How Much Does It Cost To Create A FinTech Application?

How Much Does It Cost To Create A FinTech Application?

FinTech app development cost is critical for all financial companies planning to digitize their business processes. To estimate the detailed price, you should consider a wide variety of aspects, such as functionality, design complexity, platforms to cover, and architecture requirements. However, the most influenceable factors are development time and specialists' hourly wages. 

In this article, we provide a comprehensive coverage of calculating the approximate time and cost to create FinTech applications of diverse types, from banking to investment apps. This ensures that you, as financial professionals, are well-informed and catered to your specific needs.

Main Factors Influencing The Cost Of Creating FinTech Application

You might be wondering what aspects are the most critical to consider when estimating FinTech app cost. In this section, we will describe the main factors in detail: 

Diversity and complexity of functionality

The functionality of your application significantly impacts the total price. More features require more time to develop, which increases the overall project duration. Moreover, you may need more complex technologies and deeper expertise to implement intricate functions.

Platforms to cover

Crafting an app for one platform (iOS or Android) requires less time, a smaller development team, and shorter resources than creating two separate native applications. However, if you aim to cover both platforms and want to reduce investments, here's the deal: you can opt for cross-platform Flutter app development. Such a service allows the creation of two applications in a single code base, significantly reducing the cost of making a FinTech app.

UI/UX design

Your app's design is key to its success and appeal. You can use one of the popular templates to design your solution at a lower cost, but such a decision may reduce your competitiveness. If you want to engage more users, you should turn to a custom UI/UX design. But here's the kicker: the cost of FinTech app design will also vary based on complexity: many pages with a variety of interactive elements increase the final price. 

Security and compliance

Financial applications require a special approach to data protection since they operate sensitive user data. Moreover, FinTech solutions adhere to strict industry regulations that demand implementing particular functionality to ensure compliance. You can integrate only basic security measures that enable you to comply with regulations to lower initial investments. However, we highly recommend improving your app's protection with robust tools such as biometric authentication, industry-specific data encryption, etc. 


Suppose you want to build a FinTech app integrated with other software solutions in your business ecosystem. In that case, you should be ready to spend initial costs to provide seamless interaction. Moreover, expanding your platform's capabilities with third-party service integrations can also increase the overall project price. This is wild, but these expenses are only for the best: your FinTech app will be able to provide a seamless user experience and attract more clients. 

Type of FinTech app

There are various types of financial applications, each of which requires the implementation of unique features and sometimes adheres to distinct regulations and laws. Accordingly, the cost of a FinTech app can change from type to type. For example, banking solutions require more development time than landing or investment apps. 

FinTech Applications Cost By Type

As we already mentioned, each type of financial application has its own features, so its price is different. Now, we will briefly overview the main FinTech app types and their costs.

Banking app

Banking applications are digital solutions aimed at expanding traditional banking institutions' capabilities or even replacing them. Such solutions allow clients to perform various operations with their accounts via mobile devices. Banking apps usually enable you to check your balance, make P2P transactions, schedule payments, find ATMs near you, etc. 

Lending app

Lending apps are created to connect people who are ready to lend money with people who need to borrow it. These platforms streamline the lending process by offering a convenient digital interface where lenders and borrowers can easily find and interact with each other. By using lending apps, borrowers can access funds quickly and often at more competitive rates than traditional financial institutions, while lenders can earn interest on their money with minimal hassle.

Insurance app

Insurance applications streamline and automate classical services. There are several types of such solutions depending on their purpose: 

  • Claim settlement
  • Travel insurance
  • Sales management
  • Car insurance
  • Broker app

Investment app

Investment platforms are handy tools that allow beginners and experienced investors to manage their funding conveniently and "on the go." So how to build an investment platform? Remember that it should provide rich functionality that includes not only basic features like buying and selling assets but also comprehensive analytics and reports to help users make informed and effective decisions. 

Consumer finance app

This FinTech app type is aimed at effective finance management. It provides wide functionality, allowing users to control their spending by categories, set goals, and control their performance. 

What's the bottom line? The time and costs required to develop these solutions vary. Here are the approximate calculations based on the hourly rate of $50 per hour, which is typical for the Central and Eastern Europe (CEE) region. 

How The Choice Of IT Partner Impacts FinTech App Development Costs

So, we've already explored some of the critical FinTech app's cost-driving factors. Now, we should discuss how your software development team's selection may affect the price: 

Cooperation model

There are three possible hiring options for FinTech app development: 

  • In-house team. You can hire a whole development team to work in your company. This option provides you with the highest control level but implies additional expenses for office rent, hardware, wages, insurance, etc. 
  • Staff augmentation. You can hire all essential specialists from an outsourcing software vendor but still maintain complete control over your project. This option allows you to save time on hiring and cut expenses. 
  • Dedicated development team. This cooperation model implies hiring a whole team for FinTech app creation from an outsourcing provider. You completely outsource your project to an external vendor, freeing up your time for other business tasks. 

Region and hourly rate

Another factor that has a tremendous influence on the FinTech app cost is your software development team's hourly rates. This variable depends on geographical location. The cheapest regions are Asia, India, and Latin America: they offer software development services at $40-$60 per hour. Canada, the USA, and Western Europe are the most expensive ones - IT specialists here charge $100-$200 hourly. The most popular outsourcing regions today are Central and Eastern Europe. It is famous for a huge number of software providers who provide high-quality services at a reasonable price - $50-$80 per hour. 

You can see how your software provider's location can impact the cost of building a FinTech app below: 


To summarize, the cost of FinTech application development can vary from $50,000 to $350,000+. The exact numbers depend on a vast array of factors we've explored in this article. If you want to get a detailed estimate, you should turn to a reliable software provider with deep expertise in the FinTech domain and share the idea of your future project. Thus, you'll receive not only price calculations but also comprehensive consulting and development services. 

Author bio

Yuliya Melnik is a technical writer at Cleveroad, a software development company in Ukraine. She is passionate about innovative technologies that make the world a better place and loves creating content that evokes vivid emotions.

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