How to create a fintech app in 6 easy steps

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Fintech apps are changing how businesses manage money, making it easier to save time, cut costs, and reach more customers. In fact, the global fintech market is projected to grow at a CAGR of 19.5%, reaching $492.81 billion by 2028 (source: Mordorintelligence’s fintech market report). This means more businesses are using fintech to stay ahead. 

As a C-level executive, you’re likely wondering how to assess the feasibility, ROI, and strategic alignment of building a fintech app. This guide will explore how a fintech app can benefit your business, breakdown the 6 simple steps to create one, and help ensure your fintech solution delivers results while minimizing risks. Let’s get started! 

Why creating a fintech app is a smart move for your business

As mentioned earlier, fintech apps are changing how businesses and consumers manage money – and the market is booming. Companies that build fintech solutions can tap into fast-growing industry and see massive returns. For example:  

  • Digital wallets like MoMo and Revolut are gaining millions of active users by offering seamless online payments. 
  • P2P lending platforms connect borrowers and lenders directly, creating new income streams while solving market gaps. 
  • Digital banking apps like Timo attract customers who prefer convenience over traditional banking.

So, what is in it for your business?

A fintech app can make your business more efficient, profitable, and future-ready. Here’s the details: 

Profitability

A well-built fintech app can generate income through subscriptions, transactions, or service fees. 
Successful apps like Revolut and Chime show the potential. For example, Revolut reached a $45 billion valuation in 2024 by attracting millions of users who needed easy digital banking.

Cut costs

Fintech apps automate tasks like payments and invoicing, cutting expenses and reducing manual work. Some businesses save up to 30% on transaction fees with digital solutions.

Market expansion

A well-built fintech app helps you reach more customers, locally or globally, by providing solutions that people actually need.

More examples of fintech app success:

  • PayPal: Reported Q2 2024 revenue of $7.9 billion, an 8% increase year-over-year.  
  • Chime: Valued at $25 billion in 2021, now the third largest neobank in the United States 
  • Coinbase: Held $137 billion in assets under custody as of Q3 2024.  
  • Venmo: Processed over $275 billion in payment volume in 2023, contributing significantly to PayPal’s ecosystem. 

Clearly, building a fintech app to serve businesses or individual customers is a smart move. It offers numerous advantages and positions your business for long-term growth. 

Best tech stacks to develop a fintech app

The selection of the technology stack depends on the specific requirements of your application. By making the right choice, you can not only save time and money but also ensure the development of a robust fintech app. To assist you in this process, this section has compiled a list of recommended technology stack options for developing your fintech app.

Native development:

  • iOS: Objective-C, Swift, XCode, iOS SDK.
  • Android: Java, Kotlin, Android Studio, Android SDK.

Cross-platform development: React Native (preferred), C# (device-specific APIs).

Hybrid development: HTML5, PhoneGap.

Other technologies:

  • Python: Versatile, simple, with extensive libraries for rapid development.
  • React native: Compatible with both iOS and Android, supports efficient code sharing.

So, how do you turn this potential into a reality? Let’s walk through the six simple steps to create a fintech app that delivers results. 

How to create a fintech app in 6 easy steps

Developing an application is a process that cannot be accomplished overnight; it demands both time and financial resources. Hence, the foremost consideration for Fintech businesses should be to develop a unique idea, identify a specific market segment, and follow the next steps involved in the development of a fintech application. Here are the complete guides about how to create a Fintech app with 6 easy steps:

Start by deciding what type of fintech app you want to build and the specific market you’ll serve. Focus on a niche that solves real problems for users, whether it’s digital payments, personal finance, or P2P lending. 

Once you’ve picked your niche, plan the essential features your app needs. Keep it simple—too many unnecessary features can overwhelm users. Prioritize must-haves like security, personalization, and push notifications, and think about adding one standout feature to set you apart from competitors. 

At the same time, research local laws to ensure your app complies with regulations in every region it will operate. Legal compliance is crucial to avoid fines and build trust with users. 

Also, estimate your budget early on to avoid delays or issues later in the development process. A clear financial plan will help keep everything on track. 

Step 2. Create or hire a team for the project

In this step, you need to create or hire a team or individual with technical expertise in various areas, including:

  • UI Designers  
  • Web Developers  
  • Project Managers  
  • Quality Assurance Specialists  
  • Android/iOS Developers  
  • Business Analysts  
  • Front-End Developers  
  • Back-End Developers, and so on

To ensure the development of a high-quality app and the optimal utilization of your invested funds, it is essential to assemble a team of highly experienced professionals. Hiring an experienced fintech app development team can prove to be immensely beneficial, as it saves both time and limits mistakes. 

The size of your development team will depend on the scale of your project. Larger projects will require more team members. However, if your project is relatively small, you also have the option to hire fintech developers individually based on the specific skillsets you require.

Step 3. Design a simple and user-friendly experience

The design of your fintech app is the first thing users interact with, so it’s important to make it easy to use and visually appealing. A good user interface (UI) and user experience (UX) can make or break your app’s success. 

Here are some tips for creating a great design: 

  • Keep the layout simple and easy to navigate. 
  • Avoid clutter—don’t overload the app with unnecessary features. 
  • Make sure users can quickly find what they need. 
  • Use clean, intuitive designs that feel natural to use. 
  • Pick balanced colors that are easy on the eyes—not too dark or too bright. 

Creating prototypes can help you test and improve your design before launch. Also, an experienced design team can make this process smoother and ensure your app is both functional and visually appealing. 

Step 4. Build an MVP (minimum viable product)

Before fully developing your app, it’s smart to test your idea with a Minimum Viable Product (MVP). An MVP is a simple version of your app that includes just enough features to see how it performs in the market.

Minimum Viable Product, commonly known as MVP, is a term used in product development
Minimum Viable Product, commonly known as MVP, is a term used in product development

This approach lets you:

  • Test your app idea and get feedback from real users. 
  • Make improvements without spending too much money upfront. 
  • Reduce the risk of costly mistakes by fixing issues early. 

If your MVP succeeds, you can scale it up to attract more users, boost revenue, and ensure your app runs smoothly while delivering real value. It’s a cost-effective way to refine your idea and set the foundation for long-term success.

Step 5. Test and evaluate your Fintech app

Testing your fintech app is essential to ensure it works smoothly and meets user expectations. Check every feature to make sure it functions correctly and fix any bugs before launch. 

Key steps to follow: 

  • Test the app on different devices and screen sizes, especially for iOS and Android. 
  • Ensure everything runs smoothly, no matter the platform. 

Remember, launching your app isn’t the end of the process. Regular updates and improvements are necessary to meet changing user needs and keep up with fintech regulations. Adding new features over time will also help keep your app competitive and valuable to users. 

Step 6. Release the fintech app & collect feedback

Once your app is fully developed, tested, and ready to go, it’s time to launch it to the public. Release it on app stores for both iOS and Android, and let your target audience start using it. 

After the release, it’s important to collect feedback from users. Pay attention to what they like, what they find difficult, and any issues they face. This feedback will help you improve the app and make necessary updates. 

The fintech app’s journey doesn’t end at launch. Keep listening to your users, and continue improving to make the app even better over time. 

Now, let’s find a partner that can help you all with the development process. 

Building Fintech apps with Synodus

When you partner with Synodus for your fintech app development, you’re choosing more than just a service provider—you’re gaining a trusted partner who will drive your business forward. Here’s what you’ll get by working with us:

  • Get to the market faster with our efficient development process and quick MVP development.  
  • Save money without losing quality with our affordable rates of $16-$30 per hour and our extensive experience in Fintech.  
  • Get expert guidance at every stage of the project from our strategic advisors. 

With over 6 years of experience in the fintech world, we’ve worked with companies across all areas of financial services, including banking, payments, insurance, wealth and asset management, and capital markets. 

At Synodus, we offer a wide range of fintech app development services to meet your needs: 

Fintech app services provided by Synodus
Fintech app services provided by Synodus 

Our clients include major names like BOC Aviation, KPMG, Vietcombank, Techcombank, MB, and many more. Together, we’ve achieved:  

We’re immensely proud of the team’s progress and eagerly anticipate future collaborations.” 

As said by Jinny Park, Product Owner of Arctx Solutions, who’s been with us for 2 years

And we understand that keeping up with the with the fast-changing world of financial services can be tough. Let us be your partner in this journey. We can handle the tech challenges your business faces as you grow and reach millions of users. Plus, our flexible team structure means you can add or remove team members as needed.

Summary

In a nutshell, “How to create a fintech app” is a detailed process with 6 steps that necessitates the creation of numerous features and capabilities to cater to the needs of users. The demand for FinTech application development is continuously increasing and is poised for further growth. To stay competitive with IT companies and digital banks, traditional banks need to adopt modern and sophisticated FinTech apps. It is evident that even the most prominent global banks are investing in FinTech to transform their internal operations and explore customer engagement strategies more professionally. 

We trust that the article has provided full information and is useful, equipping you with comprehensive knowledge about how to develop a Fintech app. If you have any inquiries regarding FinTech app development, please feel free to reach out to us.

FAQs

1. How much does it cost to make a Fintech app?

The cost of developing a Fintech app typically ranges from $60,000 to $120,000. depending on various factors such as app complexity, development model, team location, technology stack and timeline

2. How long does it take to create a Fintech app?

Business process project analysis takes 40 hours (1 week), followed by UI/UX design for 130 hours (5 weeks). The Fintech app development stage is the most time-consuming at 760 hours (8 weeks), concluding with QA testing for 360 hours to ensure quality application. 

3. Do you recommend native or cross-platform apps for fintech app development? 

Native apps support 100% of the platform hardware and require less effort with security enhancements; we recommend Native because it’s not only cost-effective but also faster to build. In contrast, cross-platform apps cost more and take longer to develop, but they offer compatibility with various hardware and enhanced security. 

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