Neobanks, such as SoFi(Social Finance), are transforming the way people save, invest, and manage their funds in this time of digital finance.

 Just think about building your own neobank solution that is packed full of next-generation finance technology, a user-focused, seamless experience, and AI-powered personalization. 

More than simply developing the code for a digital wallet, you’ll be building a smart financial ecosystem that helps the user take complete control over their financial well-being at their fingertip. 

Everything from digital onboarding, instant payments, robo-advisory, and credit solutions, you’ll want to offer precision and creativity in every feature. 

In this blog, we are going to discover how to create a Neobank app like Sofi that’s future-ready, relying on advanced financial tools and technology that deliver security and scalability.

Present and Future Statistics of Neobank Applications 

• The neobanking applications market is valued at around $66.82 billion in 2022; this is projected to increase to around $2,048 billion by the end of 2030. 
• As per the recent study, the business account segment held the largest revenue share of around 65.0% in 2024. 
• The Europe region records the highest market share of neobank applications, around 29.0% in 2024. 

• According to the global market, the neobanking apps market is expected to increase with a CAGR of 54.8% from 2023 to 2030. 
• Based on the applications, the enterprise segment dominates the neobanking market in 2023 and accounted revenue share of around 51.0%.

What is SoFi?

Social Finance(SoFi) is a personal finance digital platform that can manage all the financial operations, such as savings, borrowing, and investing, all in one place. It offers various services like instant student loans, mortgages, banking, personal loans, and investing.

This platform provides tools for budgeting, tracking expenses, setting goals, and growing wealth. Mobile banking app like Chime and SoFi offers premium features, including a user profile, online bill payment, push notifications, secure payment options, and more. 

Top 10 Neobank Apps Like SoFi

Let’s explore the best neobank applications that gained huge popularity. Businesses must know about these to find out how these apps achieve higher success. So, here is the list of SoFi alternatives:

Why Businesses Want to Create a Neobank App Like Sofi?

In the digital-first economy we currently live in, businesses are attracted to neobank applications like SoFi due to their profitability, personalization, and innovation. These platforms also provide scalable fintech solutions, boost customer engagement, and drive financial inclusion.

1. Rising Interest in Digital Banking

The shift from physical banks to digital banking is driven by consumer preference for seamless, mobile-first financial experiences. Develop an ewallet app like Paytm can help organizations meet the growing demand for digital convenience, giving users access to loans, payments, and investments whenever they need.

2. High Revenue Potential

Neobanks operate more efficiently than traditional banks, which means better margins and scalability. Organizations can retrain businesses adopting the SoFi model to take advantage of all the potential revenue streams, like loans, investments, subscriptions, and financial products, with lower operational costs through automation and advanced fintech infrastructure.

3. Data-Driven Personalization

If businesses develop a neobank app like SoFi, they leverage data analytics and artificial intelligence (AI) insights. An organization’s mobile banking app that allows for something like SoFi would enable businesses to extend personalized loan options.

It offers spending insights and personalized recommendations with ease, and keeps users engaged with contextual value while developing trust with smart, customer-centric digital experiences.

4. Competitive Edge in Fintech

Launching a neobanking solution positions an organization’s business model at the forefront of the fintech race. It highlights relevance and innovation with a tech-savvy demographic that is looking for fintech alternatives to their traditional financial experiences.

Once you establish a SoFi-like app with an advanced digital ecosystem, an organization can offer an array of unique differentiators in the marketplace.

5. Enabling Financial Inclusion

Develop a fintech app like Wise, which provides previously underserved groups with a relatively easy way to access credit and modern financial tools. If businesses create similar platforms, it will not only bridge these financial gaps but it can also benefit younger service users, such as students or freelancers. 

What Are the Steps to Create a Neobank App Like SoFi?

To build a neobank app like SoFi, you must analyze the required features and services. These steps explain the overall development process in detail, and businesses can easily get the knowledge about each process. So, here we provide the step-by-step guide to the SoFi clone app development process:

1. Collect Project Requirements 

Before taking any action, you must find out your project requirements, like features, functions, services, and many more. After that, decide the future goals and analyze in this competitive market about what the new trends are and which existing fintech apps are growing. Businesses need to hire a professional mobile app development company to find out the ideal users. 

2. Features and Functions 

In the second stage, to build a neobank app like SoFi, make a list of features and functions that you must integrate into your SoFi clone app. There is a wide variety of functionalities such as money management, active investing, personal loans, student loan refinancing, mortgage, and personalized advice. You can also observe the existing SoFi alternatives’ features and find out some useful features. 

3. Choose Tech Stacks 

Let’s move to the third phase of ewallet app development. Choosing tech stacks is very important in every development. There are various types of technologies, such as HTML, CSS, JavaScript (For Frontend), Java, Python, PHP(For Backend), SQL, PostgreSQL, MongoDB(For Database), and Figma, Marvel, Zeplin(For Designing). 

4. Design UI/UX

In the fourth stage to make a neobank app like SoFi, designing a user-friendly interface is necessary because it enables users to easily navigate functionalities.

It includes a wide variety of UI elements such as templates, themes, layouts, fonts, textures, prototyping, wireframes, styles, and buttons. Developers use several design tools such as Marvel, Farmer, Sketch, Zeplin, Adobe XD, and Figma.  

5. Backend Development 

Before starting the real coding for backend processes. You need to hire skilled backend developers from a mobile banking app development company who can easily maintain the logic and solve problems quickly.

There are various types of third-party tools that must be integrated, such as payment gateways, communication tools, ERP, social media logins, CRM, and analytics. 

6. Testing and QA

In this stage of the SoFi clone app development, test the application under various techniques such as integration, functional, security, user acceptance, and unit testing. Fix the bugs or errors that are found during the testing. Make sure that all functions are working correctly and running at peak performance. 

7. Publish and Maintenance 

Finally, publish your neobank app like SoFi on the selected platforms, such as Android and iOS. After the release, you need to hire developers from a mobile app development firm to execute the maintenance services to maintain the actual performance of the app.

It involves upgrading to the latest OS version, adding new enhancements, solving security issues, fixing bugs or glitches, performance optimization, regular backups, and many more. 

Let's talk about your project?

You can reach out anytime; we are available 24/7. Our team provides a quick response.

Free Consultation

TARUN NAGAR CEO DEVTECHNOSYS

Must-Have Features of Neobank App Like SoFi

There are various types of features that are integrated into SoFi alternatives. But are you confused about which features must be added? Then, you need to take a look at the list of features with a detailed description:

i. Quick Account Opening

The SoFi budgeting app enables users to open an instant account with paperless onboarding, with KYC compliance and identity verification. 

ii. User-Friendly Interface

The SoFi wealth management app has a simple user interface that can help users find features easily and access the navigation bars. 

iii. Credit-Score Monitoring

SoFi alternatives allow users to track their credit score and receive an alert message when any changes happen, and get personalized help to improve their score. 

iv. Secure Authentication

Apps similar to SoFi​ integrate strong security measures such as two-factor authentication, biometrics, encryption techniques, and more. 

v. Payment Transfers 

The SoFi personal loan app​ lets users transfer real-time funds from one account to another, and it also provides seamless international payment transfers. 

vi. Loan and Credit Services

The SoFi online banking application provides loan and credit services such as instant student loans, personal loans, and more credit types. 

vii. Multi-Currency Support

Fintech apps like Revolut and SoFi support multiple currencies and enable users to hold, exchange, and make transactions in multiple currencies. 

viii. Saving and Investment Option

The SoFi investment app provides a savings account type that allows users to store their funds and also open an investment portfolio to increase their wealth. 

ix. Physical and Virtual Cards

The newbank app like SoFi, allows users to request an issuance of physical and virtual cards and customized settings like limits, accessibility, and security. 

x. Customer Support 

Apps like SoFi Money have a team of customer support to handle the raised concerns and mark them solved as soon as possible. 

The Cost to Create a Neobank App Like SoFi

The cost to develop a neobank app like SoFi ranges from $8,000 to $25,000 or depending on the project complexity. There are various crucial factors such as advanced features, functions, development team, backend infrastructure, tech stacks, third-party integrations, and more.

It also includes extra factors such as maintenance, security measurements, testing, and designing. So, here is the table of Neobank app development cost:

Major Factors That Affect the Neobank App Development Cost

Here, we provide the major factors that can highly affect the cost to create a neobank app like SoFi. It involves developers’ location, tech stacks, security measurements, and many more. 

1. Design UI/UX

Designing a user interface is one of the most common cost-affecting factors. There are various types of high-quality UI elements, such as layouts, textures, fonts, styles, templates, themes, buttons, and navigation bars. These can increase the mobile banking app development cost and time. 

2. Backend Infrastructure

Moving to another factor, backend infrastructure includes various server-side, data, logic, create APIs, and authentication. All these are time-consuming and have a higher implementation cost. Also need to integrate third-party tools and applications to increase accessibility. So, backend infrastructure influences the Sofi app development cost.

3. Development Team Location

Hire developers from various regions or countries, but each has a different cost because of living expenses. In the USA and UK, there are greater living expenses, which is why developers charge a higher cost. This can raise the fintech app development cost; businesses can hire developers from the Asia-Pacific region to maintain the project budget. 

4. Post-Maintenance Services 

To keep the app up-to-date, need to conduct the post-maintenance services, but it can take a higher cost and time. Developers consumed more time to update features and add new enhancements. So, these maintenance services can increase the total cost to develop a Neobank app like SoFi.

How to Make a Profit From Neobank Apps Like SoFi?

Every application is designed for making money, but businesses have no idea how to generate and create new ways of generating profit. So, here we provide the monetization techniques:

1. Foreign Exchange 

Apps like Monzo and SoFi offer international payments and currency exchange, and charge a small fee on each international transaction. Many users are seeking for cheaper cross-border payments platform. So, this can increase the overall valuations of the app.

2. Subscription Plans

The SoFi bank app offers premium paid plans such as basic, premium, and enterprise. Users need to purchase these plans to access the rich functionality, like lower fees, withdrawal limits, and more. It can be one of the best revenue-generating opportunities. 

3. Partnerships 

The neobank on demand app development solutions partner or collaborates with third-party fintech businesses or agencies, enabling them to sell their services within the app. So, the  SoFi bank mobile app​ charges around 8% to 10% of each sale. 

4. Freemium Model

In the fourth money-making technique, the SoFi finance app offers a basic version of the app with limited functionality. If businesses need to access the rich features and services, then they need to purchase the additional features or a paid subscription plan. 

5. Lending Marketplace

Many fintech app development solutions offer a peer-to-peer lending platform, where users can lend and borrow. Businesses can charge a transaction fee on each payment made within the application. The charge is around 5% to 8% of the overall amount of the transaction.

Conclusion

Building a neobank app like SoFi needs a lot of thought-out planning, secure architecture, and a smooth user experience. By using features like digital banking, loans, investment tools, and AI-powered insights, you can help provide users with a full financial ecosystem.

Collaborating with a reputable fintech app development company will ensure that your app is built with compliance, scalability, and advanced technology in fintech.

Hypothetically, you have the best strategy, a responsible and quality design, and a development team; your neobank app can effectively compete with other applications or provide engaging,

convenient value for an everyday user.