexity levels, from simple to difficult and inventive. Let’s review each of these areas in more detail.

Easy level: Basic apps may serve as a starting point for building more complex financial tools, but they don’t have much to offer.

Medium level: Medium fintech apps offer more extensive features beyond budgeting and expense tracking but are still insufficient to provide a flawless user experience. As an illustration, such an app may be a minimum viable product of the next level solution.

Complex level: These fintech apps are designed for advanced users who have a good understanding of finance and investing. Such projects comprise sophisticated elements like analytics, real-time synchronization, third-party integrations, and bespoke user-friendly UI/UX design.

2. Accessible tools

The use of different tools at each stage of the development process is vital for ensuring the quality and efficiency of fintech app development, yet can also affect the pricing of the fintech app creation. 

Designing and developing the app entails the use of modern design tools and programming languages like Java, Python, or Swift. Testing the app also requires specialized tools like Swagger, which can test APIs and ensure that they are working as planned. Finally, deploying the app requires the use of server-side frameworks like Django and Flask to build servers and manage application data. Machine learning is another technology that might affect the cost of a fintech app development. Machine learning is a sort of artificial intelligence that enables programs to learn from data and improve over time. It may be used in fintech apps to deliver tailored services, identify fraud, and manage risk, among other things. 

3. Development team location and experience

When it comes to fintech app development, the team you choose can make or break your project. Two key factors affecting the pricing of fintech app development are the team’s location and experience.

The location of your development team has a large impact on the entire cost of developing a fintech mobile app. Developer hourly rates vary by geography, with salaries in the US, Europe, and Australia often being higher than rates in Asia, Africa, and South America. Fintech organizations may save money on development costs by outsourcing to locations with lower hourly rates. Yet, there are certain difficulties involved, such as language barriers, cultural differences, and potential communication issues.

Another important aspect that might influence fintech app pricing is the team experience. Qualified and experienced developers contribute a wealth of knowledge and skills to your project, allowing them to design high-quality, unique solutions that are tailored to your specific requirements. Nonetheless, such developers often charge greater rates than their less experienced colleagues. Working with junior and middle developers may be an economical solution in the short term, but it may cost you more, in the long run, owing to mistakes, delays, and quality flaws.

4. Integration with third-party services and APIs

Third-party integration services and APIs are critical tools for developing financial apps. These let you link your app to third-party services such as payment gateways, banking APIs, and investing platforms. These connections allow your app to provide a broader range of features and services, making it more appealing to your consumers.

However, incorporating third-party services and APIs into your program might increase the cost of building a fintech app. The cost of integrating various services and APIs might vary based on numerous aspects, including the integration’s complexity, the number of services to be integrated, and the price structure of the services themselves.

5. Tech stuck

The term “tech stuck” refers to a situation in which the development team finds a roadblock in the app development process that they are unable to solve immediately. This might be caused by an array of factors, including a new technology that the team is unfamiliar with, a problem in the code, or a lack of resources. Whatever the source, tech snags can have a big impact on the cost of creating a fintech app. 

When the development team runs into technical difficulties, the entire app development process might be slowed. This signifies that the project may take longer than expected, and the team may have to work extra hours to reach the original deadline. This, in turn, may raise app development expenses since the team will need to be compensated for the additional time and effort they put into the project.

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4 Tips to Reduce Fintech App Development Cost

Focus on essential features

While creating a financial app, it’s necessary to identify and prioritize the features that are most important to your consumers. Examine user behavior and preferences to understand their requirements and pain spots better. Then, concentrate on designing only the features that are critical to the core functionality and value proposition of your solution. This approach can help you save time, reduce the cost of developing fintech apps, and also improve your customer service.

Choose the right development team

Choosing the best development team for your financial app development project is critical to its success. Seek experienced developers with a strong understanding of the fintech and finance sectors and a track record of successful projects. Consider their communication skills, teamwork, and cultural fit as well since they are critical for maintaining a smooth and effective growth process.

Utilize open-source solutions

Open-source technologies can help you create finance apps at a lower cost while maintaining quality and data security. You may save time and effort when developing essential capabilities and features like authentication, encryption, and data storage by using open-source libraries, frameworks, and tools. 

Embrace agile development methodologies

Agile development techniques provide a flexible and iterative approach to software development and can help you cut the price tag when calculating how much it will cost to develop a fintech app.  You may minimize the possibility of mistakes and delays by dividing the project down into smaller, logical chunks. 

Langate’s Approach to Fintech App Development Cost Estimation 

Are you unsure of the occurrence of your fintech app development cost estimation? Let us introduce you to Langate’s development and estimation approach!

Langate is a fast-growing software development firm that focuses on developing unique and customized technological solutions for the fintech industry. Langate team is well-equipped to handle difficult software development projects with ease, thanks to a staff of experienced and qualified experts. We realize the significance of completing projects on time and under budget and collaborate closely with clients to produce accurate and transparent fintech development app estimates.

Our ability to design solutions such as this expandable platform that can grow with your business is one of our strengths. We recognize that as your business grows, so will your software requirements, which is why we design our apps with scalability in mind. Our scalable platform is built to support future expansion and ensure that your software solution stays relevant and successful for years to come.

Our custom application development services are intended to satisfy your individual demands, no matter how difficult they may be. We collaborate closely with our customers to ensure that we thoroughly understand their objectives and goals, and we employ cutting-edge technologies and techniques to develop software solutions that are suited to their specific requirements.


Developing a fintech app is no mean feat and far from cheap, considering all the details it involves. Now you know what factors influence the price and how to estimate fintech app development cost if you have no one to do it for you. Luckily, you can delegate this responsibility to the Langate team and have a blast observing how your software dream is becoming a reality. We work only on transparent and secure terms, so don’t hesitate to get the best business deal you have ever had!

Frequently Asked Questions

How much does it cost to build a fintech app?

The cost of building a FinTech app can vary greatly depending on the complexity of the app, the features included, and the technology used. The minimum price tag for a solution with only basic features starts at $20,000.

How to reduce your fintech app development cost?

One method for cutting the expenses of fintech app development is to prioritize features critical to the app’s basic functioning and postpone the creation of additional features until later. Another option is to leverage open-source technology or pre-built software components rather than constructing everything from the ground up.

What budget is needed for a fintech app MVP development?

The cost of developing a fintech app MVP development might differ depending on the app’s complexity and the features that are required. Nevertheless, depending on the development team’s hourly rate and the breadth of the program, the creation of an MVP might cost anywhere from $20,000 to $50,000 or more.

How to do a fintech development app estimate?

To do the right fintech app development estimate, you should gather all the requirements and functionalities needed and then break down the development process into smaller tasks with estimated timeframes and costs.

How does fintech app development cost affect the app quality?

With a larger budget, developers may implement advanced features, enhanced user experience, and improve security, resulting in high-quality software. A lesser budget, on the other hand, may limit the resources available for development, thus jeopardizing the app’s functionality, security, and general quality.

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