Cost to Develop an App Like Revolut: A Complete Guide

Development challenges include slow banking, strict lending criteria, regulatory requirements, and older operating systems. All these can drag on transactions, limit the use of capital, and minimize efficiency.

On the other hand, FinTech apps form a modification tool that seeks to smoothen the provision of financial services with novel tools for handling such complexities, allowing companies to succeed within a rapidly growing market.

According to McKinsey research, FinTech revenue was $936 billion in 2023 and is likely to grow almost three times that of traditional banking by 2028.

Apps like Revolut have become a must-have for modern consumers, providing a versatile platform for various financial transactions. Businesses entering this market need to know the cost of developing an app like Revolut.

Developing a FinTech app like Revolut will involve careful market analysis and planning, as well as heavy investment in technology. Cost will usually be between $40,000 and $300,000, depending on whether UI/UX is complex, the location of the development team, and the feature set.

This blog explores the main factors in building a FinTech app like Revolut and other requirements to ensure a successful launch. Let's get started!

A Comprehensive Overview of FinTech Innovation: Revolut

Revolut is one of the leading neo-banks and FinTech companies, established in 2015. This company has changed the way people bank by providing innovative financial services. Users can open accounts, manage finances, and access other features through the mobile app, which is usually provided by traditional banks.

Revolut recently launched Revolut X, a dedicated crypto trading platform, especially for UK retail users, with a global user base of over 40 million. The platform is user-friendly and secure, targeting beginners as well as seasoned traders. This is in line with the company's priority of improving cryptocurrency services.

The company also has a mobile wallet, through which there is easy transfer of international money using the names and phone numbers of the recipient. These innovations have catapulted the download of its apps by 380%. From 5.3 million downloads in 2019, it reached 26 million by 2023.

The success story of Revolut is a testimony to how huge the FinTech market can be. Businesses now stand at the perfect time to invest in the development of FinTech apps to take advantage of this profitable market.

How Much Does It Cost to Build a FinTech Platform Like Revolut?

Developing a fintech app like Revolut can cost anywhere from $40,000 to $250,000, depending on factors like app complexity, desired features, platform choice (iOS, Android, or both), design requirements, and the expertise of the development team.

The key cost drivers are the complexity of the app, its feature set, and the development timeline. Understanding these elements is what makes it possible to estimate how much investment would be required in such a project.

Factors Affecting Cost To Develop An App Like Revolut

The cost to develop an app like Revolut can be very variable based on a few factors. Let's see how they impact the cost.

• App Complexity
• Design Requirements
• Development Team and Location
• Third-Party Integrations
• Compliance and Security Standards
• App Platform
• Tech Stack
• Quality Assurance
• Maintenance

Valuable Features to Develop FinTech Apps like Revoult

To develop a Fintech app like Revolut, focus on the features that make financial management simple and provide users with powerful intuitive tools. Just as the app has transformed banking with an innovative design, your app can deliver a holistic financial solution. Key features to include:

User Side Features

• Account Management
• Money Transfer and Payments
• Currency Exchange
• Budgeting Tools
• Investment and Savings
• Security Features
• Loyalty & Rewards Programs
• Custom Notification

Admin Side Features

• User Management
• Compliance and Regulation
• Transaction Monitoring
• Customer Support Tools
• Analytics and Reporting
• Platform Configuration

How To Create An App Like Revolut?

Developing a fintech app demands precision, advanced technology, and skilled developers to complete changing demands from users. Right from idea to launch, it's a journey of thorough planning and implementation. Let's get started.

• Define Goals and Features
• Build a Team
• Design
• Regulations and Compliance
• Development
• Secure Data and Communication
• Testing and Refinement
• App Deployment
• Ongoing Maintenance

How to Monetize An App Like Revolut

The creation of a Fintech app opens one up to more profitable financial management as well as multiple sources of revenue. With proper smart monetization strategies, the business can increase its profit with greater user value. Some of these include:

• Subscription-based Models
• Transactions Fees
• Premium Services
• Partnerships and Affiliations
• Advertising and Sponsorships
• Data Monetization

Conclusion

Osiz is a leading app development solution provider, We offer products and services to support the global growth of businesses. Prioritizing user convenience is key to ensuring your app's success in the competitive fintech market, whether you're building a mainstream app or a feature-rich solution. Contact our experts for a customized app development proposal.