One of the first questions and probably (the most important one) you might ask yourself if you have decided to build a fintech app is: how much does it cost to build a fintech app if I build it in 2025.
Well, the answer to this question will be in a range whether you ask us or any other fintech app development company. Because there’s no one answer to this question.
The cost of any application whether a fintech, banking, restaurant or taxi booking will always be impacted by a list of factors such as the complexity of the app, number of features needed, advancement of features, supported platform, technologies used, developer’s location and more.
From the factors listed above, let’s take one factor to better understand how it impacts the cost. For this, we will consider the complexity of the app. Suppose you want a fintech app that requires advanced features and functionalities. Developing such an app will require highly experienced developers and significantly more development time. Therefore, the more complex the app, the higher the development cost will be.
The Average Cost To Develop Fintech App
One thing is clear: whenever you ask any mobile app developer, “How much does a fintech app cost?” you will never get a one-word or single-figure answer. And if someone provides a direct figure, it’s a major red flag. If a developer or company claims to determine the cost of a fintech app without thoroughly analyzing the project requirements or app details, it’s a sign that you should avoid working with them.
As we have said before, the developer will always give you a range of costs for a fintech mobile app. Being a leading finance app development company and working with major fintech companies in the past the cost of a fintech mobile app can start from as low as $20,000 and can go as high as $200,000 for a high end futuristic fintech app.
After reading the wide cost range, you might wonder how we arrived at these numbers and where your fintech app cost falls within that range. The figures are based on a detailed analysis of all the factors involved and the costs we have incurred while building fintech apps in the past.
And if you’re wondering where my fintech app cost lies. It will totally depend on the type of fintech app you want to build, and other project requirements.
Types Of Fintech Apps And How Much Does It Cost To Build Them In The UK?
Whenever you reach out to a mobile app development company in the UK to build a fintech app, the first question they will likely ask is, “What type of fintech app do you want to build?” This question helps them gather essential information about your requirements and calculate the estimated cost of development. One of the most significant factors in determining the cost of a fintech app is its type. In this part of the blog, we will explore different types of fintech apps and their respective development costs.
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Banking & Payments Apps
A banking app is a type of fintech application developed by banks to provide their customers with the convenience of performing essential banking functions directly from their mobile devices. These functions typically include transactions, paying utility bills, checking account balances, and more. Payments Apps are also the same but they are owned by a company rather than a bank. They also allow the users to transfer money, pay bills and perform other activities.
Cost to build a banking app in the UK
The cost to build a banking app in the UK can be estimated based on the average hourly rate of a mobile app developer, which is approximately £25. Assuming it takes 6 months to develop the app, with an average of 160 work hours per month, the total development time would be 960 hours.
Now, multiplying the total hours (960) by the hourly rate (£25) gives an estimated cost:
960 hours × £25/hour = £24,000
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Investment Apps
Investment apps are among the most popular types of fintech apps, widely used by investors to monitor stock performance and invest their money directly through the app. These apps require advanced features and robust security measures, as they often handle sensitive financial information and manage transactions worth millions of dollars.
Cost to build an investment app in the UK
The cost to build an investment app in the UK can be estimated based on the average hourly rate of a mobile app developer, which is approximately £25. Assuming it takes 5 months to develop the app, with an average of 160 work hours per month, the total development time would be 800 hours.
Now, multiplying the total hours (800) by the hourly rate (£25) gives an estimated cost:
800 hours × £25/hour = £20,000.
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Personal Finance Management Apps
Another highly popular and widely used type of banking app is the Personal Finance Management App. With this app, users can create a monthly budget and keep track of their expenditures. These apps enable users to create budgets based on their income and spending habits, helping them save money and better manage their finances.
Cost to build a Personal Finance Management App in the UK
The cost to build a Personal Finance Management App in the UK can be estimated based on the average hourly rate of a mobile app developer, which is approximately £25. Assuming it takes 4 months to develop the app, with an average of 160 work hours per month, the total development time would be 640 hours.
Now, multiplying the total hours (640) by the hourly rate (£25) gives an estimated cost:
640 hours × £25/hour = £16,000.
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Lending Apps
Lending Apps provide a seamless platform for individuals and businesses to apply for loans easily. Lending institutions and loan providers can use these apps to offer loans in a simple and hassle-free manner, eliminating the need for extensive paperwork and time-consuming processes.
Cost to build a Lending Apps in the UK
The cost to build a Lending app in the UK can be estimated based on the average hourly rate of a mobile app developer, which is approximately £25. Assuming it takes 6 months to develop the app, with an average of 160 work hours per month, the total development time would be 960 hours.
Now, multiplying the total hours (960) by the hourly rate (£25) gives an estimated cost:
960 hours × £25/hour = £25,000.
Factors Affecting Cost Of Fintech App Development
To determine the cost of a fintech app, we first need to thoroughly analyze the factors that impact the overall cost and assess how significantly they influence it. In this part of the blog, we will explore five key factors affecting the cost of fintech app development.
Factor #1: App’s Complexity
The more complex an app is, the higher the cost will be. This is because developing a complex app requires advanced resources and experienced developers, who typically charge higher rates. Additionally, complex apps take longer to build, and as the development hours increase, the overall cost also rises accordingly.
We can divide the app complexity into 3 levels.
- The first stage is the basic app which means the app is not complex to build at all. The cost to build such an app can start from £15,000 to £25,000.
- The second stage is where the app complexity level is at the medium level. The cost to build such an app can start from £30,000 to £50,000.
- The final stage involves the most complex and advanced-level apps, which require high-level resources and top-tier industry developers. The cost to build such an app can range from £55,000 to £100,000.
Factor #2: Number of Features
The more features you want to include in an app, the higher the cost will be. This is because incorporating additional features requires more time and resources, which naturally drives up the cost.
Factor #3: experience of the developer
The more experienced a fintech app developer you hire for your project, the higher the development cost will be. While there are many advantages to working with seasoned developers, cost is not one of them. It’s important to note that a mobile app developed by a senior app developer typically takes less time to build. In some cases, this can result in lower costs if you’ve hired them on an hourly basis. However, in general, the more experienced the developer you hire, the higher their salary or hourly rate, which increases the overall development cost.
Factor #4: Supported Platforms
Another factor that can significantly impact the cost of a fintech app is the platform you want to build it for. The two main platforms are Android and iOS. If you want to build an app for Android users, you need to hire developers proficient in coding languages like Java and Kotlin. On the other hand, if you want to develop an app for iOS users, you’ll need developers skilled in Swift and Objective-C. The hourly rates charged by Android and iOS developers can vary, directly influencing the overall development cost.
Factor #5: Technologies Used
If you want to integrate modern technologies such as Augmented Reality, blockchain, or AI into your fintech app, the development cost will undoubtedly increase. Incorporating these advanced technologies requires high-level resources and expertise, which come at a premium. Additionally, implementing these features takes significantly more development hours, further driving up the overall cost.
How much does a FinTech app cost at Eleventh Tech?
To build a fintech app with Eleventh Tech, start by filling out our contact form or sending an email to contact@eleventhtech.co.uk. In your email, include details about the type of software or mobile app you need. Once we receive your email, we’ll arrange a meeting with you. During the meeting, we’ll discuss the specific type of fintech app you’re looking for, along with your project requirements in detail. We’ll conclude the discussion by providing you with a finalized cost estimate for your project.
FAQs
How much does it cost to build a FinTech app in the UK?
The cost to build a fintech app in the UK can start from £15,000 and can go as high as £100,000. The cost to build a complex fintech app will always be higher than a basic app.
How long does it take to develop a FinTech app in the United kingdom?
The time to build a fintech mobile app in the United Kingdom can be based on the type of fintech app you need to build, complexity of the app, number of features and many more factors. A fintech mobile app can take 3 months to a year to be built based on the complexity and many other factors.
What are the different types of fintech apps and how much do they cost to build?
There are different types of fintech apps such as banking apps, investment & wealth management apps, personal finance management apps, lending & credit apps and regtech apps, enterprise finance apps, and many more. The cost of building such apps can vary based on their nature, and complexity of them.
How much does it cost to hire a fintech app developer in the UK?
Mobile app developers in the UK generally make £24.36 an hour. At the junior level, the rate is £13.59 per hour, and for experienced developers with over 5 years of experience, it rises to £28.21 per hour.
What are the different factors that impact fintech app development cost?
Factors that influence the cost of fitness applications include app complexity, number and advancement of features, developer’s location, supported platforms, technologies used, languages and framework, app customization and many more.