How Much Does It Cost to Develop a Fintech App?
Do you want to build a fintech app from scratch? If you do, you know that the cost can greatly vary. You can create simple budgeting tools that help users keep track of their finances. But also, you can build robust trading platforms with a lot of data and functionalities. One of the important questions is: How much does a fintech app cost? You should know that the final cost depends on a few factors. In this article, we go through them for you.
Fintech app cost
If you were wondering what the cost of developing a fintech app is, there are a few factors that define it. The functionalities of the app are one of the significant factors that shape the price.
Do you want to have a general range in mind for your budget plans? According to the given market situation, a fintech app can cost anywhere between $30,000 to $300,000 and beyond that. Again, this depends on things like the developers expertise and the functionalities.
How about developing a basic fintech app? If you need simple budgeting tools and financial goals setting, this would cost you at least $50,000. This is the average amount for covering the simple functionalities.
Need a more robust app? The costs will gradually increase. Let’s say you want money transfers, bill payments, and account management. This type of app will cost anywhere between $100,000 to $300,000.
If you have a clear vision about setting up an automated investing or crypto trading platform, keep in mind this can cost a lot. The complex app functionalities can increase the cost, so expect to pay more than $300,000 for this type of app.
The important factors affecting a fintech app cost
Features
What type of features do you need: complex or simple? This is crucial for shaping the final cost. The more advanced features an app has, the more time it requires for development. This requires more labor, so the cost will be higher, given the expertise of the developers.
Expect to pay less for basic features such as calculations, user login and expense tracking. But if you need blockchain integration and real-time market insights, you will pay a higher price.
Platform compatibility
Do you want to make your software development fintech app available for both Android and iOS? Be prepared to face higher development costs in that case. Developing an app for one platform is cheaper because the developers will use one codebase. But if you want to offer more to your users and provide both platforms, this will end up costing more since developers will build two separate versions.
Design
If you want to offer a basic design with standard elements, this will cost less. Or do you want to build a custom app with interactions and animations? Such features require more design work and will end up costing more.
Cyber security
Fintech apps host financial data so you don’t want to have it compromised. Cyber security is a must to prevent data breaches. Basic security features such as encryption and user verification cost less and are okay for simple apps. But if you build a complex app, you need robust protection.
Do you want the maximum online security level? Be ready to invest more in your fintech app. Integrating biometric login and multi-factor authentication will ultimately cost more.
Developer expertise
If you need a more affordable app, you will be advised to go for developers with less fintech experience. However, this might result in challenges and delays.
If you want to play it safe, stick with an experienced development team. The more expertise they have, the better app you can expect.
