Top Fintech App Development Companies

A Fintech app development company is a specialized software firm that creates mobile applications catering to the financial industry. These agencies leverage technologies like blockchain, cloud computing, business intelligence, and big data to digitize and streamline financial services. Examples of Fintech apps include digital wallets, investment apps, and budget-tracking apps.

As society becomes more digital, Fintech app development companies play an increasingly important role in ensuring that financial businesses remain accessible, efficient, and secure. In that regard, they help companies overcome some of the following challenges:

• Low customer retention on account of inaccessible financial services that require physical presence and pose inconvenience to customers
• High user churn rate due to poor-performing apps
• Limited in-house Fintech and mobile app development knowledge
• Inability to keep the app up to date with the latest mobile operating systems
• Difficulty transforming website and desktop features into cross-platform mobile applications
• Multiple compliance and security issues that leave your business and users vulnerable

For the past decade, the Fintech industry has seen significant growth, amassing a global revenue of $103.75 billion and a worldwide user base of over 3.5 billion. The United States is observed to have the highest share of Fintech investment deals, accounting for 40.5% of the market share, followed by Europe and Asia, at 24% and 20.5%, respectively.

Success story

With the rise of the Fintech industry, more businesses are requiring the expertise of Fintech app developers to gain a competitive edge. One such expert is Fulminous Software.

• Challenge: With the ambition to change how banks, nonbank financial companies (NBFC), and other agencies do repossessions, an organization commissioned Fulminous Software to build a vehicle repossession platform. This platform should be able to streamline and unify the entire process.
• Solution: After studying the app’s target users, Fulminous Software developed the EasyRecovery app and website. It had easy user profile management, unlimited data uploading, and offline accessibility features. Moreover, to ensure data safety and security, users can only access information according to their account level.
• Results: The client was impressed by the outstanding services and results brought by Fulimnous Software, reporting over 1,500 active users across 20 states and a 200% increase in return on investment.

Fintech app development companies plan, design, and build mobile applications to help financial firms improve the useability of their services. This includes integrating application programming interfaces (APIs), implementing cybersecurity measures, and designing the user interface (UI) and user experience (UX).

Key services of Fintech app development companies include:

• Ideation
  Planning the details of the app with the client to ensure that it resonates with their end-user and overall project goals
• UI/UX design
  Laying out the application’s wireframe, choosing color schemes, fonts, and layouts, and designing its features to ensure that they’re intuitive, interactive, and attractive for users
• Back-end development
  Writing code, defining the logic, encoding data, and integrating APIs to build the app’s functionality
• Payment gateway integration
  Embedding payment APIs into the app to facilitate secure transactions in multiple currencies and payment methods
• Security and compliance
  Implementing advanced cybersecurity measures, including encryption, multi-factor authentication, and know-your-customer (KYC) systems to comply with different security standards and ePrivacy laws and regulations
• Quality assurance (QA) and testing
  Conducting rigorous tests to detect and resolve issues, bugs, and other functionality defects before market launch
• Fintech super app development
  Building an all-in-one mobile application integrates a wide range of financial services and features such as online banking, investment, insurance, bill payment, money transfers, wealth management, loans, mortgages, and more

Success story

To better illustrate what Fintech app development companies do, we handpicked this case study from Zazz:

• Challenge: Wanting to make tax returns more convenient, a business tasked Zazz to develop a tax filing web and mobile app. The app should accommodate the needs of full-time and part-time employees, senior citizens, businesses, and other taxpayers across Canada and the US.
• Solution: Focusing on user experience, Zazz developed an app that automatically calculates income tax refunds to increase efficiency and minimize errors. It also allowed users to easily access the app from any device, including Android, iOS, and websites. Plus, the app has a two-step authentication and data security for enhanced security, an intuitive UI/UX design, and a third-party API to keep up-to-date with the latest tax policies.
• Results: The Fintech app, Tax Volt, experienced instant success, cutting down the tax filing process to 30 minutes, and garnering over 100,000 downloads on the app store.

It takes anywhere between 4-24 months to develop a Fintech app. This largely depends on the app’s complexity, features, platforms, and agency experience. Regulatory requirements can also impact the development timeline, as various jurisdictions require different levels of security, which can make building the app more complex.

 Here is the approximate development time for different types of Fintech apps:

Fintech app development services can cost between $30,000 and $300,000. Much like the development timeline, the app cost is also affected by the product’s complexity, features, platforms, and agency experience. Additional factors affecting the price include technologies used, tools and languages required, agency location, and ongoing maintenance costs.

Here is the breakdown of the development costs for the different types of Fintech apps:

The top 50 Fintech app development companies on DesignRush have an average hourly rate of $52. 4% of Fintech app development services on DesignRush accept a project budget under $1,000, providing affordable pricing options for startups and small businesses. On the other hand, 7% require at least $50,000 for a project, offering premium services for more complex products. 

You should hire a Fintech app development company to remain relevant to your users and provide them with accessible, efficient, competitive, and innovative services. These agencies can help you introduce cutting-edge solutions that integrate advanced security features, utilize AI for personalized financial insights, and streamline complex transactions.

Hire a Fintech app development company to:

• Gain a competitive edge in a fast-growing market
• Elevate your customer experiences and drive higher customer lifetime value
• Improve the security of your digital products and navigate financial systems and regulations
• Ensure that your app remains up to date with the latest technologies and is compatible with different devices
• Integrate your systems, allowing for more streamlined internal processes, increasing productivity, and saving costs
• Collect more accurate financial and customer data, leading to more informed decision-making
• Modernize your digital solutions with functionalities that would improve your service and increase profit

Success story

One case study that showcases the benefits of Fintech app development companies to businesses comes from Surf:

• Challenge: Global banking leader SBI Bank wanted to produce a family banking app to tap into a wider market niche and better serve its current customers. The app needed to cater to the different needs of each family member and comply with banking and Fintech regulations.
• Solution: Surf crafted an innovative app that provided shared family accounts and family features. Through this, parents have administrative control over the features, including deposits, savings, spending limits, and goals. While children can have their own accounts, where they can deposit, withdraw, and save money. Additionally, users can monitor the cards linked to their account and access family statistics data.
• Results: Through Surf’s expertise, SBI Bank increased the number of new users by 25% and monthly active users by 27%. To date, the app has over 9,000 monthly users worldwide and has been recognized by the Times Innovations Awards.

To choose the best Fintech app development company for your business, you should meticulously research the agencies and their track record. To help you along the process, here are some steps to consider:

1. Define your requirements
   Specify your app’s objectives, target users, integrated technologies, list of features, and project timeline to better present your vision and objectives to development agencies.
2. Gather examples
   Compile a list of Fintech apps you want to emulate, highlighting the specific elements you like, such as UX design, functionalities, and integrations.
3. Consider the costs
   Determine the rough costs of your Fintech app, taking into account software licensing fees, developer fees, post-launch support fees, and other potential expenses.
4. Research developers and ask for references
   Look at directories like DesignRush, marketplaces, publications, and agency listings to find potential Fintech app development partners. You can also ask peers and business partners for recommendations.
5. Check their credentials
   Review their client reviews, testimonies, case studies, portfolios, and list of recognitions to verify the agency's credibility and experience.
6. Assess their expertise
   Evaluate the platforms, tools, tech stack, and type of apps they specialize in and select those who can provide the services you need.
7. Submit a request for proposal (RFP)
   Shortlist agencies that align the most with your requirements and send them an RFP that outlines your project details, budget, timeline, and business information.
8. Schedule an interview
   Set an interview with your shortlisted candidates and ask them more detailed questions about their approach to your project. This can provide better insight into their level of expertise, development process, and customer services.
9. Observe their communication skills
   See how the developers interact with you and your team. Evaluate if they’re responsive, transparent, professional, and align with your business values and vision.
10. Inquire about security and compliance practices
    Because the financial industry involves working with highly sensitive information, it is essential to ask the agency about its security practices. The agency should be familiar with laws, including the Fair Lending Laws, unfair and deceptive acts and practices (UDAP), and Red Flags Rules.
11. Onboard your Fintech app development partner
    Contact your chosen agency and settle on the payment method, list of deliverables, project milestones, and other aspects of your collaboration.

Need help finding a financial app development company? Explore our Marketplace and send us details about your project. We’ll connect you with five leading developers that match your requirements — at no cost!

Using our agency's filters, you can find the best Fintech app development services on DesignRush that fit your budget. Shortlist the selection by choosing from agencies that can cater to projects from $1,000 to above $50,000 based on your budget.

To get you started, here are a few options at different price points:

Our agency directory also lets you browse agency profiles based on location, area of expertise, agency reviews, client types, team size, budget, and hourly rates so you can compare Fintech app development services comprehensively and find the best fit for your project.

Before hiring a Fintech app development company, it’s best to ask the following questions to verify their credibility, reliability, and capabilities to accommodate your requirements: 

Its Relevant Background

1. What is your Fintech app development experience?
2. Can you share client references and case studies of previous projects?
3. How do you stay updated on regulatory changes?

Its Services and Processes

1. What areas of mobile development do you specialize in?
2. Do you work with both Android and iOS applications?
3. Do you offer cross-platform development?
4. What tech stack do you use for Fintech apps?
5. What development methodologies do you follow?
6. Can you walk me through your QA process?
7. What steps do you take to ensure the app complies with industry regulations and policies?
8. What security measures do you implement to safeguard financial data throughout development?
9. What is your disaster recovery or business continuity strategy?
10. Do you offer post-launch support? If so, what are the services?

Related to Your Project

1. Who will be on my team, and what are their credentials?
2. How will you measure my project’s success and milestones?
3. Who owns the source code of my Fintech app?
4. What will be the licensing arrangements for my software?
5. What monetization strategies do you suggest for my Fintech app?
6. Can you integrate my Fintech app with my business’s current systems?
7. How open are you to adapting to evolving project scope?
8. How do you ensure that my app is scalable and remains compatible with the latest mobile technology?

The best Fintech app development companies in the US are the following: 

• Zazz
  • 5.0 stars on DesignRush (95 reviews)
  • 5.0 stars on Google (12 reviews)
  • Top clients: IBM, McDonald’s, Disney, NBA
• Simpalm
  • 5.0 stars on DesignRush (43 reviews)
  • 5.0 stars on Google (2 reviews)
  • Top clients: University of Maryland, US Department of Defense, Pearson, AudiobooksNow
• Fulminous Software
  • 5.0 stars on DesignRush (43 reviews)
  • 4.9 stars on Google (56 reviews)
  • Top clients: PlateRate, Facevue, Bhavika Mart, EasyRecovery
• Suffescom
  • 5.0 stars on DesignRush (38 reviews)
  • 4.8 stars on Google (100 reviews)
  • Top clients: My Taxi India, Uber, Class Central, Chilis 
• Surf
  • 5.0 stars on DesignRush (39 reviews)
  • 4.0 stars on Google (57 reviews)
  • Top clients: Burger King, Home Depot, Forbes, SBI Bank