Revolut, a leading fintech company, has revolutionized how people manage their finances by offering digital banking services, currency exchanges, and budget management tools. If you're considering developing an app similar to Revolut, understanding the potential costs is crucial. The cost to develop an app like Revolut can vary widely, depending on several factors, including features, design complexity, technology stack, and geographical location of the development team.

In this blog, we’ll dive into the elements that influence the cost and provide you with an estimated price range for creating a financial app with similar functionalities.

Key Features of an App Like Revolut

Before discussing the cost to develop an app like Revolut, it's essential to understand the core features that have made Revolut successful. Here are the primary functionalities an app like this should have:

1. User Registration and Authentication: Secure user sign-up, login, and account verification processes.
2. Account Management: Providing users with tools to manage multiple accounts, track balances, and categorize spending.
3. Currency Exchange: Offering real-time currency exchange with competitive rates.
4. Payments and Transfers: Sending and receiving money domestically and internationally.
5. Virtual and Physical Cards: Allowing users to order physical and virtual cards for secure transactions.
6. Budgeting and Analytics Tools: Offering spending insights, notifications, and personalized budgeting tools.
7. Security Features: Two-factor authentication (2FA), biometric authentication, and instant card freezing/unfreezing.
8. Push Notifications: Real-time alerts about transactions, currency rate changes, and budgeting insights.
9. Customer Support: Offering AI-driven chatbots or live agents for assistance.

Developing a robust app like Revolut involves implementing these features efficiently, which is a significant driver of development costs.

Factors Affecting the Cost of Development

1. Complexity of FeaturesThe more complex the features, the higher the cost. Features like real-time currency exchange, integrations with various banking APIs, and advanced security protocols require in-depth development and testing. For instance, integrating multi-currency support, secure payment gateways, and real-time transaction processing demands additional backend infrastructure and development time.
2. Platform Choice (iOS, Android, or Both)The cost to develop an app like Revolut will also depend on whether you plan to launch the app on iOS, Android, or both. Developing for both platforms simultaneously can increase costs by around 40-50%, but it's essential for reaching a broader audience. Cross-platform technologies like Flutter or React Native could reduce costs, but you might compromise on performance.
3. Design and User Experience (UX)A user-friendly design is crucial for the success of a fintech app. High-quality design, intuitive navigation, and seamless user interactions play a key role in retaining customers. Custom UI/UX design, animations, and interactive elements could drive up the costs, but they are essential for standing out in the competitive fintech space.
4. Development Team LocationThe geographical location of your development team significantly impacts the cost to develop an app like Revolut. For example, hiring developers in the US or Europe could cost around $100-$250 per hour, whereas developers in countries like India or Ukraine may charge $30-$70 per hour. Working with offshore teams can drastically reduce costs, but it’s essential to ensure quality by selecting an experienced and skilled team.
5. Backend InfrastructureA fintech app requires a highly secure and scalable backend system. You need to integrate APIs from banks and payment gateways, implement strict security measures, and ensure the app can handle large volumes of transactions. The backend development and maintenance can account for up to 30% of the total app development cost.
6. Testing and MaintenanceComprehensive testing is vital for any financial app to ensure security and functionality. Quality assurance (QA) testing, including performance, security, and usability testing, is crucial. Additionally, ongoing maintenance costs will add to the total expenditure. Regular updates, security patches, and new features must be budgeted for in the long term.

Estimated Cost Breakdown

• Basic MVP (Minimum Viable Product): If you are looking to develop a basic version of the app with essential features like user registration, account management, and payment functionality, expect to spend around $50,000 to $80,000.
• Advanced App with Full Features: For a fully-featured app with multi-currency support, virtual and physical card management, budget analytics, and robust security features, the cost to develop an app like Revolut can range from $150,000 to $400,000, depending on the complexity and customization.
• Ongoing Costs: After launch, you should also budget for ongoing maintenance, server costs, and updates, which could range from $5,000 to $20,000 annually.

Conclusion

The cost to develop an app like Revolut depends on several factors, including the features you choose, the platform, the development team’s location, and the complexity of the backend infrastructure. While the upfront cost may seem high, developing a fintech app with the potential to revolutionize digital banking can offer long-term benefits and profitability.

If you aim to create a high-quality, secure, and scalable fintech app, partnering with an experienced development team is essential to ensure a successful product launch.