The FinTech market is growing at an unprecedented rate, with the Digital Payments market expected to exceed 4,805.00m users by 2028. Moreover, banking and financial services are advancing dynamically, with industry trends quickly expanding in this sector. Looking at this growth, many aspiring startups and established enterprises might want to invest in this industry to gain a competitive edge.

Thus, if you want to build a FinTech app, you must consider the total cost of its development process. However, there is no one-size-fits-all answer to this concern. Various factors affect the final estimation. Some of these parameters are the cost of hiring a reliable FinTech app development company, the developer’s location, technology integration, and maintenance and support services. Therefore, you must understand various factors influencing this estimation to determine the final FinTech app development cost.

Factors Affecting FinTech App Development Cost

1. FinTech App Types

Begin your FinTech app development process by deciding on the category your app will fall into. This will help you define your app idea and requirements further, making estimating the FinTech app development cost easy.

Let’s take some of the common FinTech applications as a reference.

FinTech App Types Examples Average Cost
Banking Apps Revolut $30,000-$300,000.
Investment Apps Acorns $60,000 and $120,000
Insurance Apps Geico $45,000 and $200,000
Lending Apps ZestFinance $50,000 and $150,000
Consumer Finance Mint $50,000 and $300,000

2. Feature Complexity

The number and complexity of features integrated into a FinTech app also greatly influence the cost of building it. FinTech apps typically include the following features:

  1. Tracking and management dashboard
  2. Multi-factor authentication
  3. KYC
  4. User profile
  5. Card management
  6. Admin panel
  7. Payments

3. Developer’s Location

The country from which you hire a FinTech app development company you hire affects the development price because the cost of living differs in each location.

Here are the average per-hour costs of hiring developers from different regions.

Developer’s Location Charges per hour
USA $150-$250
Ukraine $90-$150
India $60-$90
Australia $100-$120
United Kingdom $100-$120

4. Method of Establishing App Development Team

As a FinTech startup owner, you have various ways to establish an app development team. You can outsource a professional FinTech app development company, create an in-house team, or hire freelancers. Each method has advantages and disadvantages you must consider when deciding. For instance, freelance developers may lack the professionalism that you seek in your services, and an in-house team may be a costly option.

Type of team Cost of development
In-house $100,000
Local agency $150,000
Outsource agency $60,000
Freelancers $30,000

Note: The above-given FinTech app development cost is calculated based on 1,000 hours of development time.

5. Platform Choice

One of the primary factors affecting the cost of FinTech app development is the platform on which you choose to deploy your application (Android or iOS). Applications built with native technologies will cost comparatively more than those built with a cross-platform framework. Hence, you can decide on the tech stack according to your budget.

Also read FinTech App Development Guide in 2024


New trends and challenges are emerging every day in the FinTech industry, which needs to be addressed with the assistance of a reliable company offering custom FinTech app development services. A professional company can manage every task effectively, from conception to creation to maintenance.

However, explain your app requirements effectively for better scope management and clarity. With a managed development process, you can develop your application within the estimated time and cost.