How Much Does it Cost to Develop a FinTech App like Revolut?

Last updated on July 2nd, 2024

The financial technology industry, also known as FinTech, has revolutionized the way we manage our finances. From online banking and peer-to-peer payment platforms to advanced budgeting apps, FinTech companies have dramatically altered the landscape of traditional banking and financial services. One prominent company that has significantly disrupted the industry is Revolut.

Founded in 2015 by Nikolay Storonsky and Vlad Yatsenko, Revolut is a UK-based digital bank that offers a comprehensive range of financial services. These include currency exchange at interbank rates, innovative budgeting tools, virtual and physical debit cards, cryptocurrency trading, and even stock trading options. With a user-friendly app and a mission to provide financial inclusivity, Revolut has attracted over 15 million customers worldwide.

The company’s rapid growth can be attributed to its commitment to transparency, low fees, and constant innovation. Revolut’s ability to cater to the global citizen, offering seamless international transactions and travel-friendly features, has set it apart in the competitive FinTech market. As Revolut continues to expand its services and geographical reach, it remains a testament to the transformative power of financial technology.

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What is Revolut App?

The Revolut app is the central platform that allows users to access all of the company’s financial services and features. It is available for both iOS and Android devices, making it easily accessible to a wide range of users. The app has a sleek and user-friendly interface, allowing customers to manage their finances with ease. With Revolut, users can perform a variety of functions, including budgeting, currency exchange, and tracking expenses. The app also offers advanced security features, such as biometric authentication and instant card freezing, ensuring that users’ financial information remains secure. Additionally, Revolut provides real-time notifications for every transaction, helping users stay on top of their spending habits.

Also Read: What is FinTech and Why is it Important?

Is It Worth To Invest In Revolut App Development?

Investing in Revolut app development may be a wise decision for businesses looking to tap into the growing FinTech market. With its innovative features and global reach, Revolut has already gained a significant customer base and continues to expand. By developing an app similar to Revolut, businesses can attract tech-savvy customers who are looking for convenient and efficient financial services. Moreover, with the increasing demand for digital banking and contactless transactions, investing in Revolut app development can help businesses stay ahead of their competitors. However, it is essential to consider factors such as budget, target audience, and unique selling points before making any investment decisions.

Large and Growing Market:

The FinTech market has been growing exponentially in recent years, driven by the increasing adoption of digital banking and mobile payments. According to Statista, the global transaction value in the FinTech sector is expected to reach $7.6 trillion in 2021, with a projected annual growth rate of 12.8%. By investing in Revolut app development, businesses can tap into this lucrative market and attract potential customers.

Disrupting Traditional Finance:

Revolut’s success can be attributed to its ability to disrupt traditional financial services. With its low fees, convenient features, and user-friendly interface, Revolut has attracted a significant number of customers who are looking for an alternative to traditional banks. By investing in a similar app, businesses can offer their customers an innovative and modern approach to managing their finances.

Feature-Rich Functionality:

One of the key reasons for Revolut’s popularity is its extensive range of features, such as budgeting tools, international money transfers, and cryptocurrency trading. By incorporating similar functionalities in their app, businesses can provide their customers with a comprehensive financial management solution that caters to their diverse needs.

High Valuation Potential:

Revolut was valued at $33 billion in a recent funding round, making it one of the most valuable fintech startups globally. This high valuation potential demonstrates the strong demand for digital banking solutions and highlights the potential for businesses investing in Revolut app development to achieve significant returns on their investment.

What Is the Cost of Developing Apps Like Revolut?

The cost to develop an app like Revolut can vary significantly based on several factors, including the complexity of features, technology stack, and geographic location of the development team. On average, a basic digital banking app with essential features such as account management, money transfers, and budgeting tools can range from $100,000 to $300,000. For a more sophisticated app that includes advanced functionalities like cryptocurrency trading, international money transfers, and integration with third-party services, the development costs can escalate to between $500,000 and $1 million. Additionally, an ongoing investment in maintenance, updates, and scaling is crucial. These continual costs can amount to 15-20% of the initial development cost annually. It’s important to note that achieving high security and regulatory compliance, which are essential in fintech, can also add to the development expenses. Therefore, businesses looking to develop an app like Revolut should plan for both substantial upfront and ongoing investments to ensure robust performance and user satisfaction.

Planning and Research (5-10% of total cost): This initial phase involves market research, competitor analysis, and defining the app’s core features and functionalities. It also includes creating a detailed project plan and a roadmap.

Design (10-15% of total cost): Creating a user-friendly interface (UI) and ensuring a smooth user experience (UX) is crucial. This step involves wireframing, prototyping, and designing the app’s visual elements.

Core Development (40-50% of total cost): The development phase focuses on building the app’s core functionalities. For a banking app, this includes features like account management, money transfers, budgeting tools, and ensuring secure authentication mechanisms.

Advanced Features Development (20-25% of total cost): Adding complex features such as cryptocurrency trading, international money transfers, AI-driven analytics, and third-party integrations. These functionalities elevate the app to a more competitive level but require substantial investment.

Testing and Quality Assurance (5-10% of total cost): Rigorous testing is essential to ensure the app runs smoothly and is free of bugs. This includes functional testing, performance testing, and security assessments to guarantee compliance with regulations.

Deployment (2-5% of total cost): Preparing the app for launch involves setting up servers, ensuring scalability, and coordinating with app stores for distribution. This step also includes initial user onboarding support.

Maintenance and Updates (15-20% of initial development cost annually): Post-launch, the app requires continuous monitoring, updates, and scaling. Regular maintenance ensures the app remains secure, compliant, and up-to-date with user expectations and technological advancements.

Factors Affecting The Cost To Build Fintech Apps Like Revolut :

App Complexity: The more complex the app, the higher the development cost. A simple budgeting app will be less expensive to develop compared to a full-fledged banking app with multiple features.

Design and User Interface (UI/UX): An intuitive and visually appealing design is essential for fintech apps to attract and retain users. Investing in high-quality UI/UX can significantly impact the overall cost of developing an app.

Integration with Third-Party APIs: Fintech apps often require integration with third-party services such as banks, payment gateways, or stock trading platforms. These integrations involve additional development time and costs.

Security and Compliance Requirements: Fintech apps deal with sensitive user data and financial transactions, so they must comply with strict security and privacy regulations. Implementing robust security measures can add to the cost of development.

Platforms and Devices: Building an app for multiple platforms (iOS, Android, web) and devices (smartphones, tablets, wearables) increases the complexity and cost of development.

Team Expertise: The experience level and expertise of the development team will also impact the cost. Hiring a high-quality team with specialized skills in fintech development may increase costs but could result in a better end product.

Must-have Features To Build Fintech Apps Like Revolut :

User Onboarding: A seamless user onboarding process is crucial for fintech apps to attract and retain users.

Account Creation and Management: Users should be able to create accounts quickly, link their bank accounts or credit cards, and manage their funds efficiently through the app.

Multi-Currency Support: Fintech apps often cater to a global audience, so having multi-currency support allows users to make transactions in different currencies without additional fees.

Real-time Transactions and Notifications: Users expect real-time updates on their account activities, including transactions, balances, and notifications for important events such as low balance alerts or unusual account activity.

Budgeting and Personal Finance Tools: Many fintech apps offer budgeting and personal finance tools to help users track their spending, set financial goals, and make informed financial decisions.

Security and Data Privacy Features: As mentioned earlier, security is of utmost importance for fintech apps. Features such as two-factor authentication, biometric login, and data encryption can protect user data from cyber threats.

Customer Support: Fintech apps should have a robust customer support system in place to assist users with any issues or concerns they may have while using the app.

Integrations with Other Financial Services: Integrating with other financial services such as investment platforms or insurance providers can add value to the app and attract more users.

Best Fintech Apps Like Revolut In the Market

There are many fintech apps in the market, but some stand out for their innovative features and exceptional user experience. Here are some of the best fintech apps that are similar to Revolut:

1. Wise

Wise (formerly known as Transferwise) is a popular fintech app that offers low-cost international money transfers and multi-currency accounts. It allows users to send money abroad at the real exchange rate with no hidden fees, making it a great alternative to traditional bank transfers. The app also supports over 50 currencies and provides real-time updates on exchange rates.

2. Acorns

Acorns is an investment app that helps users grow their wealth through micro-investing. It automatically invests spare change from everyday purchases into a diversified portfolio of stocks and bonds, making it easier for users to save and build wealth even with small amounts of money.

3. Chime

Chime is a fintech app that offers fee-free banking services, including checking and savings accounts, debit cards, and mobile payments. It also has a feature called “SpotMe” which allows users to overdraft up to $100 without any fees. Chime also offers early direct deposit and automatic savings options.

4. Mint

Mint is a popular budgeting and personal finance app that helps users track their spending, create budgets, and set financial goals. It also offers credit score monitoring and bill tracking features. Mint syncs with bank accounts, credit cards, and investment accounts to provide a comprehensive overview of the user’s finances.

5. EveryDollar

EveryDollar is a comprehensive budgeting app created by renowned personal finance expert Dave Ramsey. It follows his proven “zero-based budgeting” approach, where every dollar earned is meticulously assigned to a specific category or expense, ensuring that no income is left unallocated. The app simplifies financial management with user-friendly features, including intuitive goal-tracking and debt-payoff tools, which help users stay motivated and on track with their financial objectives. Additionally, EveryDollar offers a seamless experience with its easy-to-navigate interface, making it an invaluable tool for anyone serious about effective financial planning and achieving long-term financial stability.

How To Create Fintech Apps Like Revolut?

Fintech apps like Revolut are revolutionizing the way people manage their finances. With the rise of digital banking and mobile payments, more and more users are turning to fintech apps for their financial needs. If you’re interested in creating a fintech app like Revolut, here are some steps you can follow:

1. Validate Your App Idea

Before you start building your app, it’s essential to validate your idea. Conduct market research and analyze the competition to see if there is a demand for your app and how you can differentiate it from existing ones.

2. Do Market Research

Market research involves studying the target audience and understanding their needs and preferences. This will help you identify gaps in the market that your app can fill and provide insights into how you can make it more appealing to users.

3. Design UI/UX

A well-designed UI/UX design is crucial for any app’s success, especially in the highly competitive fintech industry. Work with a team of experienced designers to create a user-friendly and visually appealing interface that will attract and retain users.

4. Create an MVP Model

Instead of investing a significant amount of time and money into building the complete app, start with a Minimum Viable Product (MVP) model. This will allow you to test your idea in the market and gather feedback from users before developing the full version.

5. Test & Deployment

Before launching your app, thoroughly test it for bugs, glitches, and user-friendliness. This process is crucial to ensure a smooth and enjoyable user experience. You can also invite a group of beta testers from diverse backgrounds to provide comprehensive feedback. Their insights can help you identify areas that need refinement, allowing you to make necessary improvements before deploying the final version of the app. Additionally, consider testing across different devices and operating systems to ensure compatibility and performance consistency.

6. Maintenance & Update

Once your app is live, it’s essential to continue monitoring and maintaining its performance. This includes regularly updating the app with bug fixes, security patches, and new features to keep users engaged and satisfied. Continuously analyzing user feedback and incorporating their suggestions can also help improve the overall user experience.

Technologies Involved To Make An App Like Revolut

There are several technologies involved in creating an app like Revolut. Some of the key ones include:

Mobile development technology: This includes programming languages such as Swift for iOS and Java or Kotlin for Android, as well as cross-platform frameworks such as React Native or Flutter.
Database management: Revolut uses a variety of databases, including PostgreSQL, Redis, Cassandra, and HBase for data storage and management.
API integration: APIs (Application Programming Interfaces) enable communication between different systems and services. For example, Revolut integrates with various payment networks and third-party services through APIs to provide its users with a comprehensive financial platform.
Cloud computing: Cloud-based solutions allow for easy scalability and cost-effective deployment of apps. Revolut uses services like Amazon Web Services (AWS) and Microsoft Azure for cloud infrastructure.
Security: Revolut takes security very seriously and employs various technologies to ensure the safety of user data, including encryption, biometric authentication, and fraud detection systems.

Ways To Monetize A Fintech App Like Revolut

There are several ways to monetize a fintech app like Revolut, including:

Subscription Model

One way to monetize a fintech app is through a subscription model. This involves charging users a recurring fee, usually on a monthly or annual basis, for access to the app’s premium features and services. Revolut offers several subscription plans with different levels of benefits and fees.

Financial Transaction Fees

Another way to generate revenue is by charging fees for financial transactions made through the app. For instance, Revolut charges a 0.5% fee on international money transfers, which can include sending money to friends or family abroad or making payments for overseas services. Additionally, Revolut imposes a 2% fee when using the app to withdraw cash from an ATM, which encourages users to opt for digital transactions. These fees not only contribute to the company’s revenue but also help cover the costs associated with processing these financial services.

In-app Advertising

Some fintech apps like Revolut may choose to display targeted advertisements within the app as a means of generating revenue. This can include displaying ads for financial products or services that are relevant to the user’s spending habits, such as credit cards, loan offers, or investment opportunities. By analyzing user data and transaction history, these apps can tailor the advertisements to be more relevant and appealing. This targeted approach not only enhances the user experience by showcasing useful products but also earns the company advertising fees, contributing to its overall profitability.

Premium Services

In addition to offering a subscription model, Revolut also offers premium services for an additional fee. These services are designed to enhance the user experience and provide added value to users who require more advanced features. For example, Revolut’s Premium account includes benefits such as travel insurance, airport lounge access, and exclusive discounts with partner brands. By catering to different segments of their user base and charging a higher price for these premium services, fintech apps like Revolut can generate a steady stream of revenue.

Business Collaboration

Fintech apps like Revolut can also collaborate with other businesses to generate revenue. For example, Revolut has partnered with well-known companies such as Amazon, Airbnb, and Uber to offer special discounts and cashback offers for using their services through the app. These partnerships are not just about providing deals; they enhance the overall user experience by integrating popular services directly into the app. This convenience encourages more frequent use, making Revolut an indispensable tool for everyday transactions. Furthermore, these partnerships not only provide added value for users but also earn the company a commission or referral fee for every transaction made through the app. This dual benefit of increased user engagement and additional revenue streams showcases the strategic advantage of such collaborations.

How can iTechnolabs help you to build Fintech apps like Revolut?

At iTechnolabs, we have a team of experienced fintech app developers who specialize in building fintech apps like Revolut. Our expertise in the latest technologies and understanding of the financial industry enables us to create high-quality, secure, and user-friendly apps that can compete with the best in the market. We offer end-to-end solutions for building fintech apps, from ideation to development and launch. Our team works closely with clients to understand their unique requirements and provide customized solutions that meet their business objectives.

Our agile development process ensures the efficient delivery of projects within a stipulated timeline while maintaining high quality. We also conduct thorough testing to ensure bug-free performance and seamless integration with third-party services.

Expert Development Team: Our team consists of experienced developers with deep expertise in fintech and the latest technologies.
Customized Solutions: We work closely with clients to understand their unique requirements and provide tailored solutions that align with their business goals.
End-to-End Services: From ideation and development to launch and post-launch support, we offer comprehensive services to ensure your app is successful.
Agile Development Process: Our agile methodology ensures efficient delivery of projects within the stipulated timeline, without compromising on quality.
Secure and Compliant: We prioritize security and compliance to build trust among users and adhere to industry standards and regulations.

Are you planning to build a Fintech App like Revolut?

Choosing iTechnolabs for fintech app development comes with several significant benefits. Firstly, our expert development team stands out due to its profound knowledge of fintech and state-of-the-art technologies. This ensures that the apps we develop are not only innovative but also robust and reliable. Secondly, we offer customized solutions that cater to the unique needs of each client, ensuring that the final product aligns perfectly with their business goals and user expectations.

Moreover, our end-to-end services cover every aspect of app development, from initial ideation and design to development and post-launch support. This comprehensive approach ensures that every detail is meticulously taken care of, resulting in a seamless user experience. Our agile development process is another cornerstone of our service, allowing us to deliver projects promptly without any compromise on quality.

Expert Development Team: Our team possesses deep expertise in fintech and advanced technologies, ensuring the creation of innovative, reliable, and robust apps.
Customized Solutions: We tailor our solutions to meet the specific needs of each client, ensuring the final product aligns with their business goals and user expectations.
End-to-End Services: We provide comprehensive services, covering everything from ideation and design to development and post-launch support, ensuring a seamless user experience.
Agile Development Process: Our agile methodology guarantees timely project delivery without sacrificing quality, ensuring efficient and streamlined development.
Security and Compliance: We prioritize security and adherence to industry standards, building trust among users and ensuring compliance with regulations.
Innovative Solutions: At iTechnolabs, we leverage state-of-the-art technologies to deliver cutting-edge solutions that keep clients ahead in the competitive fintech landscape.
Client-Centric Approach: Understanding client requirements deeply, we offer solutions that fit precisely with their vision and market needs, thereby driving business growth.
Robust Support System: Our dedicated support team ensures continuous assistance and maintenance, allowing clients to focus on business expansion while we manage the technical aspects.

Conclusion:

In conclusion, iTechnolabs is a reliable and innovative fintech app development company that offers custom solutions to cater to the specific needs of each client. Our expert development team uses an agile methodology to provide end-to-end services for timely project delivery without compromising on quality. We prioritize security and compliance, leveraging advanced technologies to create cutting-edge solutions. Our client-centric approach and robust support system ensure customer satisfaction and business growth.

Frequently Asked Questions!

How Much Does It Cost To Build Fintech Apps Like Revolut?

The cost of building a fintech app like Revolut can vary depending on various factors such as the complexity of features, design, development time, and location of the development team. A basic app with essential functionalities can cost around $10,000 – $50,000 while a more advanced app with advanced features and integrations can cost upwards of $100,000.

How Long Will It Take To Create A Fintech App Like Revolut?

The time required to build a fintech app like Revolut can vary depending on the scope and complexity of the project. On average, it can take anywhere from 3-6 months for a basic app with essential features, up to 1 year or more for a more advanced and complex app.

What Are the Benefits of Fintech App Development?

Fintech app development offers numerous benefits for both businesses and consumers. Some of the key benefits include increased efficiency, cost savings, improved customer experience, better security and compliance measures, and access to advanced financial technologies.

What Are the Advanced Features of Apps like Revolut?

Apps like Revolut offer a range of advanced features such as multi-currency accounts, instant peer-to-peer payments, budgeting and expense tracking tools, investment and trading options, virtual cards for online purchases, and more. These features provide users with convenience and flexibility in managing their finances.

Why Must You Choose Us For Fintech App Development?

Choosing the right development team is crucial for the success of your fintech app. Our team has extensive experience in developing cutting-edge fintech solutions, and we use the latest technologies and industry best practices to ensure a high-quality and secure app. We also offer ongoing support and maintenance services to keep your app up-to-date and running smoothly.

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