12 min read

FinTech app development cost: what you need to know

Banking

eCommerce

FinTech

Insurance

Software development

The push towards digitalization, growing demand for financial inclusion, and rapid tech advancements, along with shifting consumer preferences for digital banking, all point to one thing: adopting FinTech is no longer optional. It’s only a matter of time before businesses must embrace it or risk falling behind. And the numbers speak for themselves — according to Mordor Intelligence, the FinTech market is estimated to be $312.92 billion in 2024 and could grow to $608.35 billion by 2029, with a CAGR of over 14%. What this means is that the FinTech app industry is on the rise and isn’t slowing down anytime soon!

If you’re here, you’re likely one of those forward-thinkers looking to grow and transform your business with FinTech apps. That’s why we’ve put together all the details you need to know about FinTech app development costs.

Thinking about building a FinTech app?

There’s no better time than now! At Innowise, we know how to get it done right at a cost that works for you.

FinTech apps we develop

Banking apps

Personal finance apps

Insurance apps

Investment apps

Banking apps

Banking apps aren’t just nice-to-haves anymore — they're tools people rely on daily, if not hourly. From fast and secure payments to smooth mobile experiences and 24/7 support, these apps need to be reliable and built to handle everything your customers need, anytime and anywhere. We create banking apps that are not only powerful but also designed to keep your customers coming back, boosting loyalty and engagement with every interaction.

Personal finance apps

Today’s digital-savvy users want more than just to send or receive money — they want to easily manage, budget, track, and plan their finances. The personal finance software market is booming, expected to hit $4.2 billion by 2032. At Innowise, we build personal finance apps that truly live up to the "personal" part. They're customized to fit real customer needs and flexible enough to grow as those needs change.

Insurance apps

InsurTech is all about making things simple and earning your customers' trust. So, how do you pull that off? Well, you could build a super user-friendly app where policyholders can easily access insurance options. Or you could make things easier for your agents — helping them streamline their routine tasks so they can focus on the important stuff that really drives results. Either way, we've got you covered!

Investment apps

Investment apps let users trade stocks from the comfort of their couch. You might be thinking, "Sure, lots of apps offer that." But what if we told you that your app could integrate advanced features like GenAI to analyze market trends and user risk tolerance and offer personalized advice? Sounds more exciting, right? Our investment apps are designed to help users make the most of their money, turning investing into a simple and rewarding experience.

Banking apps

Personal finance apps

Insurance apps

Investment apps

Discover FinTech app development services

FinTech app development can involve a lot of moving parts. That’s where Innowise steps in — we’re all about keeping it simple for you. Instead of dealing with multiple service providers, you can rely on us to deliver a full-cycle service.

Custom FinTech app development

The difference between a custom app and a generic app is clear — a custom app is built for your specific needs. But a custom app can also save you money in the long run. It’s not just about what you need now; it’s about planning ahead. When you need to add new features, scale up, or integrate with other tools, a custom app adjusts easily without the big costs. This way, you avoid pricey changes later and keep everything running smoothly with minimal downtime.

FinTech cybersecurity services

In FinTech, data is everything, and a breach can spell disaster. That’s why we take security seriously. Our approach covers all the bases: detection, prevention, and response. Whether it’s data encryption, role-based access, or secure authentication, we’ve got the tools to keep your app safe and compliant with regulations such as FIDA and GDPR. Think of us as the firewall standing between your business and those threats out there.

FinTech app support

As a FinTech app development company, we know how crucial it is to keep your app performing at its best. We’re not the kind to build it and disappear — we’ll be right there, making sure your app stays in top shape 24/7. Whether it’s handling updates, adding new features, keeping documentation up to date, or fixing bugs, we’ve got you covered so you can focus on what matters most: running your business.

FinTech consulting

Starting off right is key to success, and we’re here to make sure you do just that with your FinTech app development. You’ll probably have dozens of questions, and that’s totally fine — we’re here to answer them all. Whether it’s analyzing competitors, ensuring regulatory compliance, managing risks, or choosing the perfect tech stack, we’ll handle it every step of the way.

FinTech app integration

What makes a great FinTech app today? It’s all about the convenience it offers users. And that convenience comes from smart integrations — think BNPL solutions, embedded insurance, or seamless KYC and AML processes. With over a decade of experience in FinTech and strong industry connections, we’re here to power your app with the right integrations so you can deliver real value to users.

Already have a vision for your future FinTech app?

Now’s the time to call in Innowsie and get your app ready to shake up the market!

Must-have features for a FinTech app

AI-powered chatbots

AI-powered chatbots don’t just handle customer issues — they help spot fraud, speed up loan approvals, and give personalized tips. By taking care of all that behind the scenes, they make things smoother for both users and businesses.

Tracking and management

Most users need more than numbers — they want quick, easy-to-read visuals like charts, diagrams, and color-coded areas to conveniently track their finances. It gives users a clear picture of their spending trends, balances, and even credit scores.

Notifications

Notifications make it super easy for users to stay on top of their accounts. Features like reminders about upcoming payments, alerts for suspicious transactions, or updates from tech support help users always be in the loop.

Payments

Think about hooking up to third-party payment processors or bank APIs to make transactions a breeze. Offering options like QR codes or e-wallets is a smart move — especially since a lot of people love e-wallets for their convenience.

Admin panel

The admin panel lets users customize their experience: they can easily check balances, view transaction history, or manage payment methods. Whether they’re updating card details or tracking spending, everything they need should be right at their fingertips.

Card management

Card management is an absolute must for any FinTech app. It lets users activate or deactivate cards, set spending limits, and freeze a lost card in real time. Users can also handle virtual cards, update payment info, and get instant alerts for every transaction.

User profile

A user profile gives users full control over their app experience. From updating their personal info and managing preferences to customizing the app layout — users can move things around, adjust features, and set up notifications or security settings just the way they like.

MFA and KYC

Secure access measures are key for a FinTech app. For extra protection, MFA requires identity verification through biometrics, in addition to 2FA, while KYC verifies identities during onboarding with document uploads and facial recognition to keep the app secure and compliant.

Advanced tech for FinTech app development

Digital analytics

With digital analytics, FinTech apps can track how users navigate the app, what features they like, and their spending habits. This helps you offer personalized loan offers, investment options, or credit card deals. Plus, it shows which features are favored by the users, so you can focus on what works and boost profits.

Blockchain

Blockchain will pack your FinTech app with standout features. For example, users can send money worldwide in minutes using cryptocurrencies or stablecoins, and it’s way cheaper than using traditional banks. Smart contracts make things like loan approvals, payments, and insurance claims easy, cutting out the paperwork and delays.

Artificial Intelligence

We’ve already mentioned AI chatbots in your app, but you can go further to offer smarter, faster financial services. AI can handle risk assessments, power automated trading systems, and provide robo-advisors for personalized investment management — all within the app. All of this makes your FinTech app way more powerful.

Robotic process automation (RPA)

RPA is a huge help for your app, as it can automate everything from account setups to transaction logging with ease. It takes care of document checks, credit assessments, and approvals in no time. And when your app grows, RPA handles operations effortlessly — whether it’s processing more transactions or managing more loans, it keeps everything running without any slowdowns.

Internet of Things (IoT)

IoT can be a game-changer that sets your app apart from the competition. Take InsurTech apps, for example — they can use connected devices like wearables or car sensors to track things like driving habits or health stats. Insurers can then use this real-time data to get a better picture of risk and offer more personalized policies.

Biometrics

Biometrics is all about the convenience and security of your FinTech app, both highly valued by users. Scanning a fingerprint or using facial recognition to access accounts or approve transactions is much easier than typing in passwords. With biometrics stepping in to replace PINs and passwords, users no longer have to worry about forgetting those.

Unlock your business's full potential with a FinTech app!

We’ll help you make smart moves and create a solution that really drives profits.

Key drivers of FinTech app development cost

Now that you know what goes into a FinTech app, the big question is: what’s the cost? We’ve just scratched the surface so far. Let’s take a closer look at what really drives the price of FinTech app development.

Feature complexity

The features you choose for your FinTech app will shape the user experience and, of course, the cost. A basic payment app with simple functions like making transactions and checking balances will cost a lot less than a more advanced banking app with things like AI-powered data analytics and real-time tracking.

Development platform

The platform you choose for your app plays a big role in development costs. For example, building separate apps for iOS and Android with native tech is going to cost more than using cross-platform tools like Flutter or React Native.

Security measures

No need to say that sticking to basic security like encryption and authentication will cost less than going all out with advanced measures like MFA, secure coding, and thorough app security testing. But here’s the thing — security is not the place to cut corners. It’s everything when it comes to FinTech.

Integrations

Adding payment gateways and integrating third-party services boosts your app’s features but also increases costs. The more gateways and services you connect, the more complex it gets. Things like real-time updates and custom APIs can add to the cost, but they’re essential for making the app easy to use.

Custom UX/UI design

Custom FinTech app design is all about creating a personalized user experience. To make sure the app is easy to use, an intuitive interface and a clear user journey are a must. Unique touches like animations, transitions, and layout customization not only make the app more engaging but also impact development costs.

Regulatory compliance

In FinTech, staying compliant with regulations like KYC, AML, PCI DSS, GDPR, and industry-specific rules is a big deal. Making sure your app meets these standards and adapting to changing regulations takes some investment — but it’s totally worth it to keep everything safe and sound.

Backend complexity

To get a FinTech app up and running, you’ll need solid infrastructure behind it. We’re talking about things like cloud servers, databases, and tools for smooth development. If your app is on the complex side, you’ll likely need scalable cloud setups. All of this can bump up costs, especially when you need strong backend support.

Tech stack

The tech stack you pick has a huge impact on your fintech app’s cost. Popular languages like JavaScript or Python are more affordable because there’s more talent available, while niche frameworks can be pricier. And keep in mind, the more complex your tech stack, the more you’ll likely spend on maintenance, updates, and scaling down the road.

Testing and QA

Rigorous testing is a must in FinTech — it is important to catch any potential issues before they become big problems. Sure, thorough testing and quality checks might bump up development costs a bit, but as the saying goes, it’s cheaper to prevent than to fix later. So, investing in testing now will save you a lot of headaches (and money) later!

Dev team structure and location

In-house teams offer control but come with higher costs for salaries, infrastructure, and recruitment. Outsourcing is more flexible and cost-effective but needs careful management. Team size, roles, and location also affect costs — hiring from regions like Eastern Europe or Asia is often cheaper than from the US or Western Europe.

Product requirements

Interactive UI/UX

Location of the development partner

Time required for app development

App maintenance

Advanced technologies used

Tools and languages used

Features integrated

“In software development, there’s no one-size-fits-all, especially when it comes to FinTech. Every app has its own unique costs, and that’s even more true for complex financial products packed with integrations, advanced security, and other cutting-edge tech. That’s why it’s smart to bring in FinTech experts who can not only help you figure out your costs but also build a solution that strikes the perfect balance between cost and value for your business. “

Siarhei Sukhadolski

FinTech Expert at Innowise

FinTech app development process

So here we are! After diving into the essential features and cost considerations of FinTech app development, let’s take a look at how the whole development process actually works.

Requirement gathering

At this stage, the team figures out the app’s purpose, digs into what users really need, and decides on the tech stack and security features. This is also the time to nail down the budget and timeline, so everyone’s on the same page about costs and deadlines.

App design

During this phase, the team creates wireframes and prototypes to map out how the app will look and feel. The design process also includes branding, so the app has a consistent vibe that connects with your audience.

POC development

POC development is all about creating a small version of your FinTech app to test if it's going to work before diving in fully. It helps make sure the core features work as planned and the tech can put out decent performance. Plus, you can get feedback from stakeholders or potential users.

MVP development

MVP development focuses on building a working version of your app with just the essential features and getting it into the hands of real users. It’s designed to test the waters, gain traction, and gather feedback from users before you go all-in on a full-featured version.

Development

During this phase the development team builds the front-end and the back-end to bring your app to life. They’ll integrate third-party services, like payment gateways and authentication systems, while regularly performing code reviews to catch any issues early.

Testing & QA

During this phase the team performs functional testing to check that all features work smoothly, security testing to keep data safe, performance testing to see if it can handle lots of transactions, and usability testing to make sure the app is easy to grasp.

Post-launch maintenance

After launching, it’s time to keep an eye on the app for any bugs, roll out new features, and make sure your app is secure and up-to-date. Plus, with post-launch analytics, you can track how users interact with your app, spot issues, and make their experience even better!

01 Requirement gathering

02 App design

03 POC development

04 MVP development

05 Development

06 Testing & QA

07 Post-launch maintenance

“The demand for FinTech solutions is through the roof! With more people staying home and managing money on the go, mobile banking, digital payments, and easy money transfers are front and center. So, why not jump on board? For businesses, now’s the time to act or risk falling behind. At Innowise, we’re here to help — whether you’re just playing with the idea or ready to dive in. Let’s turn that idea into something amazing! “

Siarhei Sukhadolski

FinTech Expert at Innowise

To wrap things up

Software development isn’t a walk in the park — it involves a lot of thought and, yes, significant investment. But as things change, businesses have to keep up, no way around it. The good news? You can get a custom FinTech app built to fit your budget, your needs, and your customers. At Innowise, we’ve got the perfect mix of FinTech expertise and tech smarts. Combine that with your vision, and together we’ll spark the perfect FinTech solution.

FAQs

How long does it take to develop a FinTech app?

It really depends on how complex the app is — it can take anywhere from 3 to 12 months or even longer. Of course, more advanced features will take more time to develop, but the better thought out and carefully built your app is, the fewer problems you’ll run into down the road.

How much does it typically cost to develop a FinTech app?

A basic app could run you around $50,000 to $100,000, but if you’re looking for more advanced features, the price can easily go up. It also depends on whether you decide to hire in-house developers, outsource the work, or go for a mix of both with augmented teams.

Are there hidden costs in FinTech app development?

With the right experts and transparent processes, hidden costs are unlikely. However, adding more features over time can increase the price. That’s why we offer solid planning and budgeting from the very start to save you from any surprises down the road.

How important is security in FinTech app development, and how does it affect the cost?

Security is essential in FinTech app development since these apps handle sensitive financial data. The need for strong security features can raise the budget. But this isn’t an area where you can cut corners — security breaches are costly, not just in money, but in user trust as well.