“How much does it cost to develop a fintech app like Wise?” is one of the first concerns for entrepreneurs who want to create an app like Wise for finance. Read this blog to know the cost to develop a fintech app like wise.
In today’s rapidly evolving financial landscape, the emergence of fintech companies has revolutionized the way we manage money and make international transactions. One such groundbreaking player in the industry is Wise, formerly known as TransferWise.
This fintech giant has changed the game by offering cost-effective and efficient cross-border money transfers, making it a preferred choice for millions of individuals and businesses worldwide.
As you know the FinTech apps are a growing sector, and with the ongoing advancements in technology and lower app development costs. FinTech is expected to reach 699.50 billion by 2030. The number of digital bank users is also projected to grow from 197 million in 2021, 699 million by 2025.
In this blog, we will discuss the cost to develop a fintech app like Wise, its factors and the tips to reduce the fintech app development cost.
So let’s begin.
Table of Contents
What is a Wise App?
Wise, a popular fintech platform, specializes in low-cost currency exchange and international money transfers. Users can send money overseas, receive money, store multiple currencies in their digital wallet and make international payments at competitive rates with minimal fees.
Wise is known for its transparent pricing and commitment to offering a cheaper alternative to traditional banks when it comes to cross-border transactions.
So, if you are planning to invest in fintech software, then you must hire dedicated software developers who have expertise in creating robust fintech software.
Why Should Businesses Invest in Fintech Apps?
Fintech apps have changed the way businesses do business. Fintech companies can use traditional business models to provide benefits for businesses who invest in Fintech mobile app development in 2023 and beyond.
Fintech apps are a good investment for businesses because they offer a faster and more automated service. They also have fewer costs and an easier payment process. Take a look at current statistics on fintech apps.
- Digital Investment will be the largest market in 2023, with an AUM of US$112,90bn.
- In 2023, the average AUM per digital investor is expected to be US$439.80.
- The cost of sales for the London-based Fintech company in 2023 was 308,2 million British Pounds, or approximately 115 million British Pounds more than the previous fiscal period.
- Digital Assets is expected to grow by 33.6% between now and 2024.
- By 2027, there will be 5.48 billion users on the Digital Payments Market.
- The total AUM of the Digital Investment Market is expected to reach US$112,90bn by 2023.
- Since each FinTech KPI is distinct, it is impossible to create a single figure that sums up the whole FinTech market.
Cost To Develop a Fintech App Like Wise
Costs for a Finance App are estimated to range from $10,000 up to $25,000. The cost is dependent on the project complexity and the technology. The fintech app development cost is also heavily influenced by the platform and hourly rate you choose, as well as the complexity of your project.
Types of FinTech App
|$10,000 to $15,000
|$16,000 to $20,000
As a result, we developed a formula to help you estimate the cost to develop a fintech app like wise.
Estimated development hours * Developer’s hourly cost = Total mobile app development costs
The cost to create an app is highly variable and depends on many factors. These include the complexity of the application, the experience of your custom fintech app development services team as well as the location of where you are developing the app.
However, if you create an MVP, the cost will be lower. It takes less time to develop a full-featured social media app. You’ll need to hire a fintech software development services provider that has expertise building social networking applications or photo-sharing apps.
You are now aware of the cost of creating a fintech app. It’s crucial to comprehend the variables that affect how much it costs to create an app.
Factors Affecting the Cost To Develop a Fintech App Like Wise
As per the custom software development services provider, below are the crucial factors that you must take into consideration before you develop a fintech app like wise.
1. App Requirements
Fintech app costs are determined by the requirements of the app. Consider factors such as the scope of work performed, security provided, app complexity level, etc. A number of elements are taken into account when estimating the cost to develop a fintech app like Wise. The features, services, and capabilities required to fulfill user needs are only a few of the many variables that make up this aspect.
2. App Platform Types
It is crucial to select the platform for which you will develop your app before you hire mobile app developers. If you choose a single platform, such as Android or iOS, you will save money. However, if you opt for cross-platform fintech app development, you may have to pay more. It is recommended that you develop an app that can be used on multiple platforms. This will allow you to reach a larger audience.
3. Design UI/UX
Fintech app developers focus first on the app design because they know that it’s the only way to get the target audience’s attention in the beginning. Did you know that the UI/UX of an app can have a significant impact on its cost? The UI/UX of an application directly affects how it looks and feels for users.
App design involves creating and testing multiple design concepts in order to determine which works best. All apps, whether they are for mobile banking, cash advance, insurance or other services, need an intuitive user interface.
4. Development Team Location
It is important to know the location of the developers you have chosen to help you determine the cost. Location of the team is a major factor in determining the cost to develop a fintech application. Developers from different regions will have varying costs to develop a fintech app like wise. Don’t forget the location and size of your team when building a fintech application to keep the cost down.
5. App Maintenance
You should prioritize app maintenance because it is an important factor in mobile banking application development. Bug patches and security updates are only two of the crucial aspects of app maintenance.
It also covers server and infrastructure costs, regulatory requirements, API updates, third-party integration updates, and performance optimization.
This can lead to a high-budget app, a bad user experience, security flaws, and more. You can maintain the cost by hiring mobile app developers that invest in systematic maintenance.
6. Numbers of Features
You must also have considered the features you need after you’ve finished juggling multiple fintech ideas. The cost is also affected by the number of features, so it’s important to prioritize the features.
The cost to Build an app like Wise can be increased by adding advanced features like data encryption, payment processing and user authentication. Real-time analytics as well as third-party integrations will also increase.
7. Third-Party Integration
The mobile banking app development cost often requires the integration of third-party services such as payment gateways, banking APIs or security providers. These services require additional development resources and time. Pay attention to the complexity of these integrations, as it can increase costs.
Choose the most advanced programming languages to make integrations and Wise mobile app development easier. To keep the Wise app development cost down, limit the number of integrations.
Top 5 Most Popular Fintech Apps Like Wise
There are multiple fintech apps in the market that are doing well and have an immense user base. However, we have compiled a list of top 5 popular apps which are recommended by an ewallet app development services provider. So let’s have a look:
|Android | iOS
|Android | iOS
|Android | iOS
|Android | iOS
|Android | iOS
This FinTech app is among the best in the USA. It offers its users financial advice as well as access to loans. This six-year old startup offers personal finance management, but also functions as a lending, savings and wealth management app. In addition, they have widened their distribution network and made it simpler for customers to obtain financing.
You may trade stocks, ETFs, and cryptocurrencies with no fee using the Robinhood app. Users can invest in public firms listed on US stock exchanges as well as exchange-traded funds.
The app offers its own clearing system, and there are no commissions for investing in stocks, ETFs or cryptocurrencies. Crunchbase reports that the trading app raised $5.6 billion over 28 funding rounds.
The Chime App is one of many financial apps that are growing rapidly in the USA. It is a mobile only bank. The Chime app allows users to manage both their savings and spending accounts without any hidden transaction fees.
This is one of the most effective budgeting tools, as it offers a wide range of automatic savings options. Chime is one of the best FinTech banking applications in the country because it has a large network of ATMs.
Nubank is one of the top FinTech apps in Brazil and one of its best FinTech startups. Nubank has been a leading FinTech app for instant money transfers and access to invoices. It also tracks spending by category, and allows users to delete purchases using Nubank rewards points.
It is an instant fintech app like wise app that provides real-time data about credit cards and saving balances. The company has raised $650m in a post-IPO debt round. Announcement date for the round is April 11, 2020.
The Mint app is one of the most popular FinTech mobile applications in the USA. It collects relevant information such as user cards, accounts and transactions. You can use an app like Mint to pay your bills, track transactions, create a budget, and manage your spending. The alerts will remind you of the bills that need to be paid and provide advice based on your spending habits.
How to Reduce the Cost To Develop a Fintech App Like Wise?
You now know the cost to develop a fintech app like wise. It’s time to look at ways to reduce the price. So let’s have a look:
● Identify the Indispensable Features and Skip the Rest
Each feature you add to your app will increase the cost of development. To stay within your initial budget, it is best to reduce the features to the essentials.
Focus on the key features of the app and not the tools that don’t add anything to the user experience. This will give you more information on the key features that make money apps like Wise future-ready.
● Use a White-label Solution
When developing a wise mobile banking app, choose a white label solution like the SDK.finance SaaS Platform to save time and money. This white-label platform also adheres to all the compliance standards needed when developing a fintech application. You can also get the source code license to modify the code according to your business needs.
● Select the Right Development Partner
Saving money by outsourcing your fintech on-demand business app development solutions to a company that has experience in the field will save you time and money. These companies have an experienced team with fintech app building experience. You will have the opportunity to choose a model of cooperation that best suits your fintech application budget.
● Use the Right Development Approach
Agile is the preferred methodology for fintech teams because it allows continuous iterations. You need a project manager who has experience with Agile, SCRUM and Lean methodologies to reduce the risk of errors in the product and meet deadlines.
Are you prepared to revolutionize the fintech sector by creating a fully-functional fintech app with advanced features like Wise? Great! Fintech apps are in high demand, and this brings significant opportunities to organizations.
This blog has everything you need to know before starting the process. It includes the cost of development, the features that are desired for a fintech application, and the technologies used.
However, it is advisable to hire dedicated developers that develop custom fintech applications like Wise with your expectations and needs in mind. You can run your Fintech intelligently with the right development team.
Frequently Ask Questions
1. How Long Does it Usually Take to Develop an App Like Wise?
A simple FinTech application can take between 3-6 months to build. The complexity of the project, your needs and the FinTech solutions that you select will all influence the time it takes to build a FinTech App. This can take up to 12-18 months.
2. How Can a FinTech Application Like Wise Generate Revenue?
FinTech apps monetize services by showing ads within their app. This is the most popular and effective way to do so. App owners are paid by third-party advertising networks when their users click on the ads. Subscriptions and in-app purchase may be other sources of revenue.
3. Is the Cost to Build An App Like Myfawry Standardized?
FinTech apps cannot be priced based on a set price because every project is different. The price to build an app like Myfawry can vary greatly depending on its objectives and requirements.
4. How Can I Get a Precise Price Quote For Fintech App Project?
To get an accurate price estimate, work with reputable Fintech software development companies in USA or hire a team of skilled developers. Send a detailed project brief that outlines your app’s goals and specifications. They will assess the project’s scope and complexity, and then provide you with a customized cost estimate that is based on both your requirements and industry standards.
5. How to Create a Money Transfer App Like Wise?
To develop a fintech app like Wise, you need to follow the below steps:
- Research the market and target audience.
- Secure necessary licenses and comply with regulations.
- Develop a user-friendly interface and robust security features.
- Integrate global payment systems.
- Offer competitive exchange rates.
- Launch and promote your app.
Continuously update and improve based on user feedback.