
Fintech App Development
.png)
With the rising demand of mobile apps and digitalization, every other sector is going digital and the finance sector is one of them.
How much does it cost to develop fintech app? - Sure is the most important and basic question when you’re thinking about developing a fintech app.
Here is the full guide on time & cost to develop fintech app in 2023 for you.
Fintech Market Overview
The Global Fintech Market is anticipated to grow at a CAGR of around 20% during the forecast period.
The market is expected to witness progressive growth and reach a market value of around
$305 billion by 2025.
The Global fintech technologies market size value is projected to reach $698.48 billion by 2030 at a CAGR of 20.3%.
In addition to this, Several financial institutions are implementing advanced technologies to provide integrated & value-added services to customers.
Increasing the number of collaborations between national regulators and financial institutions are major factors behind the growth of the market.
This is why it’s the right time to develop a fintech app but how do you make your fintech app successful? Let’s gain some insight into this question.
How do fintech apps are successful?
There are several factors which make a fintech app successful, consider below mentioned factors to make your app successful.
- Right tech stack
- Simpler UI UX
- Well-Integrated APIs
- User-friendly
- Secure transaction
- Use of latest technologies
- Keeping up with the government rules and regulations
- Right development Team
- Right choice of incentives, colors, videos
In order to have a successful fintech application, crack down all the above mentioned points with the help of the right development team and business analysts.
Our team has studied and developed some great fintech apps through the years. Based on that and latest trends, our team has conducted research on the fintech app.
According to our latest research, here we are listing the factors and prices affecting finance app development cost.
Cost to develop fintech app in 2023: Cost Breakdown by the app type
There are various types of fintech apps available in the market. It is important to figure out which type of fintech app you want to create. So here is the cost breakdown of fintech apps by its type with examples.

1. Cost to develop a banking app like SBI YONO
Banking app is a platform which makes all banking services available online through it.
The YONO platform of state bank of India is a significant technology upgrade giving the bank a technology edge.
Banking app like YONO requires more features to cover all the banking services.
There can be three possibilities in app complexity which is determined by the number of features in it.
A. Basic level banking app
These baking apps contain only features that will complete the transaction processes. This type of app is also known as MVP.
Features:
- Registration
- LogIn/ LogOut
- KYC
- Authentication
- Money Transfer System
- Profile Management
- Accounts Management
- Payment Management
- History
Cost: Estimated cost of a basic featured banking app would be nearly around $20k to $35k, depending on the requirements.
Time: For an MVP banking app development, one can consider the time period of 3 to 6 months, depending upon the size of the team, requirements, etc.
B. Medium complex banking app
Such apps have all the features of basic banking app with more and advanced features.
Features:
- Different payment methods
- QR scanner
- Biometric security
- Real-time data analytics
- Push notifications
- 24/7 support
Cost: A medium complex banking app with extensive features can cost between $35k to $60k but range can vary depending on the requirements.
Time: For a banking app with extensive features would take around 6 to 9 months for developers to make it launch ready.
C. Highly complex banking app
A full-fledged banking app with all the advanced features included is difficult for developers to develop and that is why it is known as a highly complex banking app.
Features:
- Investment management
- Cashbacks
- Coupons
- Installment information
- Secure authentication
- AI chatbots
- Online cheque deposits
Cost: Banking apps having all the advanced features can cost more than $60k. The cost can go higher as the number of features increases.
Time: As there are more features to work on, it would take developers more than 9 months to develop and make it launch ready.
2. Cost to develop a lending app like ZestMoney
ZestMoney is the largest ‘buy now, pay later’ in India. It was the first kind of payment platform which allows users to make a huge purchase without having a credit card.
Lending app is an online platform to connect buyers to lenders and ZestMoney is a great example to look at before starting development of any lending app.
There can be two different types of lending apps:
- Basic-level Lending App
- Advanced-level Lending App
A. Basic-level lending app
It includes all the basic features to complete the whole lending process between the borrower and lender.
Features:
- Registration
- Login
- Loan Management
- Payment and Billing
- Easy loan calculation
- Transaction Management
- Transfers
- Withdrawls
- EMI Management
Cost: Basic level lending app can cost between $40k-$60k and if differs from region to region, company to company but this is average range across the blog/
Time: It will take around 5 to 7 months to develop a basic level lending app.
B. Advanced-level lending app
Top-ranking lending apps have used so many advanced features and a beautiful AI. To develop such apps, include these advanced features to your lending app.
Features:
- Chat support
- Document management
- Customization
- Report & Analytics
- Convenient payment plans
- Coupons & offers
- Credit scores
Cost: Full-fledged lending app with advanced features can cost more than $70k and differs according to the requirements and other factors.
Time: It can take 8 to 10 months to develop an advanced-level lending app.
3. Cost to develop an Insurance app like Policybazaar
Insurance apps are blooming across the world after Covid-19. Policybazaar is the most ideal example to inspire from when you want to develop an insurance app.
Let’s see the cost to develop an insurance app based on its complexity types.
A. Basic-level Insurance app
MVP of insurance apps include all the basic features to execute the whole insurance process online.
Features:
- Profile management
- Policy management
- Locate agents
- Report Claims
- Help & Support
- Claim management
Cost: Basic-level insurance app can cost between $30k to $45k.
Time: It takes around 3 to 5 months to develop a basic fintech app.
B. Advanced-level Insurance apps
For developing an well-featured insurance app that includes all the basic features with extension of advanced and trendy features you need to spend more time on the development part. Let’s see some advanced features to add in an insurance app.
Features:
- 24/7 access to helpful resources
- Bill payment
- Automated reminders
- Electronic ID storage
- One-tap policy updates
- In-app claiming service
Cost: Insurance app with advanced features will cost more than $50k.
Time: 7 to 8 months are required to develop an advanced level fintech app.
4. Cost to develop an investment app like Groww
Investing is one way to financial security and people have started accepting this online method to invest in stocks, shares and crypto through apps. It is a profitable choice to develop an investment app like groww.
There are two types of app options available:
- Basic-level investment app
- Advance-level investment app
A. Basic-level investment app
An MVP model of investment app contains all the necessary features for successfully investing through the web/mobile app.
Features:
- Registration/LogIn
- Newsfeed
- Real-time market data
- Multiple payment methods
- Document verification
- Online trading
- Support
Cost: MVP for a basic level investment app would cost around $30k and differs around the app requirements.
Time: 3 to 5 months is assumed time for developing a basic-featured fintech app.
B. Fully-fledged investment app
To develop a successful and well-featured app like Groww, add advanced and smart features to the investment app to attract more users.
Features:
- Easy Investing
- Push notifications
- Market updates
- In-app wallets
- Redeem coupons, vouchers and wallet money
- Login from multiple devices
Cost: It can cost more than $75k to develop a full-fledged investment app like Groww.
Time: To develop a well-featured advanced investment app, It will take 7 to 9 months.
All the above mentioned time and cost estimation can vary depending from development agency to agency based on the various factors.
How location can affect the fintech app development cost?
From hiring freelancers to hiring app development agencies, their final cost differs from place to place even if all the app requirements are the same.
Pay rate differs from country to country for fintech app development, ranging from $350k in North America to $150k in Asian countries.
We have gathered information on pay rates in different countries and based on that here we’ve listed the cost of developing a full-fledged fintech app.

How techstack can affect the finance app development cost?
For choosing techstack, decide on the app platform to launch a finance app. There are 3 options available for launching fintech app:
- Android-based fintech app
- iOS-based fintech app
- Cross-platform fintech app
For all the development approaches, different techstack is being used. Different techstacks require different team-size, different development time, different technical expertise, etc so this is how cost depends upon which techstack you choose for fintech app development.
How to optimize the cost of fintech app development
To reduce the finance app development cost, our business analysts have conducted a thorough research and with the help of our experienced development team, we have listed some tips that will help you reduce the optimization cost.

1. Do a proper research and remove unnecessary features
Before starting the fintech app development process, analyze market and app requirements for your fintech app.
If you really want to reduce the cost, just conduct a step by step process of money transfer or any other facilities and see what is needed to provide the particular facility to the users.
You can eliminate extra features by doing this practice and list down important features only.
2. Choose the right development partner
It is very important that you choose the right development team for your fintech app development. Choose the right number of developers and experts according to the tech-stack.
Try to hire a team of full-stack and experienced developers, so you don’t have to increase the size of the development team.
These development agencies already have hands-on experience, so the possibility of problems in the development process is minimal with the right development partner.
3. Choose the right development approach
Most fintech teams practice an agile development approach because it allows constant iterations and sprint-based development.
To reduce the number of missing deadlines, errors and production failure, Hire a well-skilled project manager having expertise in agile, sprints, etc.
Above mentioned practices will help you optimize the fintech app development cost.
Our 10+ years of experienced team will help you build your fintech app at coruscate
Determining the cost of fintech app development is a challenging task that requires careful consideration of several factors.
To reduce costs, you need to hire an app development agency to successfully develop your fintech.
If you are on a tight budget and want to develop a fintech app, then we can help you build the MVP for your fintech app.
Why to go for our MVP for your fintech app:
- With the perfectly working MVP, you can approach investors to invest in your app and then you can start developing advanced features to your fintech app.
- Investors can be aware of your business skills and your commitment to the product by understanding your basic featured fintech app.
This is our solution if you want to build a low-budget fintech app for the start. At Coruscate, we also provide post-deployment support.
If you want to develop a full-fledged fintech app with advanced features, then we have a solution for that too!
We have an experienced team full of data scientists, developers, UI UX designers, QA engineers, project managers and business analysts who can help you develop your fintech app development.
Want to develop MVP or full-fledged fintech applications?

FAQs
- How do fintech apps make money?
- Fintech apps make money by allowing third-party companies to advertise their product through the app. This third-party network pays app owners to run their ads.
- How long does it take to develop a fintech app?
- It depends on the app requirements and size of the development but ideally it would take 5 to 7 months to develop a full-fledged banking app with the help of an app development agency.
- How do mobile banking apps make money?
- Mobile banking apps allow other lenders, insurance companies to be featured in their app and charge them for the listing in their app.