How Much Does it Cost to Develop a Fintech Application?

Fintech Application

We live in the 21st century, where people are looking for higher reliability, innovation, and prompt services. They want their banks to advance with the technology they love. Digital technology is not just beneficial for banking; it is essential. Unfortunately, only a few banking businesses globally focus on adopting innovative fintech technology and taking measures to implement it effectively.

As per the latest study by the World Bank, approximately 1.4 billion people remain unbanked. Due to the lack of advanced technology and fintech solutions, the banking sector is unable to reach all users, regardless of their location.

So, does it have a future without fintech? Let’s first understand what fintech is.

What is fintech?

Think back to the time of COVID-19, when social distancing was mandatory. You deposit your paycheck by snapping a photo on your smartphone and uploading it using a mobile banking application. That’s when fintech banking applications came into the spotlight. We even realized how significantly fintech plays a role in our personal and professional lives.

According to the Global FinTech Adoption Index, around two-thirds (64%) of the world’s population was using fintech applications in 2019, up from 16% in 2015. Additionally, three out of four consumers had become users of money transfer and payment solutions.

Put it simply, fintech stands for financial technology and aims to simplify the customer’s and banking authorities’ lives and reduce operation costs. It makes the banking sector more accessible, convenient, and competitive. 

Over the past decade, the fintech industry has experienced exponential growth. Digital transformation and financial services are bringing transformation, resulting in developing economies and also regions, where billions of users previously struggled to access banking services. 

Cost Breakdown By the Types of Fintech Applications

Let’s dive deeper into the cost of developing a fintech banking app and its associated feature development and prices.

Lending Application

A peer-to-peer lending application connects people who are looking for loans with those who are willing to provide loan services. The application enables users to borrow a little cash against their property or next payment. 

The lending industry is growing rapidly at a fast pace, thanks to technology that addresses the shortcomings of the traditional system, which requires people to visit in person and go through manual processes. 

So, if you’re interested in creating your lending application, you can hire app developers in India. They have great expertise in this area and will help you to achieve your goal. However, the average development cost of a lending application may vary based on the features and functionality. It ranges between $30,000 and $150,000.  

Key features of lending application

  • Loan Terms: Users can easily compare different loan teams, such as interest, repayment, fees, and period. 
  • Loan Application: Leveraging the benefits of this application, users can efficiently process their loan and get complete information of personal and financial information.
  • Loan Eligibility: Through credit score, income, and other factors, users can understand whether they are eligible for a loan or not. 
  • Loan Repayment: The feature enables users to track their loan-related information and make payments.
  • Customer Support: Users can connect with customer care support service 24/7. 

Investment application  

The app enables users to review and invest in multiple financial assets, such as- such as mutual funds and other types of investments. 

Investment management solutions provide real-time and relevant analytics data that help users to make the right investment decisions and invest in buy stocks, mutual funds, trading apps, cryptocurrency exchanges, and more. 

The average development cost of investment applications ranges between $70,000 to $120,000. 

Key features of investment application

  • Account Management: Users can change or update information on their own banking account, like email, phone number, and other information.
  • Portfolio Tracking: Users can review their investment portfolios in real-time, such as the performance of individual assets and overall portfolio growth.
  • Buy and Sell: Users can buy and sell various assets based on their preferences, such as stocks, bonds, ETFs, cryptocurrencies, mutual funds, and more. 
  • Research and Analysis: Users will get real-time data on various financial investments, such as financial reports, and market analysis.

Banking Application

Banking applications are designed to streamline financial activities. It enables users to perform various financial activities without physical visits to the bank. 

Leveraging internet banking or mobile banking, users can access their bank accounts and conduct various financial transactions. The estimated charge of developing a banking application ranges from $25,000 to $300,000. 

Key features of banking application

  • Fund Transfer _ Users can perform money-related activities, like paying bills, money transfers, and more
  • Card Management_ It enables users to check credit card statements, dispute charges, make payments, etc.
  • Loan application_ Users can also apply for a loan, check the status of the loan and installment, etc.  
  • Security Feature _ Create financial goals, track your banking entries, set budget goals, and more.

Mobile Payment Application

Mobile payment applications, like Apple Pay, Gpay, Google Wallet, and more have grown exceptionally since their launch. It provides ease, comfort, and a sense of security to users while paying money through them. 

Its unique and easy-to-use features enable users to make and receive payments anytime and anywhere online. However, the estimated cost of developing mobile payment applications ranges from $45,000 to $200,000. 

Key features of mobile payment application

  • QR Code Payments: QR codes are designed for quick payment.
  • Contact List Integration: To make payment, users can sync their phone contacts and send payment in a few seconds. 
  • Linking Payment Methods: Users can link one or two bank accounts, credit cards, and other digital wallets for smooth payment transactions. 
  • In-App Chat: Users can connect with other users through chat features.
  • Push Notifications: Users can get real-time notifications for their transaction’s status, like successful payment received or failed payment and other account activity.

Personal Finance Apps

The personal finance application is designed to track both income and expenses. Not only this, users can also reduce their unwanted expenses and create better financial planning. The development cost of building this application ranges from $40,000 to $300,000. 

Key features of personal finance application

  • Budgeting Tools: Users can create their monthly or annual budgets and track their spending against these budgets.
  • Expense Tracking:  Users will get insights and information about their spending habits.
  • Transaction History: You’ll also get detailed information on all your financial transactions, including income and expenses.
  • Debt Management: Users can track their debts including credit cards, loans, and mortgages.

What factors affect the cost of Fintech app development

  • Development Platform: – Before developing a fintech banking application, you need to choose the right platform, such as iOS, Android etc. Intuitive app design leads to a better UI/UX. An app needs to be created properly, using the right color element, appropriate font, terminology, and white space. A well-designed application enables users to find the information they need quickly. 
  • Location: – The location of the development partner -like the location of a blockchain development company also matters a lot if you have to develop decentralized solutions. The cost depends on the hourly rates of a team of 4-7 experts and the time taken to develop the application in a specific place or country. For example, the fintech app development company in India typically charges less than a  US-based company. 
  • Product Requirement: -The scope of work and the level of complexity can also influence the cost of development. Building, testing, and deploying a product is more complicated if its logic and concept are sophisticated.

The Final Word

Fintech has become necessary in the banking sector. One of the primary reasons for the growing importance of Fintech in banking is its ability to streamline processes, reduce operational costs, automation of tasks, and more. In this blog, we have discussed factors affecting fintech app development costs.

Want to hire an app developer for your next fintech project? Look no further, the best fintech app development company is here to help you. They will be happy to cater all sorts to your needs in the best possible way. 


As the editor of the blog, She curate insightful content that sparks curiosity and fosters learning. With a passion for storytelling and a keen eye for detail, she strive to bring diverse perspectives and engaging narratives to readers, ensuring every piece informs, inspires, and enriches.