Managing money is often complicated. Whether it’s sending money abroad, balancing the family budget, or growing your business - we all know how fractured and daunting finances can be. That’s why a fintech app like Revolut is here. 

Notably, a Fintech app development company is behind the curtain for every person and business eliminating the friction keeping them away from achieving financial goals. If you are an entrepreneur or a business owner, consider developing something so seamless, so borderless and so effortless that your users never want to use any other financial solution app, you are at the right place.  

Herein, we’ll explore the fundamentals that influence the cost of developing a fintech app development solution. We understand that, as an entrepreneur, you must be wondering how fintech app development can help you ride the wave of $312.92 billion by 2024, with projections reaching $608.35 billion by 2029.

What is Revolut App? 

Revolut is The Change in The Way You Do Money

Today’s, ever-evolving financial world merits a fintech management solution like Revolut which is equally dynamic, and easy to use. 

In layman’s terms, Revolut provides a scope of digital banking services in a versatile application, consisting of: 

• Sending cash abroad in 29 monetary forms 
• Vaults for managing and setting aside cash 
• Prepaid debit transactions braced in 120 countries

What Features Make Revolut a Popular Choice? 

Revolut’s banking features make financial planning immensely easy. Although the term “user-friendly” is used far too often nowadays, herein, it perfectly sums up the fintech sensation “Revolut” experience. 

Daily use examples show why Revolut is everyone’s top pick instead of taking a traditional banking approach. 

• User-Friendly in True-Essence 

When compared to the long queues and never-ending red tape at banks, a small task of opening an account with Revolut is a breeze. And this is not about one simple account - you can set up more than one account in 30 currencies with minimal clicks and at no cost. 

• Minimal to Zero Fees 

But here’s the real surprise. Unlike conventional banks, a neo-banking app like Revolut does not charge exorbitant foreign currency or exchange your money at a marginal rate that’s set once every day. 

Rather, you are provided with a regularly updated interbank exchange rate with zero fees, so you save on every transaction made. Besides, Revolut estimates that customers save an average of £46 while travelling overseas. The same adheres to global bank transfers. Apart from the interbank exchange rate, Revolut does not charge any fees for transactions or currency exchange. 

This is what underlines the digital bank's popularity not only with regular commuters and expats but also with people living overseas. 

• Multi-currency Supported 

Ushering customers with utter convenience is imperative, and Revolut understands this very well. 

Fintech app developers behind Revolut ensure that users can spend money at any of their convenience through a card received in the post, making it a lot easier to travel and spend abroad. 

Let’s imagine, you are in Prague and have a handful of Czech crowns in your secondary account, but not enough to buy another round of coffee. Here, Revolut will automatically convert your primary currency addressing the difference when you pay with a card. 

• Skipping the Card-Fuss 

Revolut fintech app has easily resolved the complicated issue of lost cards. So, rather than calling customer care and spending time just being held, you can change your PIN or block your card in the Revolut app with a few taps. 

Moreover, you can easily optimize your spending limits and swap between magnetic stripe, NFC, and ATM transactions for heightened security. 

• Limitless Transactions 

If in case your “traditional” banking card is lost or stolen, and you are waiting for the new one, Revolut still allows you to carry out transactions seamlessly. You just need to create one-time-use virtual cards with credentials that change after every purchase for an added security layer.

• Spending Visualization 

As soon as you make a buying decision, you’ll automatically get an instant payment notification from your app displaying the transaction amount spent. Plus, each transaction is categorized, saved, and used to project your monthly spending.   

To your surprise, the Revolut app allows you to set up “vaults” that round up your purchases and deposit the difference in a special savings account. You can establish an accelerator that multiplies your probability to help you achieve your financial goals quicker. 

In essence, these features redefine that managing money is immensely easy. These distinctive features, affordable cost, and personalization roots from one system - their core banking system. 

Factors Influencing Cost To Develop A Fintech App Like Revolut

The cost breakdown of developing a fintech solution like Revolut varies considerably, influenced by several factors that play a crucial role in determining the complete investment. Let’s explore these factors to understand their impact on the development cost. 

• App Complexity
  

The complexity of a FinTech app depends on the features and functionalities it offers. A simple fintech app with fundamental financial services may incur lower development costs, compared to more advanced platforms integrating advanced features like wealth investing options, multi-currency accounts, AI-driven financial insights influencing the app development cost. 

• Designing Requirements

The designing part plays a crucial role in defining user experience, especially in a fintech app.   

From outlining engaging user interfaces to seamless navigation, investing in strategic design decisions is inevitable. This consist of UX/UI designers, prototyping tools, and user-testing sessions to iterate the app’s design, thus ensuring optimal usability and engagement. 

• Location of Development Team

There’s no doubt, picking your development partners is the most crucial in your development  journey. 

Moreover, the geographical location of the team significantly influences the fintech app development  cost. Seasoned fintech app developers dwelling with expertise in Fintech app development may cost higher rates but do come with unparalleled quality and efficiency. 

Simultaneously, an entrusted outsourcing fintech development team can empower business  like you to tap into the competitive market, accelerate project timelines, and improve complete efficiency. 

• Third-party Integrations  

Often, fintech apps rely on integrating third-party services and APIs to allow crucial functionalities like payment processing, data aggregation, identity validation. Every integration adds complications to the development process, needing thorough testing and optimization to ensure flawless interoperability and data security. 

This improved integration process inevitably leads to higher development costs. 

• Security Standards and Compliance 

Adherence with regulatory compliance and integration of dynamic security standards are paramount in the fintech domain. Thus, meeting data protection laws, financial regulations, and industry standards comes with additional fintech app development costs along with fostering trust and credibility among users and simultaneously minimizing legal threats. 

• Picking the Right App Platform 

Selecting the right app platform (Android, iOS or cross-platform) inspires the development cost as well as timelines. Thus, building different native apps for each platform needs customized development efforts, while cross-platform development provides cost efficiency but, sometimes may compromise in performance and user experience. 

• Quality Assurance

Quality assurance is a critical component of app development ensuring the final product meets the desired standards of reliability, performance, security and user experience. Besides, QA activities consist of testing the app thoroughly across several devices, platforms and scenarios to address any bugs before deployment. 

Consequently, quality assurance augments the development costs of a fintech app like Revolut. 

• Technology Stack 

The choice of technology stack plays an important role in determining the FinTech app development cost. Often, the tech stack includes programming languages, libraries, frameworks, and tools used to develop the application. 

Thus, choosing the right technology stack improves the app’s performance, security, scalability and user experience while keeping development cost within the bracket. 

• Regular Maintenance 

Maintenance is a constant process crucial for keeping the fintech app performing optimally and staying relevant and secure. It circumscribes tasks like monitoring performance, resolving errors and software updates, integrating security patches, optimizing performance and scalability, along with new features to improve functionality. 

This constant approach makes sure the app caters evolving user needs and industry standards, which eventually improves development costs. 

Finally… 

Developing a fintech app like Revolut may seem a complex and expensive process, with costs varying from <$20,000 or more, depending on the features, complexity, and development methodology. Though the cost inclines high, the expanding fintech market offers significant opportunities, making it a worthwhile investment for businesses and entrepreneurs alike.

To manage costs effectively, it is crucial to partner with the right fintech app development company with a solid development plan, helping you navigate challenges and capitalize on opportunities in the fintech ecosystem.