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How to Create a Fintech App for Your Startup or Company in 2022

Building Mobile Apps for Fintech Startup or Company in 2020

This article was published in 2020 and updated in 2022.

Global digital transformation enabled technology to penetrate virtually every area of every known industry around the world. So it comes as no surprise that the financial sector has experienced substantial digital enhancements as well. The financial technology industry, or fintech for short, has emerged to respond to the consumers’ needs for easier, faster, and safer processing of financial transactions.

In 2020, fintech is developing at a brisk pace and will keep on doing so. According to the Global FinTech Market Size, Status and Forecast 2018-2025 report, «global fintech market size is expected to grow to USD 124.3 billion by the end of 2025 at a Compound Annual Growth Rate (CAGR) of 23.84%.» So there are massive investment opportunities to reap for fintech startups and companies alike. If you intend to build a fintech app, it’s a good time to get this project underway.

Building a good app that will scale your business up comes with its challenges. What fintech market niche to target? Which features and technologies to choose? What will be the cost to build a fintech app? This article will give you everything you need to know to get started on your project. So let’s read on and see how to create a fintech app and take it to the next level.

Types of Fintech Apps

To start building mobile apps for fintech, it’s important to get up to speed on the various branches of fintech that are out there. To determine how to make a fintech app successful, it’s vital to choose the right development direction for it. To help you with these tasks, we’ve listed the main categories of fintech apps. It will give you valuable insight into the current fintech market trends.

Digital Payments

Digital payments form the largest branch of the fintech industry. According to Statista, the total value of digital payments worldwide amounts to US$4,769,370m in 2020. Digital payments address the need for cashless, fast, and secure money transfers. Such solutions as online payment systems, digital currencies, and e-wallets help to cover this need. By taking a look at the following popular platforms, you can get an idea of how to develop a fintech app that deals with digital payments.

  • PayPal is a digital payment platform. It enables secure transactions between customers and vendors without disclosing their financial details. PayPal supports a wide range of credit and debit cards that you can register with your PayPal account.
  • Payoneer is an online payment system that enables domestic and cross-border money transfers. For financial transactions, you need to use a prepaid Mastercard. Being integrated into many freelancing platforms, Payoneer is quite popular with freelancers.

Digital Banking

Digital banking has become the go-to option for customers who need to manage their bank accounts and perform financial transactions quickly and without third-party help. To address these needs, online, mobile, and digital-only banks have emerged. To withstand growing competition in this sector, traditional banks had to build fintech apps for their customers as well. The N26 and Revolut banks are excellent examples of how to build a fintech app in the digital banking domain.

  • N26 is a digital bank that provides fully digital accounts that can be managed through the N26 mobile app. You can also use an N26 contactless debit card. N26 allows you to pair your account only with one smartphone at a time. You have to confirm all online and offline transactions with your PIN.
  • Revolut is a digital bank that is aimed at global spendings. With Revolut, you can use your existing bank account to convert deposited funds into various currencies. Revolut enables free international money transfers, fee-free global purchasing, and access to the cryptocurrency exchange.

Digital Lending

Digital lending has transformed the process of originating and renewing loans. From simple loan apps and websites to comprehensive automated platforms, digital lending software enables efficient handling of loan requests and effective interaction between lenders and borrowers. So both independent digital lenders and traditional financial institutions make use of fintech advances to improve their business. The following solutions can serve as a guideline on how to create a fintech app for digital lending.

  • Kabbage is a digital lending app that provides lines of credit and payment services to businesses. Kabbage has no score requirements and doesn’t require extra fees. Business owners can easily apply for a loan, get a decision about their fees and rates, and start using funds in several minutes.
  • Calyx Point is a provider of mortgage solutions for banks, mortgage lenders, brokers, and credit unions. It is designed to simplify and optimize all phases of the loan process.

Digital Investment

Digital investment platforms allow retail and institutional investors to investigate and invest in different financial assets. Investment apps are a perfect opportunity to get started on the stock market. Investment management solutions enable users to enhance their investment performance by supplying them with relevant analytics and data. If you’d like to create a fintech app for digital investments, you can check out the following solutions for ideas.

  • Hedgeable is a robo-advisor that provides wealth management capabilities for investors. It offers automated investing with lots of customization options and features. With no minimum account requirements, Hedgeable charges annual fees based on the amount in the investor’s account.
  • Addepar is an investment management solution for advisors and investors. By handling various types of assets in any currency it’s aimed at the global financial system. Using Addepar, business managers can get a clear financial picture to communicate financial decisions in an efficient way.


Digital insurance, or insurtech, deals with technologies used in the insurance industry. Its main goal is to speed up policy administration and claims processing. Insurtech also helps to reduce the likelihood of fraudulent activities in insurance claims. Insurtech solutions vary from basic websites offering insurance for just an hour for someone borrowing a car to complex CRM systems. If you consider building mobile apps for FinTech in the insurance sector, have a look at the below solutions for inspiration.

  • BIMA is a provider of mobile-delivered insurance. It partners with mobile network operators and financial businesses to supply millions of low-income people with insurance and underwriting. BIMA provides life, personal accident, and health microinsurance options.
  • Trōv is an on-demand insurance app that enables users to insure single property items for any period of time entirely from their smartphones. Trōv also allows people to store important information about their property in the Trōv app and back it up to the cloud account.


Regtech is aimed at solving regulatory issues and challenges by employing innovative technologies. Regtech solutions enable companies to closely observe the ongoing processes and carry out analyses to ensure compliance with regulatory requirements. By automating business processes, regtech also helps to minimize the risk of human error. The following solutions are great examples of regtech apps.

  • 6clicks is a global risk assessment and compliance platform. It helps to automate and manage risk identification, assessment, and reviews for all stakeholders of the risk management lifecycle.
  • PassFort is a compliance platform that allows automating KYC, KYB, AML, and other compliance checks. It enables you to translate compliance policies and processes into digital, automated onboarding tasks.

Consumer Finance

The consumer finance branch provides users with assistance in the management of their expenses. Using fintech apps of this type, the users can plan their spendings in advance. Then the future account balances can be forecasted to prevent the user from spending more than planned. Checking out the following solutions will give you an idea about how to develop a fintech app for the management of consumer finances.

  • Mint is a free budgeting app that assists users with keeping track of their incoming and outgoing money. This app can be synced with various credit cards, PayPal, and bank accounts.
  • MoneyPatrol is a personal finance tool that securely monitors user financial accounts. With this app, you can easily oversee your spendings across all of your auto-bucketed categories.
Fintech ecosystem

And here, we have picked the 9 most popular fintech apps as an embodied example of successful products worth using and learning from. Please, take a look!

Why Would You Create a Fintech Startup Right Now?

Consumers are adopting fintech at a fast pace. Around 96% of global buyers have at least one fintech app installed on their smartphones. Traditional financial players like banks, lenders, and insurers are also embracing fintech at a large scale. They are all striving to build fintech apps that will help automate and streamline their business processes. From the modernization of legacy systems to identity and privacy management, fintech plays a pivotal role in creating digital capabilities for these institutions.

In the not-so-distant future, every major industry is going to incorporate fintech solutions into its corporate infrastructure. So all kinds of businesses, even those that aren’t connected with fintech in any way right now, will have the opportunity to build fintech apps and profit from them. That’s why building mobile apps for fintech is an amazing startup opportunity you shouldn’t miss.

The fintech industry offers plenty of development directions you can choose from. Artificial Intelligence, Machine Learning, Robotics, and the Internet of Things are just a few of the state-of-the-art technologies used to solve various fintech challenges. If you’ve been wondering about how to develop a fintech solution that will be both effective and relevant, one of these technologies will surely be the solution. So creating a fintech startup promises to be not only profitable but also fascinating.

Given the current market conditions and an extensive range of development possibilities, now is an opportune time to build a fintech app. According to Statista, «in 2023, mobile apps are projected to generate more than 935 billion U.S. dollars in revenues». However, this figure can be much, much bigger if we all find the courage to pursue our big ideas. So don’t hesitate any further and get the stone rolling!

At HuskyJam, we are ready to consult you on how to make a fintech app, start a neobank or build a mortgage app that will succeed in every way on the global market. Contact us to discuss your ideas.

Technology Stack Trends and Challenges in Fintech App Development

To create a successful fintech app, you should match your business objectives with the right technology stack. It’s also important to know what’s what regarding the major technology trends. When undertaking a fintech development project, take into account the five innovative trends listed below.

  • Blockchain is a series of time-stamped blocks of unchangeable data. Once a new block is linked to the chain, its data can’t be modified or deleted. A decentralized approach to data storing takes care of data security. These capabilities make blockchain a highly reliable technology to use in fintech for transparent data transfer and transaction recording. So if you’ve been wondering how your app could ensure transparent and trustful relationships between the users, blockchain technologies could be the answer.
  • Artificial Intelligence employs neural networks that are designed to recognize and analyze patterns in the input data. AI proves to be an effective tool for interpreting and recommending actions based on the analysis of real-time data streams. It makes AI applicable to a full range of fintech challenges. For instance, the development of financial advising services or the detection of fraudulent activities. So AI is the solution to the question of how to build a fintech app that’s sharp and reliable.
  • Big data is collected from electronic devices of all kinds. Every day 2,5 quintillion data is produced and gathered. With data analytics, this heap of information can provide invaluable insights into business development opportunities. Big data helps deal with the issue of how to create a fintech app that’ll become the only go-to option for its users. With big data, you can anticipate customer behavior and build powerful marketing strategies.
  • Microservices are a way to structure an application as a set of interrelated services. In this way, fintech apps turn into distributed systems with decentralized management of data. Solution development becomes faster, as you can simply integrate any required service into your infrastructure. Besides, microservices go hand in hand with blockchain and AI. So following this trend is an important strategic step to reduce the cost to build a fintech app.
  • Cybersecurity is an all-time concern of the digital world. Particularly for the fintech apps that store and process sensitive customer data. To mitigate the risks of security breaches and data theft, financial companies should employ various security techniques. Among them are penetration testing, Static Application Security Testing (SAST), Dynamic Application Security Testing (DAST), Runtime Analysis, Automated Regression Testing, Source Code Analysis (SCA), and innovative DevSecOps methodologies. The below table lists the most common threats and risks along with recommendations you can follow to build fintech apps that are more reliable and secure.
Risks and Threats Countermeasures
Data Leakage/Loss
  • Data encryption and classification based on its level of sensitivity (restricted data, private data, public data)
  • Access policies for defining which employees can access which data
  • Data leakage/loss prevention (DLP) features like inspection of data being sent, disabling of Universal Serial Bus (USB) and CD drives in laptops and desktops, and more.
  • Robust backup systems including cold backup
Digital Identity Theft
  • Two-factor authentication
  • Biometrics authentication
  • Strong password policies
  • Single sign-on (SSO) solutions
  • Credit monitoring and identity monitoring features
Malware Attacks
  • URL filtering to block malicious links that may contain malware
  • Content Disarm and Reconstruction (CDR) modules
  • Firewalls with Deep Packet Inspection (DPI) and malware scanners
  • Sandbox-driven email gateway servers
  • Solutions for prevention from Distributed Denial of Service (DDoS)
  • Antivirus solutions with up-to-date databases
  • AI and machine learning for malware pattern recognition in software
Compromise of Cloud Environment
  • Avoiding public clouds, performing a risk assessment of the cloud service provider
  • Introducing cloud governance policies
  • Setting up database honeypots
  • Setting up Software Defined Perimeter (SDP)
Compromise of APIs
  • API token rotation
  • API access identification, authentication, and authorization
  • API quotas and throttling
  • API gateways for traffic inspection


Fintech trends

After deciding on which trends to follow, it’s time to choose the technologies stack. It’s a critical step as these technologies will set the constraints for implementing your app. The right tech stack should help you to create a fintech app that’s easy to maintain and upgrade.

For frontend development, JavaScript with the Vue.js and React.js frameworks and Python with Django or Flask are among the most popular technologies. Python, Java, Scala, and Golang are solid options for backend development. When building mobile apps for fintech, Swift is used for iOS, while Android requires Kotlin. If you’d like to have a cross-platform app, then React Native and Flutter are two good options.

There are lots of programming languages to choose from. It’s needless to mention that each of them has its own advantages and drawbacks. To choose the right one for your project, you have to evaluate your long-term goals and expectations. By selecting suitable technologies for your tasks, you can shorten the time to market and reduce the cost to build a fintech app. So you’ll most likely need to employ different languages for different project parts to build a fintech app that will achieve the best results.

In the below table, you can find a list of the languages popular in the fintech industry along with their pros and cons.

Language Tasks Pros / Cons Fintech Libs
Java - Big data processing

- Tolerance of heavy loads

- Web-oriented development
- Security
- High portability due to the Java Virtual Machine entity

- Complex and verbose code
- Memory is managed via the garbage collector that affects performance
- Strata: analytics and market risk

- killbill: subscription billing and payments
Python - AI- and machine learning-related tasks

- Cost- and time-efficient cryptocurrency development due to a wide range of ready cryptocurrency solutions

- Web-oriented development
- Simple and concise code
- Powerful frameworks

- Not suitable for mobile development
- Not suitable for memory-intensive tasks
- PyAlgoTrade, Zipline: algorithmic trading libraries

- ffn: financial functions for quantitative finance

- PyRisk: financial risk and performance

- Pybitcointools: commonsense Bitcoin-themed Python ECC library
C# - Windows-oriented development

- Web-oriented development
- Strong memory backup prevents memory leaks
- Type safety

- C# applications run slowly
- Dependency on the .NET framework
- Financial-Formulas-Library: A collection of methods for solving Finance/Accounting equations

- Excel Financial Functions: the full set of financial functions from Excel
C++ - When high execution speed is required

- Development of resource-constrained applications
- High speed
- C++ portability features allow writing the code once and then compile it for different platforms

- Complex code
- Requires highly skilled developers as due to C++ complexity it’s difficult to write secure code
- QuantLib: quantitative finance

- Armadillo: linear algebra and scientific computing
Ruby - Sophisticated web application development Pros:
- Powerful frameworks
- Time- and cost-efficient

- Low boot speed
- finance: financial calculations

- money: money and currency conversion

It may be challenging to choose the right technologies. The best way to approach this issue is to find a team of experts who know their trade. At HuskyJam, we are skilled at tackling fintech tasks. From implementing blockchain smart contracts to AI virtual assistants, we have the expertise to build a fintech app and make it succeed.

Contact us to learn more about fintech development

or to get an estimation for your project

Crucial Features for Fintech Apps

What matters most today whatever fintech application we would speak about is definitely its security. People are frightened to lose their money when they are paying online. Juniper global statistics says that already in 2021 over 20 bln. USD was stolen by cybercriminals from internet users (e-commerce fraud losses).

It means that the first thing you have to keep in mind when developing a fintech application is how to ensure it has enough layers of security. Discussing the application with the developer team, first and foremost you do concentrate on carefully written algorithms and check as much as possible which vulnerabilities it may have. Testing the app security system is an absolute must, and this is an ongoing thing that should be done frequently. 

The analysis of the users' reviews and requests helped us to come up with the second must-have feature of the fintech app - the possibility to integrate with other services and an API for more complex integrations. Having planned these in the very beginning you simply open a broader road for your fintech startup.

When you brainstorm ideas for your fintech app, you should focus on identifying and solving a significant issue for your target users. You don’t necessarily need to come up with something brand-new. You can determine how to make a fintech app that could do something better, cheaper, or with fewer clicks than other solutions of the kind. No matter what ultimate goal you set, there are features that each good fintech app should include. Here they are:

  • The sign-in flow should be simple but secure. A win-win solution is to integrate voice and face recognition and fingerprint authentication along with good old two-factor authentication. Biometrics will soon be an obligatory feature. For instance, starting from iOS 13, Apple requires all apps using social login services to support the Sign in with Apple feature that utilizes in-built iOS biometric capabilities.
  • Your app should offer basic financial operations relevant to your fintech branch. This may include digital payments, money transfers, mobile depositing, or balance checking. Your users should be able to perform as many operations as possible without the need to turn to the web application or a brick-and-mortar institution.
  • If your app includes QR code and card number scanning, the life of your users will be way easier. Scanning a card for a card number instead of manually entering all the digits is a significant advantage for your users. The same goes for QR code scanning. So when pondering how to develop a fintech app that can alleviate pain points of the users, don’t forget about this feature.
  • Not all fintech apps take care of personal finance management. When thinking about how to build a fintech app that would make a difference, include tracking features for budgeting and savings. Besides, the users will definitely like it if they can manage different accounts in one place.
  • Custom notifications are a crucial feature for engaging user experience. When it comes to lifestyle, everyone likes personalization. Let your users choose which information to receive and when, be it regular transfers or personalized offers.
  • Cashback is another feature important for user engagement. Your users will enjoy your app even more if they can benefit from purchases performed through it. When determining how to make a fintech app that will have high retention rates, consider a loyalty program feature. You can offer users a higher percentage of cash back if they spend more money via your app.
  • You can include unconventional financial services into your app, like ordering food, buying tickets, or giving money to charity. This will allow people to manage their finances in one secure place. This guarantees a positive user experience.
  • AI-powered chatbots and virtual assistants play an essential role in customer engagement when developing fintech solutions. They can answer tons of questions to hundreds of customers simultaneously. So your users can get assistance anytime they need. At the same time, these tools can considerably reduce the load on your customer contact centers. As they can resolve simple issues quickly allowing your team to focus on more complex queries. However, keep in mind that these benefits evaluate to true only when these modules are developed, trained, and tested carefully.
Crucial Features for Fintech Apps

Steps To Successful Fintech Application Development

Every startup is challenged to outmatch both its immediate competitors and traditional financial institutions. So how to develop a fintech app that will ultimately succeed in such a mission? It might be difficult to know where to start. Don’t worry. We’ve prepared a detailed description of the fintech development process. These clear steps will help you successfully create a fintech app that your users will love. Here’s the way it goes.

Step 1. Choose Your Niche and Ensure Legal Compliance

The first step is to decide what fintech area will be your focus. There are two ways to go about it. You can either choose the niche and investigate what can be enhanced there, or you can generate ideas and see where they fit among fintech categories. You can always find good investment opportunities if you decide on building mobile apps for fintech.

Once you’ve picked a category, it’s time to ensure that your fintech app will have a sound legal standing. There are countless financial safeguarding systems on the look-out for noncompliance. The most popular examples include the KYC (Know Your Customer) and AML (Anti-Money Laundering) policies. Apart from that, you’ll have to comply with various privacy laws (GDPR, CCPA, etc.) depending on countries where your app will be used. Conforming to the legal requirements is a crucial success factor. So work through this step carefully.

Step 2. Shape the Concept and Define Feature Set

During this step, you have to think about how to build a fintech app that will have the edge over its competitors. The first task is to perform marketing research. You need to identify your competition and learn what is popular with your target audience.

You should engage skilled Business Analysts and Product Managers who can help you approach this important step efficiently. Together with these specialists, you’ll be able to structure the vision of your solution, develop a solid business case, and define the key features. Such thorough elaboration at this stage will help to cut the cost to build a fintech app and reduce time to market in the long run.

When you shortlist the features, imagine that you’re now your worst user, who is about to delete our app and write an angry comment. Which features would stop you from doing that? In most cases they are:

  • Simplified UI. Finance information is always more difficult to perceive - foreign exchanges, investments, PoS systems, etc. Your app will be more competitive if you simplify all these and create intuitive navigation.  
  • Data Visualization. One of the most wanted features among fintech app users is visual information rendering. It’s one of the main trends (as by Techtic), so keep up with it too - use detailed charts, visualize key events and processes of the month, it will definitely contribute to your retention rate. 
  • Gamification. It’s just the global trend for each and every type of application - education, finance, sports, whatever! Add rewards, cashback, personal discounts. Apps that can boost these features will definitely have more success. 
  • Biometric Security. The more layers of security you have - the more safely your users feel when using an app.  Fingerprint access and facial recognition software will help to secure user’s data from unauthorized access. 
  • E-signatures (a must-have for Insurance App/Software). In today’s life, it is already considered to be a bit strange, when people print numerous documents, sign them physically and store them in heavy folders somewhere in the office. It’s too time and resource-consuming, and people really appreciate the opportunity to sign documents easily simply by pressing one button on their smartphone screen. 
  • Automation (a must-have for Insurance App/Software). When an application can do more for its users, it creates a good habit of use and raises the retention rate. When a fintech app offers different automation tools, it helps to lower down the amount of errors and omissions claims from incomplete or incorrect applications.
  • Application tours. Users feel they made the right choice when they downloaded an app if they are offered a short and most comprehensive tour around the app. The video format is great for explaining the key features - conveniences and capabilities of the app.

Step 4. Choose the Development Approach and Estimate Time & Costs

How to determine the cost to build a fintech app? What development approach to use? How to create a fintech app prototype? All these points should be accounted for during this stage. To deal with this task, you should collaborate with a seasoned Project Manager. The development and QA experts should take part in this process as well to identify the tech stack and implementation constraints. As a result, you should have a robust development plan that will balance your budget and time constraints.

Step 5. Develop MVP and Get Your Idea Confirmed In Practice

Before launching a long-term project, it’s good to test out your idea first. A minimum viable product (MVP) version serves this purpose. An MVP is a proof of concept that includes just enough features for the first users to try it out. It helps make sure that you will create a fintech app that brings value to its users. Also, it is a great way to market your app and attract investors. With an MVP, you get early feedback, thus minimizing the risk of your idea not paying off.

Step 6. Ongoing Development, Releases, and Support

The development process does not stop after your app is launched. It’s time to keep improving and upgrading as you start getting valuable feedback. At HuskyJam, we have vast experience of ongoing development and support of complex fintech solutions. 

Subsequent support matters much. Your technology team should be always fast to get back and polite to communicate with all of your clients. Speed of response, quality of solving user problems - when these things work properly, users rate the app higher. It’s an absolute must for large and popular applications, where even a little shortcoming left unfixed can ruin everything. 

PayPal users complain that the support is not good enough, they say “Usually everything goes great, but if there's a problem - good luck trying to get it resolved”. Ok, Paypal is the biggest in the US, and they will stay on top for many years more even having these problems with support. For a startup, it is of crucial importance to make support stronger and faster than your competitors can offer.

How to Develop a Fintech App?

Ready to build a fintech app of your own?

Contact us to discuss your project

How Much Does it Cost to Build a Fintech App?

We’ve already covered the essential trends, technologies, and features. Now let’s talk about the cost to build a fintech app. The total price depends on a number of factors. The hourly rate of your development team, the number of features, as well as their complexity, contribute to the total budget.

The hourly rates differ from country to country. The rates of the main development regions are as follows:

  • The USA - $120-150
  • Western Europe - $50-100
  • Eastern Europe - $35-40
  • APAC - $25-40

The below table provides pricing for each development stage for a basic fintech app. The final cost can be lower or higher depending on your particular project and its goals.

Project Stage Hours Cost
Discovery (shaping the concept through business analysis) 40 hours and more $4 000 and higher
UI/UX Design 40 hours and more $4 000 and higher
Frontend development 1 month and more $16 000 and higher
Backend development 2 months and more $32 000 and higher
Mobile app development 2 months and more per platform (iOS/Android) $64 000 and higher
Quality Assurance 80 hours and more $8 000 and higher
Post-launch support on-demand/ongoing $75 per hour
TOTAL: From $130 000

Wrapping Up

If you’ve decided to undertake a fintech venture, you have all the chances to create a successful and profitable business. Of course, there’ll be plenty of challenges on your way to success. How to build a fintech app with the right technologies? How to make a fintech app that will withstand the market competition? All these challenges and many others can be easily combated with the right team at your side.

At HuskyJam, we have extensive expertise in the fintech field. We know how to develop a fintech app that will be a hit with your users. Check our portfolio to get acquainted with our experience. We’re convinced that one project can make the whole industry better, so let’s not wait around and start developing it together right now!

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