How much does it cost to build a financial technology app?

Standard price for a financial technology app: $17,500

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What is a financial technology app?

A financial technology application is a web, mobile, or desktop application that enables users to manage their finances. Financial tech apps often include interfaces for viewing account balances and transaction history, managing bank accounts, and making bill payments.

Financial technology apps often support the same core functionalities as banking apps, portfolio management apps, cryptocurrency trading apps, and personal finance tracking apps. Robinhood is one of many financial technology applications available today.

Here are some recent financial technology app examples built with Crowdbotics:

  • App using Stripe Connect as the engine for creating a new payment system. Stripe Connect will be a web app for freelancer community. Will display reports and dashboards not currently offered from Stripe. A bit similar to Venmo or Paypal, but with custom reporting and dashboard for users.

  • A payment processing app for student loans. Customers sign up on the app who have existing student loans and pay through a points system.

What is the typical cost to build a financial technology app?

A financial technology app usually costs $17,500 to build. However, the total cost can be as low as $10,000 or as high as $25,000. A financial technology app with a low number of features (also known as a "minimum viable product", or MVP) will be more affordable than an app that includes all intended functionality.

For example, here are some recent financial technology app price quotes from Crowdbotics:

  • $12,500

  • $22,500

How long does it take to build a financial technology app?

A financial technology app usually takes 233 hours to build. However, a financial technology app can be built in as few as 133 hours, or in as many as 333 hours. The exact timeline mostly depends on how complicated your app is. As a general rule, it will take longer if you require highly custom designs, niche features, or non-standard release platforms.

For example, the most recent financial technology apps built with Crowdbotics received the following hourly estimates:

  • 200

  • 333

How to successfully grow your financial technology application

A financial technology app can grow by increasing customer loyalty and advocacy. Financial technology apps can also grow by leveraging their existing user base to increase overall adoption of the platform. Users of financial technology apps are often in a position to recommend the app to other potential users, such as friends and family members who are interested in learning about investing or retirement planning. A financial technology app can also increase its number of users by offering more types of services and features for free.

Risks and challenges of building a financial technology application

Financial Technology apps are subject to the same legal and regulatory risks as other financial products, but they also face new unique risks related to the security of their data. Financial apps that store sensitive financial information will need to take extra care to ensure robust encryption mechanisms and physical access controls for protecting their data from theft or tampering. It is recommended that you work with a security expert (such as a penetration tester) who can conduct a thorough review of your app’s technical and business logic.

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Some of the descriptions on this page were completed with AI assistance. Learn more here.