App Development / FinTech

How Much Does It Cost to Build a FinTech Applications?


The Financial Technology (FinTech) industry has been experiencing rapid growth and disruption, reshaping the traditional financial services landscape. FinTech applications have revolutionized the way people manage their finances, offering convenient, secure, and user-friendly solutions. From mobile banking and peer-to-peer lending to digital wallets and robo-advisors, FinTech apps have gained significant popularity, attracting both consumers and investors alike. As the FinTech market continues to expand, businesses and entrepreneurs are exploring the potential of building their own FinTech applications.


All the data presented above indicates a clear trend: the FinTech app industry is experiencing significant growth! As a result, if you’re considering creating a FinTech app for your business, there’s no better time than now to proceed. However, you might be concerned about the financial aspects and the cost involved in developing a FinTech app. But worry not, as we have provided comprehensive information on the expenses associated with building a FinTech app.

Types of FinTech Applications

Banking App

Banking apps offer a digital platform for users to access their bank accounts, perform transactions, manage finances, and avail of various banking services. They provide a convenient and secure way for customers to handle their financial needs on the go.

Example: Chase Mobile Banking

Features: Chase Mobile Banking allows users to check account balances, transfer funds between accounts, pay bills, deposit checks through mobile capture, and manage credit card transactions. It also offers features like transaction history, account statements, and personalized notifications.

Development Time: Approximately 5 to 7 months

Cost: The development cost for a standard banking app can range from $70,000 to $150,000, depending on the scope of features and integrations with core banking systems.

Key Features

  • Account Balance and Transaction History
  • Fund Transfer and Bill Payment
  • Mobile Check Deposit
  • Account Statements and Notifications
  • Card Management and Security Features

Lending App

Lending apps connect borrowers with lenders or financial institutions, providing a seamless loan application and approval process. They offer faster access to loans and competitive interest rates, often bypassing traditional banking channels.

Example: SoFi

Features: SoFi offers personal loans, student loan refinancing, and mortgages through its lending app. Users can apply for loans, check rates, and get approved within minutes. It also provides personalized loan recommendations based on user profiles.

Development Time: Approximately 6 to 8 months

Cost: The development cost for a lending app can range from $80,000 to $150,000, depending on the complexity of loan products and underwriting processes.

Key Features

  • Loan Application and Approval
  • Credit Score Assessment
  • Loan Calculator and Rate Comparison
  • Document Upload and Verification
  • Repayment Schedule and Auto-Pay Options

Insurance App

Insurance apps simplify the insurance process, allowing users to browse and purchase insurance policies, submit claims, and manage coverage digitally. They provide a streamlined experience for insurance-related tasks.

Example: GEICO Mobile

Features: GEICO Mobile offers auto, home, and rental insurance policies. Users can get insurance quotes, pay premiums, file claims, and access digital insurance cards. It also provides personalized policy recommendations.

Development Time: Approximately 5 to 7 months

Cost: The development cost for an insurance app can range from $60,000 to $130,000, depending on the number of insurance products and claims processing complexity.

Key Features

  • Policy Quoting and Purchase
  • Claims Submission and Tracking
  • Digital Insurance ID Cards
  • Policy Coverage Details
  • Payment and Billing Options

Investment App

Investment apps allow users to invest in financial instruments, manage investment portfolios, and access real-time market data and insights. They democratize investing and offer user-friendly tools for both beginners and experienced investors.

Example: E-TRADE

Features: E-TRADE offers online brokerage services, enabling users to buy and sell stocks, bonds, ETFs, and mutual funds. It provides advanced trading tools, research resources, and customizable investment watchlists.

Development Time: Approximately 6 to 9 months

Cost: The development cost for an investment app can range from $100,000 to $200,000, considering the complexity of trading features and data integration.

Key Features

  • Stock Trading and Investment Orders
  • Real-Time Market Data and Research
  • Customizable Watchlists and Alerts
  • Portfolio Performance Tracking
  • Investment Education and Insights

Consumer Finance App

Consumer finance apps help users manage their personal finances, including budgeting, saving, and accessing credit services. They empower users to take control of their financial health and make informed decisions.

Example: Credit Karma

Features: Credit Karma provides users with free credit scores, credit monitoring, personalized financial recommendations, and offers for loans and credit cards. It also offers identity theft protection and financial goal tracking.

Development Time: Approximately 5 to 7 months

Cost: The development cost for a consumer finance app can range from $70,000 to $150,000, depending on the complexity of financial tracking and credit services.

Key Features

  • Credit Score Monitoring and Reports
  • Personalized Financial Recommendations
  • Budgeting and Spending Analysis
  • Loan and Credit Card Offers
  • Identity Theft Protection

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How to Develop a FinTech Application?

Developing a FinTech application requires careful planning, a deep understanding of the target audience, compliance with financial regulations, and a robust development process. Here’s a step-by-step guide to help you develop a successful FinTech application:

Create a Detailed Project Plan

Outline the scope of the project, including features, functionalities, and technical requirements. Define the development timeline, budget, and resource allocation.

Design the User Interface (UI) and User Experience (UX)

Create intuitive and user-friendly UI/UX designs that align with your target audience’s preferences. Focus on making the app easy to navigate and visually appealing.

Choose the Right Technology Stack

Select the appropriate technology stack for your app, considering factors such as scalability, security, and performance. Decide whether you’ll build a native app (iOS, Android) or a cross-platform app.

Development and Testing

Develop the front-end and back-end of your FinTech app, integrating the required APIs and third-party services. Conduct thorough testing to identify and fix any bugs or issues before launching the app.

Security and Data Protection

Implement robust security measures, such as encryption, secure authentication, and data protection, to ensure the safety of user information and transactions.

Integration with Financial Services

Integrate your app with payment gateways, banks, and financial institutions to enable seamless transactions and access to financial data.

There are currently over 26,000 fintech startups worldwide

Essential Features of FinTech Applications

Secure User Authentication:
Implementing robust user authentication mechanisms such as two-factor authentication (2FA) or biometric verification ensures the security of user data and transactions.

Payment Gateway Integration:
For payment-related apps, integrating reliable and secure payment gateways is crucial to facilitate seamless transactions.

Real-Time Data and Notifications:
Timely updates on transactions, investments, and financial activities keep users informed and engaged.

Data Encryption:
Implementing data encryption ensures that sensitive user information is protected from unauthorized access.

Compliance and Regulation:
Adherence to financial regulations and compliance standards is essential to gain users’ trust and meet legal requirements.

User-Friendly Interface:
An intuitive and user-friendly interface enhances the overall user experience and encourages user retention.

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Factors Affecting the Cost of Building FinTech Applications

Complexity of Features:
The more complex and sophisticated the features, the higher the development cost. Apps with advanced analytics, AI-driven insights, and complex integrations will cost more to build.

Design and User Experience:
Investing in high-quality design and a seamless user experience will increase the development cost.

Platform and Devices:
Developing for multiple platforms (iOS, Android, web) and devices (smartphones, tablets) will add to the overall cost.

Security Measures:
Building robust security features, complying with regulations, and ensuring data privacy might require additional resources and budget.

Integration with Third-Party APIs:
Integrating with external APIs for payment gateways, market data, or identity verification will impact development costs.

Testing and Quality Assurance:
Comprehensive testing and quality assurance are necessary to ensure a bug-free and reliable application, which can add to the cost.

How can Webcreta Help?

As a leading agency in the FinTech development company, we are well-equipped to assist you in building a cutting-edge FinTech app that aligns perfectly with your business objectives. Our expertise lies in providing end-to-end solutions, from ideation to deployment, ensuring a seamless and efficient development process.

We are committed to staying up-to-date with the latest trends and technologies in the FinTech industry, ensuring that your app remains at the forefront of innovation. Moreover, we understand the significance of regulatory compliance and security in the financial sector. Therefore, we prioritize implementing robust security measures and ensuring compliance with relevant financial regulations.

Let us be your trusted partner in navigating the dynamic world of FinTech app development. Contact our experts today to embark on an exciting journey toward building your FinTech app!