“Fintech apps are reshaping the future of finance, bringing innovation to the fingertips of every individual.”

– Bill Gates.

Quick Summary: Are you a fintech startup looking to build an app like EveryDollar that can manage all your finances? If yes, then you must first determine the development cost. From this blog, you will get an idea about the cost to build a fintech app like EveryDollar, along with its factors, features and other crucial aspects. Read this blog till the end to get an insight about the same.

When you Google the best personal finance apps, you will get results like Splitwise, Mint, EveryDollar, EasyBudget and Chime on top. But among all of those, EveryDollar has gained popularity among users.

The credit goes to the technical advancements due to which financial industry owners are developing an app like Everdollar. So, you can also be the next market leader. Wondering how? Fintech app development is an answer to this!

According to Vantage market research, in 2022, the fintech industry was valued at $133 billion, and it is expected to grow $556 billion by the end of 2030 on a global basis. These numbers make it rather evident that the creation of personal financial applications will become increasingly popular in the future.

However, the main question that strikes every entrepreneur is, “How much does it cost to build a fintech app like EveryDollar?” The EveryDollar app development cost can range between $10000-$25000.

However, this is not the exact cost estimation; to know that, you should read this blog. It will cover everything from development costs, factors, key features, and so on that can assist in creating an app like EveryDollar.

So, let’s begin.

 

What is an EveryDollar App?

EveryDollar is a personal finance app that allows users to manage their finances using the zero-based budgeting method. This method is based on giving each dollar earned to the right job. Users can use it for savings, debt repayment or even expenses.

 

 

 

It should be accounted for to ensure users spend their money wisely. EveryDollar provides a free version with limited functionality and an upgraded version for a fee that offers additional features.

So, if you plan to invest in fintech app development, you should first determine the cost to build a fintech app like EveryDollar. It will help you in setting your budget accordingly.

 

Market Statistics and Growth of Fintech Industry

• With an AUM of $126.20 billion, digital investments will be the biggest market in 2023.
• The average AUM per electronic client is expected to reach $215.60 in 2023.
• The projected growth rate for digital assets is 33.1% from 2024 to 2025.

 

 

• Five,480,00m people will be using digital payments by 2027.
• By 2023, the AUM of the digital investment market will be expected to equal $116.20 billion.
• The market for budgeting apps is expected to grow by $625.98 billion between 2023 and 2028 at a compound annual growth rate of 11.8%.

All of these above statistics show that the fintech industry market is booming and providing many chances for businesses. Thus, if you’ve finally decided to invest money in fintech app development, you should know how soon you may launch an app like EveryDollar for your business.

 

Cost to Build a Fintech App Like EveryDollar

The cost to develop a fintech application like EveryDollar might differ significantly based on the features you need, the intricacy of the program, and the level of expertise of the development team you select.

Designing a simple personal finances app with minimal functionality might cost as little as $8,000 to $15,000. You may start with a simple app that only has the most critical functions if you have a limited budget. Afterwards, if your budget permits, you can add further functions.

On the other hand, a more comprehensive app may cost as much as $15000-$25,000. The development of a fintech app such as EveryDollar is more expensive because of the additional features that are included. The cost estimate based on the degree of app complexity is displayed in the table below.

 

App complexity	Cost estimation	Time duration
Simple App	$8000-$15000	2-3 months
Medium App	$15000-$20000	4-5 months
Complex App	$25000	8 months

 

It’s crucial to remember that the personal finance management app development cost depends on several variables, as the section that follows explains. It might differ significantly from project to project. Moreover, if you want to calculate the cost to build a fintech app like EveryDollar, then you need to follow the below formula:

Total development hours * hourly rate of developers = Overall app development cost

So, it would be best to partner with a reputable fintech business app development services provider to help determine the accurate cost to build a fintech app like EveryDollar.

 

Factors Affecting the Cost to Build a Fintech App Like EveryDollar

 

 

EveryDollar’s exponential growth and widespread use show how profitable it would be to develop a comparable fintech app. However, to determine the actual cost of a personal financial app like EveryDollar, you should consider crucial factors before starting this project. So, let’s check out the factors:

 

1. Features Set

This will determine the complexity of your app. You can choose to create a simple or more complex application. You can also add custom features that make your app stand out. If you want to know about the features, you can check out the next section.

 

2. Design and User Experience

Next, you’ll need to think about the UI/UX of your app, which can affect the fintech app development cost. Although it may not be obvious, most people form their first impression of a financial application by looking at it.

You should have an eye on the design of your personal finance app if you want it to be well-received by users. You can choose from simple premade layouts or create your own. However, it can increase the cost to build a fintech app like EveryDollar.

 

3. App Complexity

The complexity of the app will influence both the cost to develop a mobile app and time. Apps with simple features, such as budgeting or expense tracking, will cost less and take less time to develop than a more comprehensive app with features like bill reminders and investment tracking. Like building a home, the larger and more complicated it is, the higher the cost to build a fintech app like EveryDollar, and it will take longer to build.

 

4. Platform Choice

Budget and timeline are also affected by whether you build an app for iOS or Android. The cost and time of building an app for both platforms at the same time will increase if you use more resources.

 

5. Development Team

Another factor to take into consideration is the cost of your team. The cost of hiring a freelancer or in-house team can be significantly different. The expertise and efficiency level of your iOS or Android app development team will also influence the development timeline. The size, skill, and efficiency are all factors that affect the cost and length of a journey.

 

6. Maintenance and Updates

After launch, your app’s maintenance and updates will add to its cost. Your budgeting app will remain relevant and fresh with regular updates, error fixes and new attributes.

However, these also take time and money. Regular servicing is like maintaining your car. It ensures smooth driving but also comes at a cost to build a fintech app like EveryDollar.

 

 

Popular Fintech Apps Like EveryDollar

EveryDollar is among the best fintech apps, with over 1 million downloads and a 3.0 user rating on the Play Store. It has more than 10 million active users. Isn’t it amazing? Well, if you are planning to build a fintech app for your business, it is best to have a good knowledge of your competitors and how they stand out. To simplify your task, we have jotted down the most popular personal finance apps like EveryDollar for your reference. 

 

Apps like EveryDollar	Available Platform	Features	Download	Ratings
Myfawry	Android | iOS	Targeted for Indian users Budgeting and expense tracking Bill payments and reminders	5M	3.9
Mint	Android | iOS	Automatic account aggregation Bill tracking and reminders Credit score monitoring	10M	4.1
Wise	Android | iOS	International money transfers Multi-currency accounts Virtual debit cards	10M	4.7
EasyBudget	Android | N/A	Zero-based budgeting Envelope budgeting Debt payoff tracking	100K	4.7
YNAB	Android | iOS	Rule-based budgeting Goal setting Debt snowball	1M	4.7

 

1. Myfawry

Myfawry is a financial app that offers prepaid cards, mobile phone recharges, online shopping, and much more. Free prepaid Yellowcard cards are also available through the app and may be used online and offline

 

 

So, if you are planning to build an app like Myfawry, you must integrate advanced features and create a fantastic user interface.

 

2. YNAB

YNAB assists customers in taking charge of their finances by using a zero-based budgeting method. It gives every dollar a purpose, ensuring all your income goes to specific categories.

 

 

For example, rent, groceries, or savings goals. It helps you keep an eye on your spending and avoids overspending.

 

3. Mint

A personal finance app like Mint, your pocket-sized money maestro. Quit spreadsheets, juggle accounts, and guesswork. Mint connects all your banks, credit cards, and investments like a financial detective. It gives a clear overview of where your money goes.

 

 

You can see spending patterns, hidden fees, and how you’re spending it. Set budgets to track goals and get alerts on bills.

 

4. EasyBudget

EasyBudget brings you the tried-and-tested method on your phone. This budgeting tool lets you create envelopes digitally for each category.

 

 

You can then allocate your income. Keep your finances visual by tracking expenses and dragging and dropping envelopes.

 

5. Wise

Wise is an app that allows you to send money overseas. It’s well-known for its transparent charges and competitive exchange rate, often beating traditional banks considerably.

 

 

Additionally, if you are impressed with the feature set and unique UI, you must build an app-like wise for your business.

 

Unique Features to Build a Fintech App Like EveryDollar

 

 

Features play a prominent role in the success of any mobile application development. So, when you build a fintech app like EveryDollar, you must incorporate the below listed features in it.

However, it is crucial to know that integrating the features can increase the cost to build a fintech app like EveryDollar, so choose wisely. Let’s now look at the essential features of an app like EveryDollar.

 

1. Easy Account Integration

Your users can easily manage their financial accounts with easy account integration. It allows them to create a profile and collect all their financial statements, such as credit cards, loans, debit cards, mutual funds, etc.

Making a personal financial app that can assist you in handling all of your money is crucial. It is essential to acknowledge that incorporating this feature may elevate the development expenses of a fintech application such as EveryDollar.

 

2. Reports and Analytics

This feature allows users to keep track of all their financial transactions and manage their finances effectively. Additionally, it is essential to know that adding this feature can affect the mobile app development cost. Users can access daily, weekly and monthly reports based on well-organized data. They can view income, expenses, payee summaries, forecasts and more.

 

3. Synchronization

The users of a budgeting application will want all their data and information about their finances easily accessible from the same digital platform. To get relevant information, your application needs to sync with all accounts. It allows users to see all their data and information in a single digital environment and manage their budget better.

 

4. AI Chatbot

AI chatbots analyze the customer’s data to make suggestions. This can include tracking spending patterns, giving insights into credit scores, and managing your budget. AI-based recommendations can help manage money more effectively.

Chatbot app development can be expensive, so incorporating this in your app can raise the cost to build a fintech app like EveryDollar.

 

5. Registration and Account Creation

Creating an account and registration are required to use any EveryDollar app. Regarding financial transactions, authorization and security are of particular importance. Two-factor authentication, voice or fingerprint recognition, and generating a unique code are the best practices to protect sensitive user data.

 

6. e-Wallet Integration  

EveryDollar craves convenience. Linking your favorite e-wallets directly to your app with the assistance of an e-wallet app development company would help users. Transactions flow in seamlessly, painting a real-time picture of your spending. Budget adjustments become a breeze, letting you stay on track without the data crunch.

 

7. Budgeting and Expense Classification

Users should be able to budget their expenses for a few weeks, months, or even several months. Allow your users to set spending limits; the app will alert them if they exceed their budget.

A great feature to offer your users is the ability to see where they spend their money. Budgeting apps can automatically classify users’ transactions, provide categories of expenses, and increase the cost to build a fintech app like EveryDollar.

 

8. Gamification

By integrating a gamification feature, you may keep your users engaged. Users will be encouraged to utilize your app more often by this feature. A gamified financial app is a practical, fun application which helps users reach their savings goals.

 

9. Investment Tracking

Users may keep tabs on their expenses and financial investments using this tool. A tracker for investments can help users keep up with market benchmarks and track all of their assets, including brokerage accounts, mutual funds, IRAs, real estate investments, etc.

 

10. Notifications & Alerts

We recommend that you add this feature to the application with the assistance of mobile app developers. Ensure the reminders arrive at a convenient time and are not intrusive. Consider other scenarios for push notifications, such as reminding users to stick to their budget or notifying them when they reach their goals.

 

11. Implement Loyalty Programs

A customer loyalty program can be a powerful tool to build your customer base and attract new users. Your customers will be motivated by loyalty programs that offer them points and rewards. Gamification can be used to engage customers. Points and coins help them achieve their savings goals through coupons, discounts, cashback, credit, and other methods.

 

How Much Does It Cost to Maintain An App Like EveryDollar?

Building a budgeting app like EveryDollar is just the first step. Like your cost to build a fintech app like EveryDollar, the app needs ongoing care to stay functional and user-friendly. That’s where maintenance and support come in.

While the exact maintenance cost of mobile apps depends on features and complexity, you can expect to spend around 15-20% of your initial development cost on the maintenance of an app like EveryDollar to run smoothly. This covers bug fixes, security updates, performance optimizations, and adding new features to keep users engaged.

However, investing in app maintenance is an investment in your long-term success. By partnering with a reliable mobile app support and maintenance services provider, you can get expert support and ensure your EveryDollar app stays ahead of the curve.

 

 

Ready to Build a Fintech App Like EveryDollar With Dev Technosys?

Now that you know the cost to build a fintech app like EveryDollar, it is the correct time to implement your ideas into reality. However, creating personal finance apps can be a daunting task. You need to avail yourself of mobile app development services from professionals.

Dev Technosys, a leading iOS app development company, has expertise in creating robust fintech applications. Our dedicated developers are proficient in mobile app development and utilize modern technologies.

From personal finance apps like Chime to Mint, we can develop any type of fintech app. Our expert team of developers makes sure to comply with industry regulations and delivers user-friendly interfaces.

By adopting cutting-edge technologies, we can accelerate the development process and provide ongoing support. This makes us a reliable partner for transforming fintech ideas into successful, market-ready apps. So, stop thinking and start working!! Share your requirements with us, and we will deliver them with the latest technologies within your budget.

 

Frequently Asked Questions

 

1. What is a Personal Finance App?

A personal finance app is a digital tool that helps you manage your money. Think of it as your pocket-sized financial advisor, always at your fingertips. Some of the most famous personal finance apps are EveryDollar, Chime, Mint and so on.

 

2. How to Develop a Fintech App Like EveryDollar?

To develop a fintech app like EveryDollar, you need to follow the below steps:

• Conduct a market research
• Create a feature list
• Design the user interface
• Hire an AI development company
• Start the EveryDollar app development
• App testing & deployment
• Maintenance & updates

 

3. How to Reduce the Mobile Banking App Development Cost?

To reduce the mobile banking app development cost, you should follow the below steps:

• Prioritize features
• Choose the right technology stack
• Optimize development process
• Outsource strategically
• Implement a lean maintenance plan
• Focus on security and compliance

 

4. How Much Does It Cost to Build a Fintech App Like EveryDollar?

The cost to build a fintech app like EveryDollar can be around $10000-$25000. However, it depends on multiple factors like complexity of the app, features & functionalities, app design, backends and frontend development, location of developers etc. to know the accurate to develop the EveryDollar app, you should collaborate with an expert.

 

5. How to Monetize Fintech Apps Like EveryDollar?

There are several ways to monetize fintech apps like EveryDollar. However, we have listed down the best methods:

• In-app purchase
• In-app advertisement
• Social availability
• Freemium model
• Subscription model
• Affiliate marketing