How To Develop A Fintech App Like Stash?

Last updated on March 27th, 2024

Introduction

With the rapid growth of financial technology or fintech, an increasing number of individuals are gravitating towards digital solutions to meet their financial requirements. Among the notable apps in this domain is Stash, which stands out as a mobile investment platform enabling users to delve into investments spanning stocks, ETFs, and retirement accounts. If you find yourself intrigued by the idea to develop a fintech app like Stash, this comprehensive guide is tailored to equip you with the essential steps to kickstart your journey in this innovative field. Dive into the world of fintech development and unleash your creativity in designing a user-friendly interface that simplifies financial management tasks for your target audience. Explore the possibilities of integrating cutting-edge security features to ensure data protection and build trust among users. Embrace the challenge of developing a seamless payment system that offers convenience and reliability. With dedication and a strategic approach, you can make a significant impact in the fintech landscape and revolutionize the way individuals engage with financial services.

What is a Stash App?

Stash is a financial management app that offers users the opportunity to invest in stocks, ETFs (Exchange-Traded Funds), and retirement accounts. The app aims to make investing accessible, affordable, and convenient for individuals with varying levels of experience in the stock market. Stash allows users to start investing with as little as $5 and provides a wide range of educational resources to help users make informed investment decisions.

The Stash app is available on both iOS and Android devices, making it easily accessible to a large audience. It also offers a user-friendly interface that simplifies the investing process for beginners while still providing advanced tools for more experienced investors. The app’s success can be attributed to its innovative approach towards financial services, catering to the changing needs and preferences of modern-day consumers.

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

Market Stats to Look At! 

• The global fintech market, encompassing innovative financial technologies, was valued at approximately $127.66 billion in 2018 and is projected to witness substantial growth to over $309.98 billion by the end of 2022, highlighting a remarkable annual growth rate of around 24.8%.
• Recent surveys reveal a significant uptick in digital banking adoption among Americans, with over 60% utilizing digital banking services in 2021, marking a notable increase from 51% reported in 2018.
• The burgeoning trend of mobile payments is gaining momentum, with forecasts suggesting that by 2023, nearly 1.31 billion individuals globally will leverage mobile payment applications for their financial transactions.
• Investment activity in fintech companies has surged, with a staggering $34.5 billion injected into the sector through 1,913 deals worldwide in 2019.
• The onset of the COVID-19 pandemic has spurred the uptake of fintech services, evidenced by a substantial 72% surge in the use of fintech apps across Europe during the initial phases of the lockdowns.

10 Popular Apps Like Stash

Here is a comprehensive table listing 10 popular apps similar to Stash, which offer various investing and financial services tailored to meet different user needs:

Features of Fintech App Like Stash

Stash is a mobile application that falls under the category of Fintech or financial technology. It offers investment services to its users, empowering them to save and grow their money through personalized strategies based on their financial goals. Here are some of the main features that make Stash stand out among other similar apps in the market:

1. Admin Panel Features:

• The admin panel of Stash allows the company to control and manage all aspects of the app, such as user data, transaction history, and portfolio management.
• Admins can also set up various fees and charges for different types of transactions and services offered by the app.
• They can also add new investment options, update existing ones, and modify the app’s interface and design.
• The admin panel also enables customer support and communication with users through in-app messaging or email.

2. User-Friendly Interface:

• Stash has a clean and user-friendly interface that makes it easy for users to navigate through the app and access its features.
• The app’s design is visually appealing, making it attractive to both new and experienced investors.
• Users can easily track their investments, view account balances, and monitor portfolio performance through user-friendly charts and graphs.

3. Automated Investment Tools:

• One of the unique features of Stash is its automated investment tools that make investing hassle-free for users.
• Users can set up recurring investments according to their preferred frequency and amount, making it a convenient way to save and invest regularly.
• The app also offers personalized investment recommendations based on users’ risk tolerance, financial goals, and portfolio diversification.

4. Educational Resources:

• Stash not only helps users invest their money but also educates them on different investment options, market trends, and financial planning.
• The app offers a variety of educational resources such as articles, videos, and tutorials to help users make informed investment decisions.
• Users can also access financial news and updates within the app, keeping them informed about their investments’ performance.

5. Low Fees:

• Stash offers low fees compared to traditional investment platforms, making it an affordable option for users.
• The app charges a fixed monthly fee based on the type of account and investment options chosen by the user.
• This helps users save money in the long run, especially for those who have smaller investment portfolios.

Read More: Blockchain Development Process – A Complete Guide For Innovators

How To Build A Fintech App Like Stash?

Now that we have explored the key features of Stash, let’s discuss the steps to build a fintech app like Stash.

1. Define Your Vision and Objectives  

When setting out to build a fintech app akin to Stash, the foundational step is to crystalize your vision and pinpoint your objectives. Understand the gaps and pain points in the current market that you aim to address with your app. Are you focusing on democratizing investment for the inexperienced? Or perhaps streamlining the investment process for seasoned investors? Your vision should align with the needs and preferences of your target audience, guiding the development of features, user experience, and educational resources. Defining clear, measurable objectives at this stage will serve as the compass for your app’s development, ensuring that every feature and decision aligns with your overarching goals of user engagement, satisfaction, and financial empowerment.

2. Research and Market Analysis 

Conducting thorough research and in-depth market analysis is vital to gaining valuable insights into the current investment landscape, consumer behavior trends, and emerging market dynamics. By investing time in this phase, you can effectively identify your target demographic, understand their preferences, and tailor your app to meet their specific needs. Furthermore, delving into competitor analysis will provide valuable lessons from their triumphs and setbacks, enabling you to position your app uniquely and capitalize on market opportunities more effectively.

3. Assemble a Competent Development Team  

To bring your vision to life, you need a team of skilled and experienced professionals who are well-versed in fintech development. This includes developers, designers, and project managers who can work collaboratively to transform your ideas into a functional app. Consider hiring specialists with expertise in financial technology, as well as individuals with diverse backgrounds and perspectives to ensure a well-rounded approach. A strong development team will be able to handle the technical challenges and complexities of building a fintech app, while also keeping your vision and objectives in mind.

4. Choose the Right Technology Stack  

The technology stack you select for your fintech app will play a crucial role in its success. It is important to choose reliable, secure, and scalable technologies that align with your app’s functionality and goals. Consider factors such as data protection measures, compatibility with different devices and platforms, and the ability to integrate with third-party services. Working closely with your development team can help you make informed decisions about the technology stack that best suits your app’s requirements.

5. Focus on User-Centric Design 

In the highly competitive fintech landscape, user experience and design play a significant role in attracting and retaining users. Your app’s design should be intuitive, visually appealing, and easy to navigate, catering to both novice and experienced users. Conduct thorough user research to understand your target audience’s needs and preferences, and incorporate that into your app’s design. Regularly gather feedback from users and make necessary improvements to enhance their experience.

6. Develop Core Features and Security Measures  

The core features of your fintech app should revolve around solving a specific problem or addressing a particular need in the market. This could include features such as budget tracking, investment management, or bill payment. However, it is equally important to prioritize security measures to protect sensitive user data and prevent fraudulent activities. Implementing multi-factor authentication, encryption techniques, and regular security audits can help mitigate potential risks.

7. Integrate Third-Party APIs  

Integrating third-party APIs, like payment gateways or financial data providers, can significantly boost your app’s functionality and user experience. By leveraging these external services, you can offer seamless transactions and real-time data updates to your users, elevating the overall performance of your app. However, it is paramount to conduct a thorough assessment of the reliability and security of these APIs before integrating them into your app. Ensuring that these APIs align with your app’s privacy policies and adhere to relevant regulations is crucial for maintaining data integrity and user trust. Take the time to carefully select and vet third-party APIs to safeguard your app’s performance and protect user data effectively.

8. Implement Rigorous Testing and Launch Strategically 

After completing the development and integration of core features, it is essential to conduct rigorous testing to identify any bugs or glitches in your fintech app. This will help ensure a smooth user experience and prevent any potential issues that could lead to loss of users or credibility.

Once testing is complete, it is crucial to plan a strategic launch for your app. This includes creating buzz through marketing campaigns, collaborating with influencers in the finance industry, and leveraging social media platforms to reach your target audience. Launching strategically can significantly impact the success of your fintech app by driving user adoption and retention.

How Much Does It Cost to Build a Fintech App Like Stash?

The cost of developing a fintech app like Stash can vary widely depending on various factors including complexity of the app, features integrated, geographic location of the development team, and the time frame for development. On a broad scale, the development of a basic fintech app can start from anywhere around $20,000 to $50,000. For a more feature-rich app offering a variety of financial services, costs can escalate to between $100,000 and $500,000. It’s also important to factor in ongoing costs for app maintenance, updates, server costs, and regulatory compliance, which can add to the overall budget. Opting for a development team based in regions with lower labor costs can reduce expenses, but it’s crucial to ensure they have expertise in fintech projects to maintain quality and compliance with financial regulations.

1. Development Team Costs: 

The cost of hiring a development team to build a fintech app can vary depending on their expertise, experience, and location. A team consisting of a project manager, designer, front-end developer, back-end developer, and quality assurance tester is necessary for building a high-quality fintech app.

In regions like North America or Europe, the average hourly rate for developers can range from $100 to $200. In contrast, developers in regions like Eastern Europe or Southeast Asia can charge anywhere from $50 to $100 per hour. The number of team members and their hourly rates will determine the overall cost of development.

2. Design and User Experience: 

The design and user experience (UX) of a fintech app is crucial for its success. A well-designed app that offers an intuitive and seamless UX can attract more users and retain them in the long run. Therefore, investing in a good designer with expertise in creating apps specifically for financial services is essential.

Design costs can range from $5,000 to $20,000 depending on the complexity and scope of the project. However, it’s recommended to allocate a higher budget for design to ensure a visually appealing and user-friendly app.

3. Security Measures: 

Fintech apps handle sensitive financial information, demanding a paramount focus on security. Ensuring a secure app involves integrating cutting-edge security measures and protocols to safeguard user data from ever-evolving cyber threats effectively.

Investing in robust security features and conducting frequent testing may lead to higher development costs initially. Nevertheless, it is crucial to emphasize security to uphold user trust and adhere to regulatory standards that govern the fintech sector. By prioritizing security, organizations can fortify their app’s defenses and foster a safe environment for users to conduct their financial transactions with peace of mind.

4. Regulatory Compliance: 

Compliance with regulatory standards is a fundamental aspect of developing a fintech app. Depending on the target market, fintech apps must adhere to various regulations such as KYC (Know Your Customer), AML (Anti-Money Laundering), and GDPR (General Data Protection Regulation).

Ensuring compliance with these regulations can require significant investments in time and resources. It may also involve hiring legal and regulatory experts to navigate the complex landscape of financial regulations. However, being compliant not only ensures protection for users’ data but also establishes trust with potential customers in an increasingly competitive market.

5. Testing and Quality Assurance: 

Thorough testing and quality assurance are crucial for any successful fintech app. As with any software development, rigorous testing ensures the smooth functioning of an app and helps identify and fix any bugs or glitches before they can impact users.

In addition to functional testing, regression testing, performance testing, and security testing should also be conducted to ensure a seamless user experience. Conducting thorough quality assurance testing can help mitigate the risk of app crashes or data breaches, which could significantly damage a fintech company’s reputation.

6. Technology Stack: 

The choice of technology stack can greatly influence the performance, scalability, and security of a fintech app. It is essential to choose a robust and secure technology stack that aligns with the app’s goals and target audience.

Some popular technologies used in developing fintech apps include React Native for cross-platform development, Node.js for server-side programming, and MongoDB for database management.

7. Maintenance and Updates:  

Once a fintech app is launched, it is crucial to provide ongoing maintenance and updates to ensure its smooth functioning and security. This includes regularly testing for any bugs or glitches, fixing them promptly, and implementing new features or updates based on user feedback.

Additionally, regular maintenance also involves keeping up with any changes in regulations or compliance requirements to ensure the app remains compliant. Continual updates and improvements can help attract and retain users, enhance overall user experience, and maintain a competitive edge in the market.

Suggested: How Much Does it Cost to Create An App

Why Should You Build An App Like Stash?

There are multiple benefits of building an app like Stash, including:

1. Empowering Financial Inclusion 

With the rise of digital banking, fintech applications like Stash have emerged as key players in enhancing financial inclusion. Their role goes beyond just attracting more individuals to the formal financial system; they also revolutionize how people manage their finances. These innovative apps not only provide easily navigable and user-friendly interfaces but also empower users to handle their finances efficiently, regardless of their geographical location. By making financial services more accessible and convenient, these platforms bridge the gap between traditional banking and underserved populations. In doing so, they contribute significantly to promoting greater economic participation and stability in diverse communities, fostering a more inclusive financial landscape for all.

2. Catering to Millennial Investing Trends 

Stash, as a popular micro-investing app, resonates with the investment preferences of millennials for various compelling reasons. To begin with, it not only promotes small and frequent investments but also provides a seamless way for users to save money effortlessly, aligning with the financial habits of millennials who value simplicity and ease of use. Furthermore, Stash stands out by offering a diverse array of investment opportunities and educational materials, enabling users to delve into socially responsible investments that reflect their ethical beliefs and values. This tailored approach caters to the increasing interest among millennials in sustainable and impactful investing practices, fostering a sense of purpose and alignment with personal values. Through leveraging these current trends, platforms like Stash have successfully attracted a substantial following from the millennial demographic, showcasing the power of aligning financial products with the values and preferences of today’s generation.

3. Seizing the Robo-Advisory Wave 

Another significant trend driving the growth of fintech platforms like Stash is the increasing usage of robo-advisory services. As technology continues to advance and evolve, automated investing solutions have become increasingly popular, offering a simpler and more cost-effective alternative to traditional financial advisors. With features like personalized investment recommendations based on user data and automatic portfolio rebalancing, robo-advisors provide a hassle-free and efficient approach to investing. This resonates with millennials who are accustomed to using technology for various tasks and value convenience and cost-effectiveness.

4. Creating a Seamless User Experience  

In addition to catering to the values and preferences of millennials, successful fintech platforms also prioritize creating a seamless user experience. This includes features like intuitive interfaces, personalized recommendations, and easy-to-use mobile applications that allow users to manage their investments on-the-go. By making financial management more accessible and user-friendly, these platforms appeal to the tech-savvy and busy lifestyle of millennials.

5. Tapping into Micro-Investment Opportunities 

The rise of fintech has significantly impacted the investment landscape by democratizing access to financial markets. This transformation has paved the way for micro-investments, enabling individuals to participate in the market with smaller sums of money. This accessibility is particularly appealing to millennials, offering them a chance to grow their wealth and secure their financial future even with limited initial capital. Through fintech platforms, individuals can opt for fractional shares, allowing them to invest in a fraction of a stock or fund. This innovative approach makes it more convenient for users to diversify their investment portfolio, promoting financial inclusivity and empowering individuals to take control of their financial well-being.

6. Building Trust Through Education 

While fintech offers a more convenient and accessible way of managing finances, there is a segment of individuals who still hesitate to embrace technology for their financial needs. To establish trust with users, fintech companies need to focus on educating individuals about the platform’s robust security measures, stringent data privacy policies, and other pertinent details. By emphasizing transparency and providing comprehensive resources for financial literacy, these platforms can not only earn credibility but also motivate users to fully utilize the platform’s functionalities. Moreover, educating users on advanced investment strategies and personalized financial planning can empower them to make well-informed decisions, thereby aiding them in achieving their financial objectives effectively in the long run.

7. Monetizing through Innovative Revenue Streams  

Apart from offering convenience and accessibility, fintech companies are continuously exploring new revenue streams to capitalize on their technological capabilities. These include transaction fees, subscription-based services, referral programs, advertising revenue, and data monetization. For instance, some online payment platforms charge a nominal fee for transactions made through their platform, while others offer premium features at a price. Moreover, many fintech companies partner with other businesses and offer their services as a value-added feature, generating additional revenue for both parties. Additionally, fintech platforms can also leverage user data to provide targeted advertising and insights to companies, further diversifying their revenue streams.

How Much Does It Cost To Maintain A Fintech App Like Stash?

Maintaining a fintech app like Stash involves various operational, development, and compliance costs that can significantly impact the overall budget. The cost is generally influenced by factors such as the app’s complexity, the technologies used, the frequency of updates, and compliance with financial regulations. On average, the annual maintenance cost for a medium-complexity fintech app can range from $50,000 to $100,000. This includes server costs, cybersecurity measures, updates and improvements, customer support, and compliance with financial regulations. For more advanced apps with a larger user base, or those requiring frequent feature updates to stay competitive, the cost can exceed $200,000 annually. It is crucial for fintech companies to budget efficiently for these expenses to ensure their app remains secure, up-to-date, and compliant with industry standards.

Key Factors Influencing Maintenance Costs for a Fintech App Like Stash:

• Server and Hosting Costs: Depending on the app’s user base size and transaction volume, these can range significantly.
• Cybersecurity Measures: Investments in advanced security protocols and data encryption to protect user data and comply with financial regulations.
• Regular Updates and Improvements: Costs associated with updating the app for feature enhancements, bug fixes, and performance optimization.
• Customer Support: Providing users with assistance through various channels requires staffing and technology investments.
• Regulatory Compliance: Staying compliant with financial laws and regulations often necessitates legal expertise and may involve licensing fees.
• Technology Stack: The choice of technologies (cloud services, databases, etc.) can impact maintenance costs due to licensing and usage fees.
• Marketing and Customer Acquisition: Ongoing expenses to attract new users and retain existing ones, including advertising and promotional activities.

How can iTechnolabs help you to Develop An Fintech App Like Stash?

At iTechnolabs, we have a profound understanding of the intricate challenges faced by fintech companies in the dynamic landscape of application development and maintenance. Our team, comprising experienced developers and financial experts, is not only dedicated but also well-versed in navigating these challenges. We are committed to guiding you through every step, ensuring the creation of a robust, secure, and compliant application similar to the innovative platform of Stash. You can trust us to meticulously bring your fintech vision to life, tailored to your specific needs and exceeding expectations with precision and excellence.

Here’s how our services can assist you:

• Comprehensive Development Services: At our core, we are committed to providing comprehensive end-to-end development services. Our journey with you begins from the initial ideation phase, where we work closely with you to conceptualize and design your application, to the deployment and post-launch maintenance stages. We ensure a seamless and efficient process to bring your vision to life.
• Expertise in Fintech Solutions: With a specialized focus on fintech, our dedicated team brings a wealth of experience and expertise in collaborating with fintech companies. This background equips us with a profound understanding of the intricate workings of the industry, enabling us to tailor solutions that align perfectly with your financial technology needs.
• Stringent Data Security and Compliance Measures: Upholding the highest standards of data security and compliance is paramount in all our development endeavors. Our approach integrates robust measures at every phase of the development cycle to guarantee that your application complies with all regulatory requirements, ensuring the utmost protection of sensitive information.
• Tailored and Adaptable Solutions: Embracing flexibility and scalability, we offer solutions that are not only tailored to your current business requirements but are also designed to adapt and expand alongside your evolving needs. Our solutions are built to support the growth and progression of your business, ensuring that your application remains agile and future-proof.
• Sustainable Enhancements and Innovations: Keeping pace with the dynamic landscape of industry trends and technologies, our team is dedicated to continuously enhancing your application’s features and performance. By incorporating the latest innovations and improvements, we strive to elevate your application’s functionality and user experience to new heights.
• Proactive and Responsive Customer Support: Our commitment extends beyond development, as we provide proactive and responsive customer support. Your satisfaction is our priority, and our dedicated support team is readily available to address any queries or issues promptly, minimizing disruptions and ensuring a seamless user experience.
• Affordable and Competitive Pricing: We understand the importance of cost-effectiveness without compromising quality. Our services are competitively priced, allowing you to embark on developing a high-quality application that aligns with your budgetary considerations.

Important: Why are Banking Systems Adopting Blockchain Development Technology?

Are you planning to develop a fintech app like Stash?

In the dynamic arena of fintech applications, partnering with iTechnolabs for developing an app like Stash offers numerous advantages. Our extensive experience in the fintech sector enables us to deliver solutions that are secure, compliant, and innovative. By utilizing cutting-edge technology and adhering to the latest regulatory standards, we ensure that your Stash-like app not only meets but exceeds industry expectations. Our tailored approach means that your application will be uniquely designed to meet your specific business requirements while remaining adaptable to future market changes. This strategic foresight ensures your app stays ahead in the competitive fintech landscape, providing a seamless and user-friendly experience to your customers. With iTechnolabs, you’re not just building an app; you’re setting the foundation for a successful digital finance platform.

• Tailored Development Solutions: iTechnolabs offers customized development strategies, ensuring that your fintech application caters specifically to your business goals and customer needs. This personalized approach enhances the app’s relevance and effectiveness in the marketplace.
• State-of-the-art Security Features: Recognizing the critical importance of security in fintech applications, iTechnolabs incorporates advanced security protocols to protect sensitive financial data. This commitment to security builds trust among users and safeguards against potential cyber threats.
• Scalable Architecture: Our solutions are designed with scalability in mind, enabling your Stash-like app to grow seamlessly as your user base expands. This flexibility ensures that the app remains efficient and responsive, even under the strain of increased transaction volumes or user traffic.
• Continuous Innovation: By staying abreast of the latest technological advancements and fintech trends, iTechnolabs ensures that your application remains at the cutting edge. This dedication to innovation not only enhances the user experience but also positions your app as a leader in the financial technology sector.
• Regulatory Compliance: iTechnolabs has a deep understanding of financial regulations and ensures that all solutions are compliant with current laws and standards. This meticulous attention to compliance mitigates legal risks and fortifies the app’s reputation in the market.
• Comprehensive Support: From initial development to post-launch maintenance, iTechnolabs provides ongoing support to address any challenges promptly. This comprehensive support system ensures that the app operates smoothly, maintaining a positive user experience and minimizing downtime.

Conclusion:

As we can see, iTechnolabs goes above and beyond to deliver a secure, scalable, innovative, and compliant solution for your fintech application. With our continuous dedication to excellence and comprehensive support system, you can be confident that your app will exceed expectations in the competitive financial technology market.

Frequently Asked Question

How Much Does It Cost To Build An App Like Stash?

The cost of developing an application similar to Stash can vary significantly based on the specific features and functionalities you wish to incorporate. Factors such as the complexity of the design, integration of advanced technologies, scalability requirements, and desired user experience all influence the overall development cost.

At iTechnolabs, we specialize in providing personalized solutions tailored to meet your unique requirements. Our team of experts can work closely with you to understand your project goals, suggest innovative features, and ensure that your app stands out in the competitive market.

For a detailed proposal and a tailored quote that aligns with your specific needs, we encourage you to reach out to us. Let’s discuss your app development goals and create a strategy that drives your project towards success.

How Long Does It Take To Build An App Like Stash?

The timeline for developing an app similar to Stash can vary depending on several factors such as project complexity, design requirements, and the technology stack used. With 12+ years of experience in delivering innovative fintech solutions, our team at iTechnolabs follows a streamlined development process that ensures efficient delivery without compromising on quality. Our agile approach allows us to continuously collaborate with our clients and deliver results in a timely manner.

We understand the importance of time-to-market when it comes to staying ahead in the competitive fintech market. That’s why we strive to complete projects within reasonable timelines without compromising on quality standards.

What Are The Benefits To Build An App Like Stash?

Building an app like Stash comes with numerous benefits, including the ability to tap into a growing market of tech-savvy investors and provide them with a user-friendly platform to manage their investments. Additionally, it also allows for potential revenue opportunities through subscription models or in-app purchases. Moreover, developing an app like Stash can also enhance your brand image by showcasing your technological capabilities and staying ahead of the curve in the fintech industry. With iTechnolabs as your development partner, we can help you capitalize on these benefits and build a successful app like Stash.

Why Choose Us To Build An App Like Stash?

At iTechnolabs, we have a team of experienced developers and designers who specialize in creating cutting-edge fintech solutions. We have a proven track record of delivering successful projects for our clients and are well-equipped to handle the complexities involved in developing an app like Stash. Our transparent communication channels ensure that you are involved in every step of the development process, from initial ideation to final deployment. With our expertise and agile approach, we can help you bring your vision of a Stash-like app to life and make a mark in the competitive fintech market.

How Can You Monetize a Fintech App Like Stash?

There are various ways to monetize a fintech app like Stash, such as through subscription models, in-app purchases, or even advertisements. By offering premium features or exclusive content for a subscription fee, you can generate recurring revenue from your app users. You can also consider partnering with financial institutions and earning referral fees for directing users towards their services. Another option is to integrate a marketplace within your app, where users can purchase financial products or services directly. With our expertise in app monetization strategies, we can help you determine the best approach for your Stash-like app and maximize its revenue potential.