Real Cost of Fintech App Development in 2025 - You Won't Believe the Numbers!

January 28, 2025 16 min read
fintech app development costs

The Fintech apps are commanding the centre stage in your life, ruling almost all aspects including banking and payments. They have transformed your life with convenience and innovation. There is a Fintech application for everything, including personal finance management and retail banking.

Despite the rising number of Fintech apps, there is an opportunity for every business. If you have a new idea to boost the convenience of your customers or fulfill their goals, this is the time to build it.

Knowing the cost of Fintech app development can help you plan well. It can also help you estimate the budgets properly. There are financial tools to aid in your budget planning.

This article will take a look at all the factors influencing the Fintech app development cost, and how you can estimate the actual cost.

Digital Banking: Factors Impacting Fintech App Development Cost

Let’s explore the factors that define the cost of developing a Fintech application for your business. We will explore the factors, such as technology choices and regulatory requirements to help you navigate the complex fintech landscape.

5 factors that impact fintech app development costs

#1. Complexity of Features and Functionality

When you are planning an application with fraud detection features and recommendation engines, you need to consider onboarding AI/ML consultants. Similarly, adding complex Blockchain features would require you to hire Blockchain developers.

As the feature or functionality in the Fintech app advances, you need to think through the hiring and infrastructure needs for the project. You will also need to increase the development timeline and the total resources if you need to develop an advanced application.

With custom integrations and data security measures, you might need to increase the financial pocket size for the upcoming Fintech project. As you add more convenience and features, you will need to pay more for development.

#2. Technology Stack and Platform

Your choice of technology stack and the platforms can influence the fintech development cost. Developing native apps for iOS and Android requires the right talent and infrastructure. If you are planning tailored apps, you would be spending slightly more than cross-platform app development.

React Native and Flutter can support your cross-platform development needs cost-effectively. If you plan to build an adaptable and scalable backend, you need to consider Java and Python technologies as well. It will eventually impact the performance and scalability of your apps.

Moreover, investing in cloud platforms can save you infrastructure cost while making the app more accessible.

Making sensible choices when it comes to technology stack and platform can guarantee success within your budget.

#3. UI/UX Design

By prioritizing UI/UX design, you can create an intuitive application experience that influences the cost. You must incorporate robust design principles for which you need skilled designers and a structured process.

By conducting detailed user research, you can understand them better and deliver a user-centric design. For this, you need more than just a graphic designer for the application; you need UX specialists and a better timeline.

When you invest in intuitive and usable designs, you need to increase your cost estimates.

#4. Integration with Third-party Services and APIs

To extend the functionality of your fintech application, you need to integrate it with APIs and third-party solutions. Adding more applications or integrations can increase the cost.

For instance, integrating payment gateways like Stripe or PayPal can make your fintech applications secure but, it will also increase the cost of development. Similarly, when adding APIs for open banking applications, you need to think through the costs of these API integrations.

The final budget will take into consideration all these aspects.

#5. Security and Compliance Requirements

Adding security and compliance as per the industry standards can influence the cost of your Fintech application. Implementing regulations like GDPR and CCPA can help you improve the app’s security. however, you need to exceed the development timeline, which can add to the overall cost.

If you want to enhance security, you must also adopt the current cybersecurity measures, such as encryption and multi-factor authentication. These features may need experts handling the development. Adding experts to the team and investing in the entire project can increase the costs.

You must also ensure the app can securely tackle sensitive financial data.

Mobile Payments: Average Fintech App Development Cost

The average cost of developing a mobile payments application in the Fintech realm is anywhere between $50000 and $300000. The cost of development depends on several factors.

Factors Influencing Mobile Payments App Development Cost

factors influencing mobile payments app development costs

#1. App Complexity

Payment apps can get complex too, if you plan to include advanced features like peer-to-peer transfers and multiple payment gateways. You need to ensure each functionality is integrated seamlessly.

As the complexity of the app increases, the number of resources and timeline for app development goes up. This would eventually increase the cost of developing the fintech application.

#2. Developer Location

If your developer lives in a low-cost region with lowered living expenses, you can expect the cost of app development to be low. However, if they live in countries like the United States, they would charge a premium for app development.

Even in low-cost countries, the app development cost depends on the particular city and state within the region. The developer’s location and the overall market rates can influence the cost of your fintech app.

#3. Experience and Expertise

When you need an advanced application, you must invest in resources who have an advanced understanding of the realm. They should be able to build sophisticated fintech apps using AI and ML technologies.

When you look for these resources and infrastructure to build an app, you automatically increase the app development cost. If your developer is highly experienced and has multiple advantage points, they will cost more.

At the same time, someone who is new on the job and is going to work on configurations or basic development will cost much less.

#4. Integrations

When it comes to payment apps, you may have to score multiple integrations to improve the functionality. That requires an intensive infrastructure and developers who understand their bit.

When you estimate the budget for payment app development, you must add all the integrations and specialists you need for the application. You can easily determine the overall cost.

Breakdown of Costs By Platform

Here is a detailed breakdown of the costs you are likely incur based on the platform choice for payments application.

Platform

Factors

Cost

iOS Development

Need for specialized developers increases the cost of development. The strict app development guidelines can also add to the cost.

$40,000 to $100,000

Android Development

Android development is expensive because of fragmented infrastructure. You may need to test on several devices before you build the app.

$40,000 to $100,000

Hybrid Development

Create a single codebase and use it across platforms to reduce costs. You can also customize the performance and functionality of the app.

$50,000 to $120,000

Comparison With Average Cost To Develop A Banking App

The cost of banking app development is generally higher than the mobile payments app. Here is a brief comparison of the cost of developing both app types.

#1. Mobile Payments App Development

The average cost of building a payments app is between $50,000 and $5,00,000. The features included in the basic application were P2P transfers and bill payments. You will also need to integrate payment gateways and incorporate security features like 2FA and encryption.

These apps are moderately complex and involve third-party integrations for smooth transactions.

#2. Banking App Development

If you want to develop a banking application, the average cost is about $80000 to $250000. The main feature for the banking application are account management. Advanced security features like biometrics and fraud detection can improve your app’s usability.

You will notice some advanced apps also include loan and investment tools along with financial insights. the apps are complex and require deep integration with the other banking systems for seamless data flow.

Custom Fintech App Development Costs and Benefits

If you have specific needs from your business app, off-the-shelf solutions may not be your answer. You need to think of custom solutions that cater to the demands of the realm.

Using this application, you can overcome particular business challenges. the custom solutions can integrate with your existing systems to deliver better data flow. You can customize the security as well to meet the unique authentication and access needs posed by your business.

You can add features like digital payments and loan management to your application to meet specific needs. as you prioritize the client’s goals and unique user needs, you would be able to get a more flexible and scalable solution that is governed by latest compliances and market trends.

When you opt for a custom fintech app solution, the cost may be different from the off-the-shelf solution. here are all the factors that influence the cost of a custom solution.

4 factors that influence the cost of a custom fintech solution

#1. Scope of the Project

Your cost of development depends on the overall size and functionality of the application. If you want to build a small app with limited features, the overall cost would be low. However, if you plan on an extensive development with advanced features, you will increase the timeline and cost of the app.

#2. Complexity and Features

When you power your application with complex and advanced features like AI analytics and real-time processing, you need someone experienced in development. The cost of an experienced development combined with the timeline for completion can cost you more.

If you are planning intricate and feature-intensive applications, you might need to spend more. The features and their complexity rule the estimate table.

#3. Technology Choices

Your tech choices also determine the cost of development. If you plan on native app development, your choice of platform will determine the overall cost. In case of cross-platform development, your cost will depend on the framework and technologies you have chosen. In case your tech includes AI and other advanced technologies, you may pay a little more.

#4. Team Size and Experience

The size and strength of the team will also determine the cost of development. If you have a small remote team with junior to mid-range people.

Estimated Costs for Custom Fintech App Development

Complexity

Features

Cost

Basic

Basic transactions, user authentication and limited integrations.

$40,000-$100,000

Moderate

Advanced security, AI-based analytics and banking APIs

$100,000-$200,000

High

Blockchain integration, AI-based insights and large-scale compliance

$200,000-$500,000

Fintech Talent Acquisition: Hire App Developer Costs

The right talent can make your fintech app development smooth. If you want to ensure swift timelines and seamless development, you should have your choices mastered.

You must choose between freelancers, in-house developers and outsourcing firms. Freelancers happen to be the best option when you are working on a small project with minimal complexities. This is a cost-effective option for your business app development.

In-house teams provide complete control over the project. They are great if you want to indulge in collaborative app development. You might need to increase the budget to meet the salary and benefit needs.

Outsourcing is your last option, which is great in terms of talent access, scalability and budget. You get specialized talent at a lower cost.

Factors that Affecting Hire Fintech App Developer Cost

These factors impact the overall cost of hiring a fintech developer for your upcoming project.

#1. The Developer’s Location

The location of the developer is pivotal in determining the cost of fintech development. The developer based out of US is likely to charge about $100 to $200 hourly for the development. However, European developers may charge less. The hourly rates are anywhere between $40 and $80. You will find that most Asian countries cost less. The hourly rates are between $20 and $50.

#2. Experience and Expertise

Along with the location of your developer, you also need to consider the experience of the developer while hiring them. the junior developers cost less owing to their generic experience and knowledge.

However, as seniority increases, they may have specialized understanding that can increase the cost of hiring. If you are choosing experts with specific knowledge, you might need to consider additions to the cost.

#3. Market Demand

The demand for fintech developers can also increase the cost. If you want to add skills like Blockchain integration and AI solutions to your application, it can cost you more. There is a lot of demand for specialized skills leading to increased rates. The rates again depend on the location and other factors.

Estimated Costs of Hiring a Developer

Here are the estimated costs for hiring a fintech developer for the different engagement models.

#1. Hourly Rates

The hourly rates are location and expertise-dependent. In the US, the hourly rates are about $100-$200. In western Europe, it is between $70 and $150. The eastern Europe is where you will pay $40 to $80 for an hour. Asian countries charge anywhere between $20 and $50 per hour.

#2. Fixed-Price Contracts

You will need to charge a fixed price for the particular app type. Basic apps cost you about $20000 to $50000. This app type includes basic functionality. You will need to invest about $50k to $150k for a moderately complex app with API integrations and advanced security. To get a highly advanced and complex app, you need to pay anywhere between $150k to $500k.

Fintech App Development Team Costs

Role

Location

Junior Level

Mid Level

Senior Level

Designer

US

$50 to $80

$80-$120

$120-$180

Eastern Europe

$20-$40

$40-$60

$60-$100

India

$10-$20

$20-$30

$30-$50

Developer

US

$80-$120

$120-$180

$180-$250

Eastern Europe

$40-$70

$70 – $100

$100 – $150

India

$20-$40

$40 – $60

$60 – $100

Business Analyst

US

$60 – $90

$90 – $130

$130 – $180

Eastern Europe

$30 – $50

$50 – $80

$80 – $120

India

$15 – $30

$30 – $50

$50 – $80

QA Engineer

US

$50 – $80

$80 – $120

$120 – $160

Eastern Europe

$20 – $40

$40 – $60

$60 – $90

India

$10 – $20

$20 – $30

$30 – $50

Project Manager

US

$70 – $100

$100 – $150

$150 – $200

Eastern Europe

$30 – $60

$60 – $90

$90 – $130

India

$15 – $30

$30 – $50

$50 – $70

Marketing Specialist

US

$50 – $80

$80 – $120

$120 – $160

Eastern Europe

$20 – $40

$40 – $60

$60 – $90

India

$10 – $20

$20 – $30

$30 – $50

Note: These rates are estimated and they are the hourly prices for hiring.

Fintech Cost Estimator: App Development Cost Calculator

The fintech app development cost calculator is one of the best tools to estimate the total cost of developing an application. Using these calculators, business analysts and developers can get a rough estimate of the potential expense.

There are several online tools and services that help estimate the cost of the application. Buildfire and GoodFirms help with estimating the cost using specifications like app type, platform and features. Clutch can also help with identifying how different technologies impact pricing.

Here’s how you can use the cost calculator to estimate the app development cost.

  1. Select the app type you wish to develop. For example, you might want to create an open banking application or a wealth management solution.
  2. Once you have selected the app type, determine the platform choices for the app. select the features you plan to build in the application. Lastly, determine what kind of engagement model you wish to implement for the app.
  3. Once you have added these details, the cost calculator will give you an estimate. They will give you a range depending on the location and developer’s experience. Fintech Budget Breakdown: App Cost Table.
  4. Detailed table outlining estimated fintech app development cost:
  • Breakdown by platform, features, and complexity
  • Include potential hidden costs (e.g., maintenance, updates)

Fintech Budget Breakdown: App Cost Table

This table will estimate the cost of developing a fintech solution based on several factors, such as platform, features, complexity and potential hidden costs.

Category

Basic App (Simple features)

Moderate App (Standard features)

Complex App (Advanced features)

Platform

iOS Development

$20,000 – $50,000

$50,000 – $100,000

$100,000 – $200,000

Android Development

$15,000 – $40,000

$40,000 – $90,000

$90,000 – $180,000

Hybrid Development

$25,000 – $60,000

$60,000 – $120,000

$120,000 – $250,000

Features

User Authentication

$3,000 – $5,000

$5,000 – $8,000

$8,000 – $15,000

Payment Gateway Integration

$5,000 – $10,000

$10,000 – $20,000

$20,000 – $40,000

Data Security (Encryption)

$4,000 – $7,000

$7,000 – $15,000

$15,000 – $30,000

AI/ML Integration

N/A

$10,000 – $20,000

$20,000 – $50,000

Blockchain Integration

N/A

$20,000 – $50,000

$50,000 – $100,000

Complexity

Basic application

$20,000 – $40,000

N/A

N/A

Moderate

N/A

$50,000 – $100,000

N/A

Complex

N/A

N/A

$150,000 – $300,000

You may experience a few hidden costs while estimating the cost of a fintech application. These would include the maintenance of the app, which is about 15-20% of the total application.

The third-party licensing fees for API integrations and payment gateways should be considered when evaluating the total cost. This would be approximately $1000 to $5000 per year. Lastly, marketing and compliance costs also need to be included in the estimate.

Fintech Investment Insights: Conclusion

When estimating the cost of a fintech application, you must carefully balance the cost, features and complexity of the application. You should select the ideal platform, and development team’s expertise before you have the final cost.

Some of the successful fintech projects like Revolut have kept it simple while including strategic features. This strategic advantage has helped them increase retention and improve engagement.

You must plan the ideal strategies to save some costs. For example, outsourcing provides you an accessible talent pool at a low cost. Additionally, open-source technologies guarantee high-quality and low-cost solutions.

You must ensure you have considered cybersecurity, regulations and data privacy factors when determining the costs. Working with an Expert App Devs team guarantees an opportunity to find the best solution at competent prices.

We help you with validating the idea, determining the best estimates and ensuring the final solution in sync with your goals. Connect with our team to explore possibilities in the fintech realm with us.

Frequently Asked Questions

#1. Why choose expert app devs?

Expert App Devs has the relevant experience in delivering fintech apps aligned with your goals. We have built banking solutions, wealth management services and other applications. We have worked with current technologies like Blockchain and AI to deliver capable applications.

#2. What is the role of AI and ML in fintech?

AI and ML integration in fintech apps improves fraud detection, streamlines risk and personalizes financial recommendations with data-backed insights.

#3. What is a low-code/no-code platform and how do they benefit the business?

Low-code or no-code platforms are where you don’t need coding knowledge or expertise. These apps allow you to build MVP or validate the idea with minimal resources and cost.

#4. What is the role of IoT in fintech?

IoT can boost real-time payments and ensure better data collection. It can also improve the financial tracking, resulting in connected ecosystem.

#5. How AR/VR enhance the fintech application?

AR/VR can improve customer experiences by offering immersive experiences and better visualization. It can be used in multiple fintech solutions.

#6. What are the cybersecurity best practices for developing fintech apps?

You should implement encryption technology, incorporate multi-factor authentication and secure coding for best security of the fintech applications. Moreover, you should conduct regular audits for the best results.

Jignen Pandya-img

Jignen Pandya

Vice President at Expert App Devs

Responsible for creating a sales funnel, attracting top-of-the-funnel customers, and converting the target market.

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