Fintech App Development Costs: How to Budget and Plan for Success

Fintech App Development Costs: How to Budget and Plan for Success

Quick Summary:
Developing a fintech app requires careful planning and budgeting. In this article, we'll explore the key factors that affect fintech app development cost, and provide tips on how to budget and plan for success.

The growing fintech market has been disrupted in the past few years. From the onset of the pandemic, when safety and financial inclusion became the top priority, to the spike in cryptocurrency and its decline in the past few years, have been nothing less than a roller coaster ride for the fintech sector.

The one thing that has remained constant is the increasing demand for FinTech applications in the market. If you are an entrepreneur planning to build a fintech app, here is an overview of Fintech App Development Costs for different fintech solutions.

Types of Application Average Cost of Development
Banking App $50,000 to $150000
Lending App $50,000 to $250000
Personal Finance Apps $50,000 to $300000
Insurance Apps $ 70000 to $500000
Investment Apps $100000 to $500000

The cost of fintech app development for any of the above solutions would vary on factors like features, complexity, security requirements, fintech technology stack, and the development team's experience and location.

Let us explore how different factors affect fintech app development cost.

Recommended Read: Guide to Outsource Fintech Software Development

Fintech App Development Cost -Based On Types and Location

Banking App

Statista reports that mobile banking users will grow to 1.7 billion by 2024 from 0.8 billion in 2019. Also, mobile payment transactions will reach $3.5 trillion by 2023, from $1.5 trillion in 2019.

As more and more consumers have cashless transactions, Banking apps, without any doubt, are the future. From enabling cashless transfers, online investment, and finance management, banking apps have emerged as a one-stop solution for users.

Cost of Banking App Development in Different Geographies

Geographies Cost of development
USA $150,000 to $500,000
UK $120,000 to $450,000
Australia $100,000 to $350,000
Ukraine $50,000 to $200,000 
India  $20,000 to $75,000
Africa $30,000 to $150,000 

Lending App

Lending apps, also known as loan apps, are mobile applications that allow customers to apply for loans using their mobile devices and tablets. These applications empower users to get quick loans without tedious paperwork.

Geographies Cost of development
USA $45,000 to $350,000
UK $45,000 to $120,000
Australia $55,000 to $200,000
Ukraine $25,000 to $120,000 
India  $12,000 to $60,000
Africa $40,000 to $60,000

Personal Finance Apps

These are fintech apps that help users to plan and track their expenses. One can create personal budgets and saving goals to achieve desired financial health using a personal app.

Geographies Cost of development
USA $55,000 to $300,000
UK $30,000 to $180,000
Australia $35,000 to $210,000
Ukraine $15,000 to $100,000 
India  $10,000 to $80,000
Africa $5,000 to $50,000

Insurance Apps

These fintech applications empower users to buy & renew their insurance using mobile devices. Using these apps, customers can review multiple insurance policies to find the one that suits them the most and buys it in a paperless transaction.

Geographies Cost of development
USA $130,000 to $330,000
UK $ 80,000 to $240,000
Australia $85,000 to $175,000
Ukraine $40,000 to $95,000
India  $27,000 to $65,000
Africa $14,000 to $68,000

Investment Apps

Investment apps are an innovative fintech solution that empowers users to invest in various financial instruments such as stocks, bonds, mutual funds, and exchange-traded funds (ETFs) from their smartphones.

Users can explore different investment opportunities, compare interest rates, manage portfolios, and trade using the same app.

These apps are generally built with features like

  • AI-powered analytics tools 
  • Portfolio management
  • Live Trading Option
  • Automated investment management
  • Resources to educate investors.

Geographies Cost of development
USA $125,000 to $350,000
UK $75,000 to $230,000
Australia $85,000 to $170,000
Ukraine $40,000 to $90,000
India  $25,000 to $65,000
Africa $14,000 to $65,000

Fintech App Development Cost -Based On Teams

Besides geography and types, teams are the third critical factor affecting the pricing of a fintech application. Here are four team engagement models for application development and their cost:

In-house development

Hiring an in-house team to build a Fintech application is one of the most expensive methods as it involves other costs like hiring, infrastructure, training, employee salaries, and benefits.

However, companies have greater control over the project and can ensure that the app meets their requirements.

Fintech app development through an in-house can cost you anywhere from $100,000 to $500,000


On the surface, hiring freelancers is cost-effective as you can hire experts on hourly rates from different geographies here. Still, when you add up the time and effort of a project manager in communication and coordination, it can go up quite a bit.

Finding and managing freelancers can be challenging, and quality concerns may arise if the team members are not adequately vetted. 

Freelancing the project can cost you anything between $65,000 to $260,000

Outsourcing App Development Company

One can always use a third-party vendor to build a fintech solution. Working with an outsourcing partner with expertise in building and delivering fintech solutions can save both the cost and time of app development. 

But, one must recognize the challenges of working with an outsourcing team, i.e., communication gaps and lack of visibility on the ongoing project development. The lack of control can cause projects to spiral and create unnecessary delays in development.

Outsourcing a Fintech App development can range between $50,000 to $200,000.

Recommended Read: 10 Top Fintech Software Development Companies

Offshore Development Team

The offshore team offers the benefits of both in-house and outsourced development. On the one hand, you have a dedicated team working on your project, which directly reports to you; on the other, you have no long-term commitment to the team.

This cost-effective approach allows you to work with expert resources at affordable prices. However, the cost efficiencies depend heavily on the location of the offshore team.

Fintech app development using an offshore development team can range from $30,000 to $150,000

How Can Your Team In India Help You?

Your Team in India is a trusted offshore development company helping businesses scale their IT operations by deploying expiring software engineers on their projects.

For a decade, YTII has helped businesses such as GETTRX, Dory Finance, and Plena Data build and optimize their solutions,  enhancing customer experience and improving market penetration.

YTII offers a pre-vetted talent pool of software developers across technology stacks for you to choose from and kickstart your project.

Though cost is an essential aspect of app application development, it should not be the only factor to be considered. Building a Fintech app requires considering numerous elements such as central bank policies, regulation and compliance, data safety, anti-money laundering, and fraud detection mechanism. Thus you must work with experienced developers/ teams while building a fintech application.

hire top software developers

Frequently Asked Questions (FAQs)

What costs are involved in developing a fintech app?
Developing a fintech app can involve costs for software development, security, compliance, hosting, maintenance, and ongoing updates. Additional costs may include licensing fees, third-party integrations, marketing, and staff salaries, depending on the complexity and scope of the project.
What are the different types of Fintech Apps?
There are several types of fintech apps, including payment apps (such as PayPal and Venmo), budgeting apps (such as Mint and Personal Capital), investing apps (such as Robinhood and Acorns), lending apps (such as LendingClub and SoFi), and personal finance management apps (such as YNAB and PocketGuard).
How do fintech apps make money?
Fintech apps make money through a variety of methods, such as charging transaction fees, subscription fees, or interest on loans. Some apps also earn revenue through partnerships, advertising, or by selling user data (with user consent).
How to develop a FinTech app?
Developing a fintech app involves several key steps, including researching and defining the target audience and app features, designing the user interface and experience, selecting the right technology stack, developing and testing the app, and launching and promoting the app to the target audience.

Saryu Pathania

Saryu Pathania

Hi, I am Saryu Pathania. Communication has always been one of my key strengths, whether vocal or written. I started my career as a marketing professional, and in my journey as a marketer, I realized that Copywriting is my true passion. Over the years, I have honed my skills as a creative writer by working on various content formats for B2C and B2B clients.