Fintech App Development Cost: Team, Location & Other Factors

The Cost to Build a Fintech App

Windmill Editorial Team
  • Financial Services

It’s all about that moola when it comes to finance applications. The cost of creating a finance app is no joke, but it’s certainly one that’s worth every dime in your pocket. The cost will vary accordingly, whether it’s a banking, stock-related, mobile, or bitcoin app you’re creating. You want to create an app that meets your business goals. One that’s not only high performing but also includes new-edge features that give you a market edge. Digital banking services are also rising, with 46% of people exclusively using them to manage their finances.   

Now would be a good time if you’ve been in a rut about creating your finance app.   

This blog discusses the various costs of creating finance apps and the various development, labor, and development/design factors you need to consider.  

Consider the basics  

When working out the costs of a finance app, know that there exists no standard cost. The type of the app, its functionality, who it’s built by and where it’s built all affect the price. Every business has its own needs and goals, which plays a role in determining the cost of an app. You do, however, need an approximate budget and time estimate to get started.   

At a base level, a finance app that offers users a secure and seamless online transaction method can cost $40,000 minimum. It can take around three to four months to create it. On the other hand, a finance application consisting of basic functionality and user interface can cost you somewhere between $30,000 to $50,000. If you’re looking to integrate modern technologies and enhanced solutions, you’re looking at a cost between $50,000 and $65,000. A highly complex finance app can cost you $80,000 plus.   

To find out how the financial app development process might look, read our blog, How to build a finance app.

Your team  

As mentioned earlier, your development team can affect the cost of your finance app. Factors like team size and their hourly rates can significantly impact your app cost.   

A local app development agency, on the other hand, can cost about $120,000. Local developers offer a more efficient development process that avoids time-zone-related delays. 

However, the cost of MVP development significantly rises with local app development agencies as the costs vary according to geographical locations.   

Freelance developers cost around $30,000. These are independent contractors you can separately hire to develop a finance app. While freelance developers can offer greater insights into your app development process, they can be inconsistent as they may have other clients’ projects simultaneously. Signing an NDA with a freelancer is important as it’ll bind them from transferring confidential data to your competitors. 

On the other hand, an outsource development agency is a remote team you hire at another location. It’s managed by a third party who always employs the entire team. An outsourced agency can cost around $40,000. Not only are these less expensive to run, but they’ll connect you with experienced business analysts, senior-level app developers, etc. A disadvantage would be that time zone differences can disrupt the project’s progress as these teams are hired remotely. Constant monitoring is also required, which can be tedious.   

Costs by location   

The costs related to finance applications can vary from country to country. Expect to pay top dollar for a banking app made in the USA, costing about $500,000. In Ukraine, costs may run to $175,000 and in India $105,000. Investment apps can cost around $180,000 in the USA, $60,000 in Ukraine, and $30,000 in India. Consumer finance apps cost about $240,000 in the USA, $80,000 in Ukraine, and $50,000 in India. Insurance apps cost roughly $300,000 in the USA, $100,000 in Ukraine, and $75,000 in India. Lending apps cost around $270,000 in the USA, $90,000 in Ukraine, and $65,000 in India.   

Other factors to consider   

Other factors that may impact the cost of your finance application include its features. The more complex your features are, the higher the cost. The operating system of the finance application, i.e., whether it works on iOS or Android, will affect its cost too. Whether your application is native or hybrid can also affect its cost. The development cost of native applications tends to be higher. Security is also another investment, as you’ll ensure you meet the necessary security requirements. Third-party APIs also cost a considerable amount of money, and your cost will vary according to how many integrations you need.   


Finance applications are certainly an investment worth making if you put your money in all the right places. Think about how your costs can vary according to geographical or developmental reasons. Having an experienced team on board is helpful because they’ll offer you their expertise. It’s good to have a rough estimate in mind and take it from there. Consider all the ways you can get the best out of your money. Hiring a remote team in a less costly place, for instance, can help you save money. 

Windmill Digital is experienced in creating high-quality finance apps, customized according to client needs. Our experts are trained and highly experienced in their field and will ensure they meet all your security and UX requirements. To start building your own finance app, get in touch. 

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