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  • Writer's picturePooja Yadav

How Long Does It Take To Develop A FinTech App?

Updated: Jul 15

Developing a FinTech app can take a few months to over a year, depending on the project's scope. The FinTech industry is booming, with the global market projected to hit $309.98 billion by 2022, growing at a CAGR of 24.8% from 2018 to 2022.

This surge reflects the rising demand for innovative financial solutions, fueled by technological advancements and shifting consumer preferences. Understanding the development timeline is crucial for businesses to stay competitive in this rapidly expanding sector.

What are the phases of fintech app development & durations?

If you don't have an in-house development team or lack the necessary resources, you'll need help from an external provider like PayNet Systems. Choose wisely, as the team working on your project plays a crucial role in its success.

PayNet Systems' white-label fintech app development provides a robust platform tailored to meet your specific market needs. With extensive customization options and a comprehensive suite of features, our solution ensures rapid deployment and seamless integration.

Whether you're launching new financial services or enhancing existing ones, PayNet enables you to quickly enter the market with confidence and efficiency. Would you like to take a demo? Click here

Every fintech project is unique and needs to be defined individually. However, let's take a look at the main phases of fintech mobile app development, the potential scope of work involved, and the approximate timelines:

FinTech App Development Phases

Discovery Phase

The first step in building an app is all about figuring out what you want and how to make it happen. It's important for both you and the developers you hire to be on the same page. This phase helps you set realistic expectations for what your app can be.

Here's what your app development partner will typically do during this phase:

  • Researching the market and competition: They'll take a look at who your ideal customers are and what similar apps are already out there. This helps them understand what features users might need and where your app can stand out.

  • Gathering your ideas: They'll want to know what you have in mind for your app, including what it should do, who it's for, how much you're willing to spend, and what technologies you might prefer to use. They can also give you some ideas on how long it might take to build your app.

  • Planning how to build it:  They'll figure out the best way to build your app based on what you want and your budget. This includes deciding what technologies to use, how the project will be managed, and how everyone will communicate with each other.

This whole process typically takes between 2 and 5 weeks.

Planning & Preliminary Phase

Before diving into coding, spending some time solidifying your fintech solution's plan is important. This phase is about taking your initial idea and turning it into a clear roadmap for development.  Here's what you can expect:

  • Nailing Down the Details: This is where we figure out exactly what your app needs to do.  The development team will work with you to create technical specifications for the app, define how we'll measure success, and plan for testing to ensure everything works smoothly. We'll also map out how the app will be launched and how we'll keep it running after it's live.  Don't forget, we'll also make sure everything complies with relevant regulations.

  • Putting it on Paper: Once we have a clear idea of what the app needs to be, we'll document everything in detail. This creates a blueprint, called a Software Requirements Specification (SRS), that everyone involved in the project can refer to.  The SRS will cover everything from the app's features to how it will function technically.

  • Making Sure It Works: Before we get started building, we'll take a step back to make sure the entire plan aligns with your goals.  This means checking that the chosen technology, development approach, and design ideas are all feasible and will deliver the most value for your investment.

This planning and ideation phase typically takes about 2-4 weeks.

Design Phase

This is where the magic happens! We take the initial concept and turn it into a blueprint for the developers. Here's what goes into this phase:

  • Building a Design Toolbox: We start by collecting all the reusable design elements like buttons, text boxes, and icons. This toolbox, called a UI kit, ensures a consistent look and feel throughout the app, and saves time by having everything ready-made.

  • High-Fidelity UI/UX: We create detailed mockups that look close to the final app, including colors, fonts, and actual design elements. This helps everyone visualize how the app will look and feel.

  • Interactive Prototypes:  Imagine a clickable, almost-real version of your app! These prototypes let us test how users will interact with the app and identify any areas that need improvement before any coding starts.

This design phase typically takes about 3 to 5 weeks.

Need help building a fintech app? Contact our expert team!

Development Phase

Once you have a clear plan for your fintech software, it's time to bring it to life! This phase involves two main parts: the backend and the frontend, which work together seamlessly.

  • Backend Development: Imagine the backend as the engine of your app. It handles all the crucial stuff that users don't see, like securely storing financial data, interacting with servers, and connecting to databases and other services. This strong foundation ensures your app runs smoothly and keeps user information safe.

  • Frontend Development: This is the part users interact with directly. Frontend engineers design everything you see and use on the app, from the overall layout to how it responds to your clicks. They use tools like CSS, HTML, and JavaScript to make the app not only functional but also visually appealing and easy to use.

  • API Integration: Many complex apps use external services to offer more features, like payment options, social media logins, or data analysis tools. This is where APIs come in. They act as bridges, allowing your app to connect with these services and leverage their functionalities.

  • Security Implementation: Security is paramount, especially when dealing with financial data. This phase focuses on protecting user information through encryption, secure login processes, and regular checkups to identify and fix any vulnerabilities. Think of it as building a fortress around your app's data.

  • Non-Functional Requirements: There are important regulations, like PCI DSS and GDPR, that fintech apps need to follow depending on where your users are located. These rules ensure data privacy and security. Just like following traffic laws, compliance is mandatory, and ignoring them can lead to hefty fines.

Building a fintech app typically takes around 3 to 6 weeks, but this can vary depending on the complexity of your project.

Testing Phase

Before launching the app, we put it through a series of tests and make sure it runs smoothly. This is like giving the app a thorough check-up to ensure everything works as intended. Here's what we do during testing:

  • Functionality Check: We test every feature of the app to make sure it works exactly as planned. Imagine this like checking each tool in a toolbox to see if they're all working properly.

  • Performance Test: We see how the app handles different situations, like heavy traffic or low internet connection. This is like testing how fast a car goes on a highway and a bumpy road.

  • Compatibility Test: We make sure the app works well on different devices and operating systems, just like making sure your favorite shoes fit comfortably on both feet!

We also do some additional tests to catch any bugs that might have snuck in and to make sure new updates don't cause any problems. This entire testing phase usually takes about 2 to 4 weeks.

Launch Phase

It's launch day! This is where all the hard work comes together to get your app out there. You'll finalize things like descriptions and app store listings, and then it's off to the races - submitting the app to stores or making it live on a website.

But the launch is just the beginning. Once it's out there, you'll want to keep an eye on how it's doing. Are there any bugs? What are users saying? This is where you can make tweaks and improvements to keep your app successful and relevant. Think of it as an ongoing conversation with your users.

Here's a breakdown of the launch phase:

  • Getting Ready for Launch: This is where you polish the app's details and create materials to get people excited.

  • Launch and Beyond: Once it's live, you'll be monitoring performance, gathering feedback, and making updates to keep things running smoothly.

This launch phase usually takes about 1 to 2 weeks.

The whole app development process can take anywhere from 5 to 11 months, depending on the complexity of your app.


What factors affect the timeline of fintech app development?

A few things can affect how long it takes to develop your fintech app. Let's break it down

1. Factors Affecting Fintech App Development Timeline:

  1. App Complexity: This is the biggest influence. A simple app with basic features like money transfers will be quicker to build than a complex one with features like investment tracking and loan applications.

  2. Security Features: Robust security is crucial for fintech apps. Implementing features like encryption and two-factor authentication adds time to development.

  3. Additional Features:  Consider if you want a customer support chat, financial education resources, or budgeting tools. These add complexity and time.

Breakdown of the App Development Scope:

  • Core Functions: This includes digital payments, transfers, account management, etc.

  • Security Features: Encryption, biometric authentication, etc. are essential.

  • Optional Modules: Consider a chat, analytics dashboard, or budgeting tools.

  • Third-Party Integrations: Connecting to services like credit scoring or KYC checks adds time.

  • User Roles: Defining permissions for admins, users, auditors, etc. is important.

  • Compliance: Meeting regulations like GDPR and AML takes time and effort.

  • Design: Creating user-friendly interfaces and ensuring responsiveness takes time.

2. Tech Decisions That Make a Difference

The tools you choose for building your project can greatly impact how fast and efficiently you get it done. Some technologies are known for their speed and ability to handle lots of users, while others can help you get your product out there quicker.

Here are the main technology and development choices we consider:

  • Programming languages: Java for Android, Swift for iOS, and Python for the backend.

  • Development frameworks: Flutter and Angular for cross-platform mobile apps.

  • Methodologies: Agile for flexible and iterative development, using Scrum and Kanban.

  • Infrastructure: Cloud services like AWS or Azure, Google Cloud, Cloud and On-Premises.

  • Databases: MySQL, MongoDB, SQL Server, Oracle and PostgreSQL.

  • DevOps practices: Continuous integration and delivery, automated testing, and infrastructure as code.

3. Finding the right partner is crucial

Their skills and experience are crucial, but so are management and communication. Choose a team with a proven fintech track record. Their expertise impacts your app’s quality, timeline, and success. Effective project management and communication ensure smooth and timely delivery.

  • Fintech Specialization: Expertise in mobile payments, personal finance, digital banking, and fintech apps.

  • Client Success: Proven track record with case studies, successful launches, and testimonials from notable clients.

  • Certifications and Awards: Holding PCI DSS ISO certifications, fintech industry awards, and partnerships with leading tech companies.

  • Team Expertise: Skilled in UX/UI design, backend development, data security, AI, and machine learning.

  • Communication Tools: Utilizing Slack, Trello, and GitHub for effective collaboration.

  • Support Services: Providing ongoing updates, bug fixes, and technical support.

  • Revisions and Updates: Emphasis on iterative design, feature updates, bug fixes, performance, and compliance improvements.

  • Project Management: Focusing on project planning, risk management, and team coordination.

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How to Speed Up Fintech App Development?

When deciding between a white-label fintech app and a custom app, various strategies can hasten the development process for each. Here's how to accelerate development for both types:

Increase Fintech App Development Speed: Choosing custom fintech app development vs White label fintech app development

White-Label Fintech App Development

  • Choose a Reputable Provider: Start by selecting a reputable white-label fintech solution provider. Established providers offer robust platforms that are pre-built and tested, significantly reducing development time.

  • Define Requirements Clearly: Clearly outline your requirements and ensure that the chosen white-label solution meets most of your needs out of the box. Minimal customization ensures faster deployment.

  • Leverage Pre-built Features: Utilize the pre-built features and functionalities of the white-label solution. Avoid extensive customizations that can add to the development time.

  • Focus on Branding: Concentrate on branding the app to align with your company’s identity. This includes logos, color schemes, and other visual elements, which can be quickly adjusted without altering the core functionality.

  • Quick Integration: Use APIs provided by the white-label solution to integrate with your existing systems. Well-documented APIs facilitate quick and smooth integration.

Custom Fintech App Development

  • Agile Methodology: Employ agile development practices. Agile allows for iterative progress with regular updates and feedback, ensuring faster adjustments and improvements.

  • MVP Approach: Start with a Minimum Viable Product (MVP) that includes only the core features. This allows you to launch faster and add additional features based on user feedback and priorities.

  • Use Frameworks and Libraries: Utilize existing frameworks and libraries to avoid building components from scratch. This can save significant time in development.

  • Continuous Integration & Deployment: Implement CI/CD pipelines to automate the integration and deployment processes. This ensures that new code can be tested and deployed rapidly, reducing delays.

  • Automate Testing: Implement automated testing to quickly identify and resolve bugs. Automated tests can be run frequently without manual intervention, saving time and ensuring code quality.

To speed up development for both white-label and custom fintech apps, focus on leveraging pre-built components, clear communication, and efficient development practices. Click here



Fintech companies are booming, but building the app can seem complex. With over 7+ years of experience delivering fintech solutions across various industries, our team of experts offers comprehensive fintech app development services, regardless of complexity.  Let us handle the app development, so you can focus on what matters most – growing your successful business.  

Contact PayNet today to get started!

Need Help Building A Fintech App? Contact our expert team!


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Jul 11
Rated 5 out of 5 stars.

Insightful blog !!


Jul 11
Rated 5 out of 5 stars.

Informative piece

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