How to hire fintech app developers in 7 steps

Key Takeaways

• Know your needs before you start – it saves time, money, and headaches later.
• Choose a hiring model that fits your growth: in-house for control, outsourcing for speed, dedicated teams for balance.
• Look beyond coding – great fintech developers understand fintech regulations, APIs, and financial logic.
• Don’t fall for the cheapest offer. There are still hidden costs like onboarding, compliance checks, and post-launch maintenance.

7 main steps on how to hire fintech software engineers

Let’s break down fintech hiring into 7 easy-to-follow steps:

1. Define your project goals.
2. Choose hiring model.
3. Write down must-have skills for your fintech app developer.
4. Source and shortlist candidates.
5. Evaluate and test candidate.
6. Negotiate contracts and ensure compliance.
7. Onboard and monitor performance.

Step 1: Define your project goals

Before hiring fintech app developers, define what you’re building and why. Answer this question first:

What problem are you solving? Are you helping users save smarter, send money faster, or make investing simpler? Then, decide which segment of fintech your idea fits into: digital banking, payments, lending, trading, or personal finance management. Each direction shapes the features, integrations, and expertise you’ll later need.

Who will use your product and what’s your goal? Identify your users: individuals, SMEs, or financial institutions. What outcomes do you expect in 6-12 months: launch an MVP, raise funding, or expand to new markets?

Outline your product scope: key features, platforms (web, mobile, or both), and your target go-live timeline. Even a simple document summarizing your goals, target users, and initial budget will make your hiring process faster and more focused.

If you’re still shaping your app idea, this step-by-step guide on how to create a fintech app can help you visualize the full journey.

Step 2: Choosing your hiring model

Once your fintech project goals are clear, the next big decision is how to build your fintech team. There are 4 main models, and each fits a different business stage.  

In-house team

Ideal for established fintech companies or products with a long-term roadmap.
You’ll gain full control, stronger IP protection, and faster cross-department communication. However, it comes with higher hiring costs and longer onboarding time – especially when sourcing niche skills like DevSecOps, Cloud Architects, or Security Engineers.

Freelancers

Perfect for startups testing an MVP or short-term feature updates. But beware – freelancer turnover and limited experience with PCI-DSS or KYC/AML compliance can pose security risks.

Dedicated development team

A smart middle ground. You maintain product ownership while accessing a ready fintech talent pool from a vetted vendor. This model offers agility, scalability, and predictable cost – ideal for growing startups preparing for funding rounds or expansion.

Outsourcing Vendor

Best for startups aiming to launch fast and cut development costs by roughly 30-40%. That’s why many startups choose outsourcing partners in Vietnam, Poland or India – regions known for balancing strong fintech expertise with cost efficiency. You get experienced developers, mature workflows, and built-in compliance knowledge, so you can launch faster and stretch your budget further.

Pro tip: When choosing, compare based on cost, time-to-hire, compliance maturity, and IP protection. Use a small pilot project to evaluate quality before scaling.

Step 3: Write down must-have skills for your fintech app developer

A strong fintech developer should understand blockchain infrastructure, payment gateway integration, and regulatory compliance, more than just coding. Here are what to look for when evaluating fintech developers:

Emerging technologies in fintech:

• Blockchain: For building transparent and tamper-proof transaction systems, especially for cross-border payments and smart contracts.
• AI & Machine Learning: To automate credit scoring, detect anomalies, personalize offers, and support RegTech compliance.
• Cloud & DevOps: Teams should leverage AWS Financial Services, Azure Cloud for FinTech, or Google Cloud for compliance-ready scalability.

Compliance frameworks:

FinTech operates under strict regulation. Developers must understand:

• PCI DSS (for payment card security)
• KYC/AML (for identity verification and anti-fraud)
• GDPR/CCPA (for user data privacy)
• PSD2 & SCA (for EU payment security & authentication)
• SOC 2 and ISO/IEC 27001 (for cloud and data handling standards)

A tip for you: teams with past experience in sandbox testing (e.g., Visa Developer Sandbox) or regulatory audits can drastically reduce compliance risks for startups.

Core programming & frameworks:

• Backend: Java, Kotlin, Go, Python, .NET Core
• Frontend: React, Angular, Vue
• Mobile: Flutter, Swift, React Native
• Backend frameworks: Spring Boot, Node.js, FastAPI

API & integration skills:

Look for backend engineers who’ve built integrations with Visa/Mastercard sandbox, Stripe Connect, or Wise Transfer APIs – these are industry standards. They should also be familiar with Open Banking frameworks and providers like Plaid, Yodlee, Trulioo, or Onfido, which enable smooth KYC verification, account aggregation, and payment orchestration.

Security & encryption:
The engineers must follow secure coding practices, use strong encryption, and run penetration testing. Bonus points if they know testing tools like Burp Suite or OWASP ZAP, and understand what it takes to pass a PCI DSS audit.

DevOps & CI/CD:
They should know how to adopt containerization (Docker, Kubernetes), IaC (Terraform), and continuous delivery pipelines to ensure secure deployment, uptime (99.99%), and resilience.

Performance metrics:
Top teams measure and optimize KPIs such as transaction latency (TPS), MTTR (Mean Time to Recovery), and uptime SLAs. These are essential metrics in fintech reliability.

Soft skills & collaboration capabilities:

Soft skills are just as important as technical skills, especially in this fast-paced and regulated environments. Look for developers who excel in:

• Communication: Ability to translate complex financial logic into clear technical tasks.
• Project Management: Familiar with Agile, Scrum, or Kanban, and using tools like Jira, Notion, or ClickUp.
• Problem-Solving: Quick to debug production issues, handle incidents, and optimize transaction workflows.
• Attention to Detail: Vital for preventing costly bugs in payment or lending modules.
• Adaptability: Continuous learning mindset for new regulations, SDKs, and fintech APIs.

Step 4: Source and shortlist candidates

Now it’s time to find developers who match your JD. You can find them on these popular platforms:

1. Freelance marketplaces – fast & flexible hiring
If you’re testing an MVP or need short-term support, freelance platforms like Upwork, Toptal, and Fiverr are a good start.

• Upwork offers access to thousands of fintech freelancers worldwide, with transparent ratings and time-tracking tools.
• Toptal vets only the top 3% of global talent, making it ideal when you need engineers skilled in fintech.
• Fiverr suits budget-sensitive startups, but remember to review portfolios carefully to ensure code quality and compliance with financial data standards.

2. Specialized fintech development platforms – deep domain expertise

Lemon, Andela, and BairsDev are talent marketplace that connects startups with pre-screened fintech developers, helping reduce time-to-hire while maintaining quality.

3. B2B directories and rating sites – reliable long-term partners

If you prefer hiring agencies, platforms like Clutch, GoodFirms, or DesignRush let you compare fintech development vendors by client reviews, hourly rates, and location.

Tips: Combine a B2B directory for vendor research with a vetted platform like Toptal or YouTeam to find both individual experts and reliable teams faster.

Step 5: Evaluate and test candidates

This step is crucial to ensure you’re hiring competent and trustworthy fintech developers.

Use technical assessments to evaluate their coding, architecture design, and data security knowledge. Include real-world fintech scenarios such as:

• Designing a secure payment flow with tokenization.
• Implementing PSD2 Strong Customer Authentication (SCA).
• Handling KYC/AML verification and encryption best practices.

Combine this with soft-skill and problem-solving interviews to test analytical thinking and communication. Also, perform security and background checks – essential for teams handling sensitive financial data.

Remember that well-structured testing prevents costly mis-hires and ensures your team can deliver compliant fintech solutions from day one.

Pro tip for you: Use a scoring rubric (technical 50%, compliance 30%, communication 20%) for objective selection.

Step 6: Negotiate contracts and ensure compliance

After identifying the right developers, formalize your engagement. Make sure your contract includes these key terms:

• Scope of work and deliverables (feature list, sprint plans).
• IP rights & NDA – clearly state that your business owns all source code.
• Compliance warranties – confirm adherence to PCI-DSS, GDPR, and local financial laws.
• Payment terms – fixed-price vs hourly, milestone-based.

If you’re outsourcing, check whether your vendor follows ISO 27001, SOC 2, or similar security standards. For cross-border hiring, clarify taxation, data residency, and export control rules.

Also, use standard Service Level Agreements (SLAs) with metrics like uptime (99.9%), latency (<200ms), and MTTR (<4h) to measure performance.

Step 7: Onboard and monitor performance

Once contracts are signed, set your developers up for success.
Start with a structured onboarding plan: introduce team roles, communication tools (Slack, Jira), and code repositories (GitHub, Bitbucket).

Next, define measurable KPIs: sprint velocity, code quality, transaction throughput (TPS), and incident response time. Use monitoring tools such as New Relic or Datadog for real-time visibility.

Maintain regular sprint reviews, weekly stand-ups, and retrospective meetings to keep progress transparent.

Also, encourage developers to document compliance activities (PCI scans, pen tests, data encryption updates). It helps with future audits and investor due diligence.

Detail cost breakdown (2025 benchmarks)

With your hiring strategy in place, the next question is: How much will it cost?

The fintech app development cost can vary significantly depending on where they’re based, their experience level, and the complexity of your app. Here’s the breakdown:

Hourly rate by region

While rates vary by region, the goal isn’t finding the lowest price, it’s finding the right balance between cost, technical skill, regulatory knowledge, and team alignment.

• If you need advanced compliance & integrations, consider Western Europe or North America. These developers often have strong exposure to regulated markets and enterprise-grade systems, though costs are higher.
• If you want a balance between quality and affordability, choose Eastern Europe and Asia. They are emerging as fintech outsourcing hubs, offering skilled developers at lower cost. Many have experience in digital payments, DeFi, and AI-powered fintech apps.
• If speed and flexibility matter more than location, look to Latin America. Their time zones align better with the U.S., which make collaboration easier for agile, fast-paced startups.

Hourly rate by team size

Your project’s scope and team composition directly affects total cost. While small MVPs can be handled by 2 – 3 developers, scaling into production often requires a cross-functional team, blending technical and strategic expertise.

A well-rounded fintech team usually includes:

• Frontend & Backend Developers for building and maintaining product logic
• Mobile Developers for iOS and Android apps
• UI/UX Designers to craft intuitive user journeys
• QA Engineers ensuring app stability and compliance
• DevOps Specialists managing cloud deployment and CI/CD
• Project Managers & Business Analysts aligning delivery with business goals

Naturally, the more specialized your team, the higher the hourly budget — but you gain in delivery speed, quality control, and smoother scaling.

Note & insights for you: Smaller teams (2–3 devs) usually have higher average rates due to senior composition, while larger dedicated teams balance cost with delivery speed.

Hourly rate by engagement models

If your product scope is well-defined (e.g., an MVP for a digital wallet or a P2P payment app), choose a fixed-price contract. It gives you predictable costs and less overhead. However, it’s less flexible – any new feature or change request will require a re-estimation.

The time & material works best if your app evolve fast – adding new integrations, AI features, or scaling to new markets. You pay for what’s built and stay flexible, but you’ll need to stay hands-on to manage priorities and costs.

The dedicated team is the move for complex or regulated products like a neobank, trading platform, or payment gateway. You get full-time developers who live and breathe your roadmap, with the capacity to scale as you grow.

Hidden costs to consider

While the breakdown gives you a clear view of direct development costs, there are still hidden or indirect expenses that can quietly add up during the project lifecycle.

Many fintech founders underestimate these hidden costs — which can quietly inflate budgets by 20–30%:

• Onboarding and ramp-up: 2–3 weeks of productivity loss while aligning tools, security protocols, and workflows.
• Infrastructure & tools: Paid cloud hosting (AWS, Azure), CI/CD pipelines, QA automation, and cybersecurity monitoring tools like Datadog or Snyk.
• Third-party integrations: Payment gateways, KYC/AML APIs, data providers (Plaid, Experian) – often billed monthly per transaction.
• Maintenance & updates: Expect 15–25% of annual dev cost for ongoing security patches, new regulations, and tech stack updates.
• Compliance re-certification: Annual audits for PCI DSS, GDPR, or SOC 2 can cost $10,000–$20,000/year.
• Communication overhead: Cross-timezone collaboration may add 5-10% to total project hours.

How to avoid them

There are 3 things you can do to avoid these hidden costs.

First, always ask for the total cost of ownership. This covers not only development but also cloud hosting, DevOps, QA, and maintenance. Ask specifically about compliance re-certifications and third-party API costs. 

Then, own all project accounts and infrastructure – from cloud to CI/CD – to prevent hidden platform charges later. This gives you control and prevents vendor lock-in down the line.

Finally, fix your maintenance rate for at least 12 months post-launch, or agree on a capped % of dev cost. And don’t for get to add a 10-15% risk buffer for delays caused by audits, integrations, or vendor approvals.

What you’ll gain by partnering with Synodus’ fintech team

When you work with Synodus, you’re getting strategic allies who make sure your fintech product is compliant, scalable, and built for real users.

With over 80 custom fintech and banking projects delivered since 2019, our teams combine deep domain knowledge, security-first practices, and agile delivery to help startups and enterprises turn ideas into market-ready products — faster and safer.

• Stay compliant automatically: We’re fluent in PCI DSS, PSD2, KYC/AML, and GDPR, helping you launch smoothly without last-minute regulatory fixes.
• Security from day one: Every build follows DevSecOps best practices – encryption, access control, and penetration testing. This helps protect your user data 24/7.
• Faster launch, transparent costs: Using reusable fintech modules and a hybrid delivery model, we help you cut time-to-market by up to 40% with full cost visibility.
• Long-term partnership: Beyond launch, we continue to scale, enhance, and future-proof your fintech roadmap.

Wrapping up

Hiring fintech app developers requires time and effort. Remember that don’t chase the lowest rate or biggest name, focus on fit. Find a team that gets your product vision, speaks the same language in finance and tech, and can grow with you beyond the MVP stage.

Here’s the golden rule:

A good developer writes clean code.

A great fintech developer builds trust, compliance, and long-term scalability into every feature from day one.

Take your time to screen portfolios, run small pilot tasks, and ask tough questions about security, compliance, and delivery process – it’ll save you far more later.