Technology in finance has made our daily lives much easier. We no longer need to spend hours in line to pay bills, set up accounts, or handle transactions as digital banks exist now.
FinTech apps are opening the door for a new era of financial independence and faster growth by enabling firms to run more effectively and flexibly.
McKinsey research indicates that between 2023 and 2028, revenue in the fintech sector is expected to triple compared to traditional banking industries, with a valuation of $936 billion.
Many business owners want to build their fintech apps as the industry grows. However, they often wonder how much it costs to build a fintech app like Revolut.
This blog will help you understand the key factors that affect development costs when making a successful FinTech app like Revolut.
What is Revoult?
Revolut is a leading fintech (financial technology) and neobanking firm that has earned a lot of attention lately for its inventive approach to banking and financial services. Revolut, which was established in 2015, provides a selection of financial services and products aimed at streamlining banking and enabling consumers to handle their money more effectively.
Primarily, Revolut offers consumers a mobile application that functions as an online banking platform. Users can manage their funds, open an account in minutes, and access features of traditional banks via the app.
With mobile wallets, Revolut has further improved its services by allowing users to send money overseas quickly and easily using target IDs like names, phone numbers, or email addresses. The astounding 380% rise in app downloads from 5.3 million in 2019 to 26 million by 2023 highlights this growth and innovation.
Now is the perfect time for firms to explore FinTech app development, grabbing the chance to innovate and take advantage of this booming industry, considering Revolut's success and the developing FinTech market.
What is the Cost of Developing FinTech Apps Like Revolut?
The cost of creating a fintech app like Revolut can range from $10,000 to $250,000. This depends on several things, like how complex the app is, what features and functions it has, whether it’s made for iOS, Android, or both, the design details, and the skills of the development team.
Other important factors include how complex the app becomes, the number of features it has, and how long it takes to develop. Let's look at these factors more closely to understand the investment needed for such a project.
Factors Affecting Cost to Build a Fintech App Like Revolut
The cost of creating a FinTech application like Revolut varies depending on several factors. Knowing these factors might help you project the total amount of funding you will probably need. Let's take a closer look at these variables to see how they affect the development cost.
1. App Complexity
Figuring out the exact cost of making a FinTech app is tough because it depends on many things, like how complex the app is. Apps that offer basic financial services are usually cheaper to create. However, if the app includes more advanced features, like multiple currency accounts, investment options, budgeting tools, or AI-powered personal finance management, the development costs will be much higher.
2. Design Requirements
Design is very essential in creating a great user experience for a fintech app. Good design includes easy-to-use interfaces and smooth navigation. To achieve this, it’s essential to make smart design choices. This might mean hiring UX/UI designers, using tools to create app models, and testing the app with users to make sure it's easy to use and engaging. Because of these efforts, the cost of developing an app like Revolut can be higher.
3. Development Team and Location
Some factors that affect the cost of developing this software include the development team and where they are located. Hiring a FinTech software development company with experience in fintech app development might cost more per hour, but the results are usually much better.
Working with experts can add credibility to the project, help get things done faster, and make the process more efficient. However, the cost can vary greatly depending on the location of the team, which is often a big concern for clients.
4. Third-Party Integrations
Fintech apps often need to connect with other services or APIs to handle things like payment processing, data collection, or identity verification. These connections can be complex and must be tested to ensure they work well and keep data safe. Because of this, integrating with other systems can make the development more expensive compared to building a simpler, single-system app.
5. Compliance and Security Standards
In the FinTech world, following legal rules and strict security measures is a must. This means extra costs for meeting data protection laws, financial regulations, and global standards. These expenses are important to keep stakeholders' trust and avoid legal issues.
6. App Platform
Many factors affect the cost of developing apps for iOS, Android, or both. Choosing the right platform is crucial because it impacts the timeline for the project. Building separate native apps for each platform can be more complex and costly, while cross-platform solutions are usually cheaper but may not always work as smoothly or provide the best user experience.
7. Tech Stack
The choice of technology, including programming languages, frameworks, libraries, and tools, also affects the cost. Using the right tech stack improves how well the app performs, how easy it is to expand, and its security. It also makes the user experience better. So, these costs are worth it for a well-developed mobile app.
8. Quality of Materials/ Quality Assurance
Quality assurance (QA) ensures that the final product will meet specific standards for performance, reliability, safety, and ease of use.
QA involves carefully testing the app on different devices, platforms, and scenarios to find and fix any problems before it is launched. While this can increase development costs, the benefit is a high-quality app.
9. Maintenance
Even the best-designed fintech apps need regular maintenance to keep working well. This involves checking how the app performs, fixing bugs, updating security, improving the code, and adding new features.
Ongoing updates are crucial to keep up with changing user needs, and this adds to the overall cost.
Features to Consider For Developing a FinTech App Like Revolut
Developing a Fintech app that functions like Revolut requires including functionalities that simplify financial management and give users access to simple tools for managing their money. Similar to how Revolut's creative approach transformed banking, your Fintech app can offer a complete solution. These are important aspects to think about:
Multi-currency accounts and transactions:
Revolut is well-liked by both businesses and travelers since it allows users to swap and retain several currencies.
Debit cards and ATM withdrawals:
Revolut gives users early access to a physical debit card that they may use to make cash withdrawals from ATMs, merchant terminals, and points of sale all over the world.
Tools for budgeting and saving:
It offers the ability to keep track of expenditures, establish and estimate savings targets, and perform general automated savings.
Trading cryptocurrencies:
Revolut allows users to buy, trade, and store a variety of cryptocurrencies, such as Litecoin, Ethereum, and Bitcoin.
Insurance and Premium Features:
Revolut provides a range of premium features for insurance, including high ATM withdrawal limits, limitless foreign currency, telephone insurance, and travel insurance.
Open banking and integrations:
Revolut currently provides open banking APIs to enable developers to work with the platform and provide users with access to a variety of services pertaining to managing personal finances.
Safety and Compliance:
To fully understand and implement robust security measures following industry best practices and banking and financial services requirements, you will want the assistance of knowledgeable Fintech app developers. Secure login procedures, two-factor authentication, data encryption, and compliance with financial regulations such as Know Your Customer (KYC) and Anti-Money Laundering (AML) are all included in this.
With the help of these FinTech app features, users will be able to manage their finances more effectively and make use of as many different financial services as possible without having to keep several accounts or applications.
How To Develop an App Like Revolut?
Revolut is a prime example of a complex Fintech application that requires creative thinking, appropriate technology, and—above all—skilled Fintech developers to meet customer demands.
The process of creating a fintech app is complex and takes a long time from idea to release and beyond. Let's explore further!
Define the Objectives and Features
Start by outlining the app's objectives. Next, decide which features to incorporate based on user needs and market segmentation study. Multi-currency accounts, budgeting instruments, investment options, and safe transactions are a few examples of them.
Build a Team
Bringing together a strong team of engineers, designers, product managers, and legal and compliance experts is necessary to do this. Work together to make sure that the product's technological implementation complies with both user expectations and legal requirements.
Design
Create appealing and user-friendly business interfaces by using clear design flows and improving user experience through testing. Study your users to understand their preferences and how they interact with the app.
Regulations and Compliance
Learn about the legal and regulatory requirements of the markets you want to enter with your financial services. Follow important standards like KYC, AML, GDPR, and PCI DSS.
Development
Use mobile development tools and backend technologies to build apps that are scalable and responsive. Make sure your app has a strong backend to manage user identification, handle data, and perform calculations effectively.
Secure Data and Communication
Protect user data by using strong encryption, proper authentication, and good data management practices. Make sure the app communicates safely with other systems.
Testing and Refinement
Conduct multiple tests to find and fix any major bugs, usability issues, or security problems. This includes functional testing, security testing, and user acceptance testing to ensure the app works as intended.
App Deployment
Prepare for app deployment by choosing servers, setting up hosting, and integrating with app stores. Follow all submission rules and get the necessary permissions before making the app available to the public.
Ongoing Maintenance
After the app is released, regularly check its performance, gather user feedback, and monitor the market. Update the app to improve features, address customer concerns, and ensure it meets new standards for performance and security.
How Can You Monetize an Application Like Revolut?
Building a Fintech application offers the chance to open up new revenue streams alongside enhancing financial management. Businesses can produce value for users and optimize profitability by combining several monetization approaches. These strategies consist of:
1. Subscription-based Models
Provide various levels of membership that include access to exclusive financial information, improved security features, or premium features of a finance app such as Revolut. Subscriptions offer a steady stream of income and foster customer loyalty by continuously delivering value.
2. Transaction Fees
Charge transaction fees for specific financial operations, like peer-to-peer transfers, currency exchanges, and investment deals. These fees can be set up in a way that reflects user behavior and generates money based on the volume, value, or frequency of transactions.
3. High-end Services
Offer upscale services or extras like individualized financial advising, quick customer service, or sophisticated analytics. Users who are willing to pay for more functionality or convenience and are looking for customized solutions are catered to by premium services.
4. Business Partnerships
Adding services, such as investments or insurance products, that one company can provide to the other might also be advantageous for the participating companies.
Revolut can increase its usefulness as a financial platform and receive a portion of the money made through the application by collaborating with other businesses.
5. APIs and Business Tools:
This is especially useful if one works for a company that needs this kind of data, such as a financial institution or a payment system like accounting or invoicing software.
Revolut can generate revenue from corporate clients because of its revenue generation system, which is based on fees for the use of services.
Wrapping It Up
The demand for FinTech apps is growing, and this need will only keep increasing. Traditional banking tools are now slowing down businesses and people, which is why new FinTech solutions are needed. Even central banks worldwide are turning to FinTech app development to improve their processes and find new ways to connect with customers.
If you're considering starting a FinTech business, you might face some challenges. But you can overcome these challenges with the right FinTech app development company in India by your side. At IConflux, we have skilled experts who can help create the best FinTech solutions. So, don’t wait—let’s start building the app of your dreams together!
Frequently Asked Questions
1. How Much Does It Cost to Develop a Fintech App Like Revolut?
Developing a fintech app similar to Revolut can cost between $10,000 and $25,000. This cost may increase depending on how complex the app is and the specific features you want.
2. How Long Does It Take to Develop an App Like Revolut?
The time it takes to develop a fintech app like Revolut depends on the type of app you want and the project's scope. A basic app, like a personal finance tracker, might take two to four months to develop. However, a more advanced app with additional features could take several months longer.
3. What are the Benefits of Developing a Finance App Like Revolut?
Creating a finance app like Revolut offers many benefits for businesses. It provides smooth financial management solutions and supports multiple currencies, making it easier to serve customers worldwide and expand the market. Additionally, strong security measures protect sensitive financial data, building trust between businesses and their customers.
