Top Fintech App Development Companies

Fintech is short for Financial Technology. Essentially, it is used to describe a new technology that seeks to automate the delivery and use of financial services. The technology is used by Top Fintech App Developers to create cutting-edge financial solutions. In this blog, we would discuss the top fintech developers and the strategies to choose the right fintech app developer.

As per statistics, the fintech market is anticipated to reach $305 billion by 2025, with financial companies across the globe delving into custom fintech app development. And this rapid growth is attributed to advances in technology and users’ need to streamline and simplify transactions with financial institutions.

Fintech apps are quickly replacing traditional business practices. Business enterprises across the globe are increasingly becoming aware of the noteworthy advantages of using fintech apps. These apps are not just secure and profitable but also help enterprises do multiple transactions in a single day. Additionally, the millennials and Gen Z are a tech-savvy generation. Thus, businesses that wish to survive and scale their operations in the digital world must adopt fintech solutions.

If your business enterprise also plans to invest in fintech apps, this blog is for you. Here, we will talk about fintech app development services as well as look at the best fintech app development companies in the USA. So, let’s begin.

Why Invest in Fintech App Development?

From Coinbase and Chime to MoneyLion and Robinhood, several fintech apps and solutions have drastically changed how companies do business. And by investing in fintech app development services, several businesses have improved their working model and reduced the associated risks, be it lending process, wealth management, or simply collecting payments.

Below are some notable statistics that indicate why investing in fintech applications development is a good idea:

• Deloitte claims that the fintech industry will be worth approximately $180 billion in 2022. And this number is projected to increase to $213 billion by 2024.
• Ever since 2015, investment in fintech app development has increased by 3.5x. By the end of last year, the total investment reached $210 billion.
• The fintech adoption rates are quickly rising. In the USA, digital banking has constantly been on the rise. In 2018, approximately 61% of Americans used some form of digital banking. And in 2022, the number has reached 65.3%.
• Visa is among the top fintech app development companies.  It leads the way with a market capitalization of $477.95 billion.

The statistics clearly indicate that fintech companies will be a part of the future of finance. So, the time is now if your business enterprise has not yet invested in custom fintech app development services.

Role of App Development Partner in Fintech Startup

Any business planning to invest in fintech must consult the services of a reputed fintech application development company. An experienced fintech company can help to develop top-notch apps and other solutions in the finance domain with a prime focus on security and engaging user experience.

These fintech companies are familiar with the latest trends in the fintech domain and deploy bleeding-edge technology to develop a product that is not only user-friendly but also ensures high user engagement while keeping safety and efficiency as the topmost concern.

If you, too, are looking for top fintech app development companies in India, our next segment will help you identify some of the best ones.

Take a look: Ewallet App Development Company

Top Fintech App Development Companies

1. Hedgehog Lab

Hedgehog Lab is a multinational digital product consultancy that specializes in producing apps for smartphones and other connected devices. It possesses expertise in Artificial Intelligence, Virtual, Augmented, and Mixed Reality. It has shown amazing revenue development in recent years, with global revenues approaching £5 million. For three years in a row, it has been designated one of Europe’s fastest-growing businesses.

Hedgehog Lab’s elite fintech app developers make sure that the client’s app resolves their specific issues via reliable and secure fintech software solutions. They are one of the top fintech app development companies with a vast portfolio of IT projects under their belt.

• HeadCount- 90 ( till 2021)
• Location- Newcastle upon Tyne, England, United Kingdom
• Founded- 2007
• Price Range- $101- $250/ hour
• Top Clients- Microsoft, Deliveroo, Autodesk, Santander, Abrdn
• Key Services- Fintech App Development, Mobile App Development, Web Development, UX/UI Design, AI Development

2. Octal IT Solution

Octal IT Solution is a web and mobile app development firm and the leading fintech app developer. It is known for out-of-the-box solutions that attempt to provide business value while remaining user-centric. The award-winning company’s qualified resources and process-oriented approach have served organizations of various sizes and investment levels and provided them with the greatest match.

Octal IT Solution has a team of the best fintech app developers that possess wide-ranging expertise in AI, Big Data, and Machine Learning to improve and automate all financial procedures. They work closely with several financial institutions to construct a robust IT ecosystem and prevent any potential mistakes. Over the years, Octal has assisted several firms in exploring cutting-edge tactics to enhance workflow, cut expenses, and streamline their operations.

• HeadCount- 250+
• Location- United States, London, United Kingdom, Singapore, India
• Founded- 2004
• Price Range- $25/ hour
• Top Clients- IBM, ZEE5, HiPi, Linde, BMW, Vodafone, Clarins, Omantel
• Key Services- Fintech App Development Services, Web Development, Android App Development, Custom Software Development, Blockchain

3. Nimble AppGenie

Nimble AppGenie is a mobile and online design firm. For over 6 years, they have been giving solutions to clients all over the world and have substantial experience with the finest web design and development projects. The company breathes the web, having completed over 300 projects in the web development sphere. The processes ensure that each project is built using best practices and that quality is not compromised while staying within the budget. Nimble is also one of the renowned fintech app development companies. It provides financial organizations, insurance companies, and banking institutions with the best fintech solutions to enhance their workflows.

• Head Count- 11-50
• Location- London, UK
• Founded- 2016
• Price Range- $5000/ project
• Top Clients- medu4, Pay by Cheque, Dafri Bank
• Key Services- Blockchain, Fintech App Development, Web Development, Mobile App Development, Custom Software Development

4. Yalantis

Yalantis is a software engineering outsourcing development firm. To be more specific, Yalantis distinguishes itself by delivering both client technological solutions for businesses and a learning platform called Yalantis Golang School for back-end engineers.

A leading fintech mobile app development company, the Yalantis team collaborates to drive the company’s web development, web app, and mobile solutions in the financial domain. Some of its fintech solutions include consumer finance solutions, insurance solutions, e-wallet app development, and many more.

• HeadCount- 500-1000
• Location- Larnaca, Cyprus
• Founded- 2008
• Price Range- 26$ to 50$/ hour
• Top Clients- KPMG, Orbis, Healthfully, Lifeworks, RAK
• Key Services- Cloud & DevOps, ML and AI, Fintech App Development Services, Cybersecurity, Low code solutions

5. Uptech

Uptech is a mobile and online development firm that helps ideas grow from napkin sketches to full-fledged products. It delivers products that matter to consumers and businesses by combining creativity, domain understanding, and product development strategy.

Uptech is well-versed in financial software development technologies as a top fintech app development company. Their client-specific methodologies contribute to the creation of user-friendly and simple-to-understand finance apps for the Android and iPhone/iOS platforms.

With Uptech, the clients can pay for the team’s job accomplished during the entire week or month. This is appropriate for early-stage enterprises where the product must be discovered along the developmental journey. This initiates less planning and a more rapid start.

• Head Count- 80
• Location- Kyiv, Ukraine
• Founded- 2016
• Price Range- 26$ to 50$/ hour
• Top Clients- Crello, Unilever, Freebird, Aspiration
• Key Services- Fintech App Development, Mobile App Development, UX/UI Design, Web Development, Enterprise App Modernization

6. Blue Label Labs

Blue Label Labs specializes in digital product strategy, design, and development. With customer-centric and truly user-validated digital products, it collaborates with ambitious organizations, brands, and creators to make their work more authentic.

It works with customers on transformation and growth opportunities to assist them to achieve their goals more quickly. The company also has a pool of expert fintech app developers who are skilled at addressing automation difficulties, boosting trading success, and digitizing financial services.

• Head Count- 64
• Location- New York, United States
• Founded- 2009
• Price Range- Depending upon the projects
• Top Clients- Time, Microsoft, iHeart Radio, Bloomberg, P&G
• Key Services- Fintech App Development Services, Android App Development, QA & Testing, Analytics Strategy, Pre-launch Support

7. Willow Tree

Willow Tree assists the world’s best brands in developing digital solutions that influence millions of people and improve lives. The company has a fulfilling and sustainable atmosphere for innovative product creation by decreasing physical and psychological boundaries between the team members.

Willow tree is also one of the few fintech app development companies with extensive expertise in creating financial services apps. It has experience working in a variety of financial industries, such as banking, insurance, and asset management. It is familiar with the subtleties of dealing with MLROs, finprom concerns, and compliance.

• Head Count- 100-500
• Location- Virginia, United States
• Founded- 2007
• Price Range- $150- $200/ hour
• Top Clients- HBO, McDonald’s, Pepsico, National Geographic, Electrify America
• Key Services- Fintech App Development, Mobile Strategy, Android App Development, Data Engineering, Generative AI

8. ArcTouch

ArcTouch is a name linked with the world’s most inventive app development firms. They are well-known for developing apps for Fortune 500 organizations, pioneering brands, and successful startups. Their main focus is app design and development (iOS, Android, and Xamarin), but they also assist companies with learning and honing Alexa tactics, developing API skills, working on blockchain development, experiencing augmented reality, and comprehending the Internet of Things (IoT).

Arctouch clients’ have only great things to say about the company. Almost all of them support ArcTouch’s approach, execution, and production to fulfill the exact specifications. Not only that, but the organization also has a team of fintech software developers who possess solid technical backgrounds. Their experience in the financial industry and attention to detail enables them to create user-friendly and highly secure fintech companies.

• Head Count- 500
• Location- California, USA
• Founded- 2008
• Price Range- Depending upon the projects
• Top Clients- HP, Audi, Yahoo!, Canon, Pringles
• Key Services- API Development, Fintech App Development Services, Quality Assurance, UX/UI Design, Product Strategy

9. Y Media Labs

Y Media Labs, a leading provider of product design and app development services, believes in providing genuine visual design, testing, and similar services for iOS, Android, and Responsive Web. Their skilled team has created high-quality, bespoke IT solutions for Fortune 500 corporations as well as rising startups. Y Media Labs has six branches worldwide.

YML specializes in Virtual Reality (VR), the Internet of Things (IoT), and Artificial Intelligence (AI), in addition to custom fintech app development. The team is dedicated to developing world-class IT experiences that exceed expectations and establish brands as category leaders. Famous technocrats have praised their work, which has been featured on TED Talks, in The Wall Street Journal, Forbes, and CNBC (to mention a few).

• Head Count- 250-1000
• Location- Silicon Valley, California, USA
• Founded- 2009
• Price Range- $150- 200/ Hour
• Top Clients- Loreal, PayPal, Intro to Hours
• Key Services- iOS Development, Digital Strategy, Fintech App Development, Android Development, Digital Product

10. Clarion Technologies

Clarion Technologies is one of the best Fintech app development companies with over two decades of experience. Their Fintech app development services include automating and improving financial processes leveraging Big Data, Artificial Intelligence, and Machine Learning.

The Fintech app developers at Clarion Technologies work along with other departments to understand the requirements and specifics of the clients and develop a custom solution accordingly. Also, they make the necessary changes in the interface and internal operations of the app if required.

• Headcount- 250+
• Location- New York, United States
• Founded- 2000
• Price Range- $25 to $49
• Top Clients- Topline Systems, Soft Tools Pro, RLT Enterprises, Auto Services Direct, Tramp Media Productions
• Key Services- Fintech App Development Services, App Testing, E-commerce Development, Mobile App Development, Enterprise App Modernization

11. UppLabs

Another leading Fintech app development company on our list is UppLabs. The company has been developing custom solutions for its clients across various domains, including healthcare, manufacturing, finance and baking.

Having developed Fintech Solutions for multiple companies, UppLabs has the best team of Fintech App developers, which compiles government regulations and develops robust solutions. Their app development process is refined according to the requirements of payment solutions, KYC, and online solutions.

• Headcount – 10 to 49

• Location – Kyiv, Ukraine
• Founded – 2014
• Price Range – $25 to $49
• Top Clients – List Assist, Pocket Order, Recap Investing, Fliplet, One View
• Key Services – Fintech App Development, Mobile App Development, IT Consulting, UI/UX Design, Web Development

12. Miquido

Miquido is a leading Fintech app development company with 10+ years of experience. It has a team of highly skilled and experienced developers who leverage cutting-edge technologies to develop robust and innovative solutions.

Miquido aims to change how an individual does banking by introducing BaaS (Banking-as-a-service). It also integrates a user-friendly interface in its solutions to engage users. On top of that, it implements Artificial Intelligence, Machine Learning, and Big Data in its solutions to boost revenue.

• Headcount – 50 to 249
• Location – Kraków, Poland
• Founded – 2011
• Price Range – $50 to $99
• Top Clients – Warner Music Group, Skyscanner, Global Eagle, Pando, Onkyo Music
• Key Services – Fintech App Development Services, Custom Mobile App Development, IT Staff Augmentation, Cloud Services, Artificial Intelligence

Read Also: E Wallet App Development – Cost & Key Features

13. EVNE Developers, LLC

EVNE Developers LLC takes pride in having a team of highly skilled Fintech app developers. The company aims to enhance transaction security and simplify operations by offering quality Fintech app development services.

It also leverages cutting-edge Fintech technology to develop unique and robust solutions for its clients. The company works closely with its clients to be able to understand the business requirements properly and develop a custom solution accordingly.

• Headcount – 10 to 49
• Location – Tallinn, Estonia
• Founded – 2011
• Price Range – $50 to $99
• Top Clients – Vigonation, Blue Ridge Mountain Resources, Skillbyte, Delibroom, ID Solutions
•  Key Services – Fintech App Development Services, Web Development, Custom Software Development, UX/UI Design, SaaS Development

14. Appventurez

Appventurez is considered one of the finest Fintech app development companies focused on elevating data security, digitalizing operations, and redefining products. It tailors their Fintech app development services according to client requisites.

The company leverages a transformative tech stack to develop solutions that drive businesses and disrupt market conventions. Additionally, it also integrates advanced features in its solutions to engage customers and meet market standards.

• Headcount – 50 to 249
• Location – Noida, India
• Founded – 2018
• Price Range – $25 to $49
• Top Clients – PWC, School Fundi, Nimbus, Fleet Support, Amaze
• Key Services – Web Development, Mobile App Development, Fintech App Development, Blockchain, Custom Software Development

15. Excellent WebWorld

Excellent WebWorld is one of the leading Fintech app development companies with over a decade of experience. It has been helping businesses across various domains, including Banking and Finance, develop custom solutions according to business requirements.

The company has built top-notch Fintech solutions like P2P payment, digital wallets, and investment and trading apps for its clients. It also leverages cutting-edge technologies to design, develop, and deploy game-changing applications.  

• Headcount – 50 to 249
• Location – Ahmedabad, India
• Founded – 2011
• Price Range – $25 to $49
• Top Clients – Telehealth Company, Skriti, Kodris Africa, Incentive Plus, Scrawled Media Pvt. Ltd.
• Key Services – IoT Development, Web Design, UX/UI Design, Wearable App Development, Fintech App Development

16. Sombra

Established in 2013, Sombra is highly popular for providing quality Fintech app development services. It has been helping its clients to achieve their business goals by offering custom app development services.

The company has a team of highly skilled professionals who utilize their knowledge and years of experience to develop business-driven solutions. On top of that, they leverage technologies like Artificial Intelligence, Machine Learning, and Data Science to develop innovative solutions.

• Headcount – 250 to 999
• Location – L’viv, Ukraine
• Founded – 2013
• Price Range – $25 to $49
• Top Clients – Womply, Legal Monkeys, The H Hub, ZappySales, Divido
• Key Services – IT Consulting, Custom Software Development, Fintech App Development Services, Staff Augmentation, Software Modernization

17. Brainhub

Brainhub has made its way on our list of top Fintech app development companies by focusing on understanding the needs of their clients and leveraging the latest technologies to develop future-ready solutions.

The team of designers, developers, QA analysts, and Fintech industry experts work together to develop a business-driven solution. The company has 7+ years of experience in solving Fintech problems by building impactful software.

• Headcount – 50 to 249
• Location – Gliwice, Poland
• Founded – 2015
• Price Range – $50 to $99
• Top Clients – Medicover GO, Jackbox Games, TC Global, National Geographic, Paradox Interactive
• Key Services – Fintech App Development, AI App Development, Web Development, Cloud Consulting and SI, Enterprise App Modernization

18. Appinventiv

Another top Fintech app development service provider on our list is Appinventiv. The company has been offering the its clients the most scalable, resilient, and high-performinghigh-performing custom Fintech solutions.

The company takes pride in having 350+ dedicated Fintech professionals who have delivered 500+ custom Fintech solutions with a 95% rate of client satisfaction. The tech experts and professionals of the finance sector work closely to develop custom solutions that offer a competitive edge to the business.

• Headcount – 250 to 999
• Location – New York, United States
• Founded – 2014
• Price Range – $25 to $49
• Top Clients – Asian Bank, NCR Retails, Tech M, Pizza Hut, IKEA
• Key Services – Mobile App Development, Fintech App Development, Custom Software Development, App Testing, UX/UI Design

Who Should Hire Fintech App Development Services?

The growing use of digital wallets and P2P payment apps make fintech a disruptive force in the market. These fintech solutions allow a quick and easy way for consumers to access their money and send/receive payments from a global audience. On the other hand, these solutions have also offered substantial convenience to businesses, making transactions much more accessible. Hire Ewallet app developers with Octal to convert your ideas into reality.

Thus, there is increased pressure on banking and financial institutions to adopt fintech solutions and integrate technology into their traditional banking practices. This is important to keep the customers satisfied and retain them for a long time.

That said, organizations that manage money must hire top fintech app development companies in India. This includes:

• Banks
• Insurance agencies
• Financial institutions
• Credit card companies
• Stoke brokerage firms & more

Apart from these, any other business organization that wants to streamline business operations, enhance productivity, and offer an improved user experience can hire a financial software developer.

What Kind of Apps Do Fintech App Developers Develop?

The top fintech app development companies can develop different types of financial technology software, including:

• Payment: As the name suggests, these apps allow users to make payments from anywhere and anytime without needing to visit a physical bank. They are one of the most popular fintech app types, making financial services more accessible to everyone.
• EWallet: Ewallet apps allow users to send and receive money without using cash or plastic cards. These wallet apps store all of the user’s confidential credit card details in an encoded form, permitting the user to quickly conduct transactions by putting their mobile device near an NFC reader.
• Loan Lending: Loan lending apps make the lending process much quicker and easier by automating operations and simplifying communication between lenders and borrowers.
• Banking: Various banking institutions offer their online and mobile banking apps. With these apps, users can easily manage their accounts via their smartphones.
• Insurance: Insurance apps can help insurance companies simplify their internal business operations. For instance, employees can use these apps to quickly access client information, generate documents, etc.
• Investment: There are plenty of investment app types, such as personal finance advisors, stock trading apps, or real estate crowdfunding, that enable users to manage their financial portfolios and visualize investment management analytics.

You can get in touch with the best fintech app developers to get a fintech app based on your business type.

What are the Challenges of Developing Fintech Apps?

Like any other app development process, fintech app development services come with its own challenges. The most prominent ones are as below:

(1) Cybersecurity

When it comes to the financial industry, protecting sensitive customer data is the topmost priority. Even the slightest data breach can make you lose customer faith and knock your product out of the market. So it is important to identify the best security and data protection practices that must be implemented while developing fintech apps for smooth operation.

One of the best ways to overrule this challenge is by conducting Penetration Testing. It refers to forcefully breaking into the developed solution to test its strength. Apart from that, ensure the fintech mobile app development company you hire closely follows the OWASP Security checklist.

(2) Integrating Artificial Intelligence and Big Data

Artificial intelligence and Big Data are two important technologies that lie at the core of custom fintech app development. Statistics indicate that almost 77% of the big financial institutions worldwide will leverage AI to develop smart and intuitive fintech apps.

That said, integrating the two technologies is not very easy. Both AI and Big Data are specialized fields that require qualified talent. They are far too advanced to be solved through third-party tools or APIs. However, a recent Tencent study showed that while AI roles are in huge demand worldwide, currently, there are only 300,000 professionals to fill them. So, finding qualified and experienced AI and Big Data professionals is a big challenge faced by fintech companies.

(3) Identifying the Right Tech Stack

Tech stack refers to the tools and platforms upon which the app is built. This encompasses programming language, servers, third-party tools, APIs, and the underlying operating system.

Choosing the right tech stack is crucial to ensuring the success of your fintech app. Companies often opt for the most popular tool or technology without assessing if it’s the best fit for their company. And this leads to reduced app performance, increased cost, and added security vulnerabilities.

It is a good idea to consult a system architect who can help you understand the best architecture for your app based on your scope, schedule, and requirements.

How to Hire the Right Fintech Developers or Development Company?

Often, the success of your fintech app development services depends on your choice of fintech app development company and the amount of experience the fintech app developer holds. Here, we will look at the top five factors you must consider before selecting any fintech company for your app development project.

Types of services they offer

As discussed above, there are many different types of fintech applications. And different companies may specialize in developing different solutions. So before finalizing any company, ensure they offer the service and solutions you require for your business.

Location

This is another important factor that governs your choice of the Top Fintech App Developers. Determine if you prefer in-house developers with whom you can meet in person. Alternatively, you can opt for a remote team of fintech app development services that delivers personalized fintech software while reducing additional overhead costs.

Certified developers

The fintech company you select must work with qualified developers with the necessary certifications, technical expertise, and fintech domain knowledge. They must also have considerable experience building reliable and sophisticated fintech products that ensure a good UX.

Post-launch support

Make sure your chosen fintech app developer offers post-launch support and maintenance. Fintech app solutions require timely up-gradation and maintenance to provide a great user experience. So it is advisable to go with a company that does not disappear into thin air after the app development process.

Risk mitigation plan

Risk management and mitigation become critical in fintech projects. The fintech mobile app development company you choose must have a risk mitigation strategy that allows them to identify and minimize risks as much as possible for a seamless implementation.

Should I Hire an In-house Team of Fintech Developers or Outsource to a Fintech App Development Company?

In today’s world of rapid technological innovation, it is difficult and time-consuming to build financial products from scratch. Outsourcing technological solutions is cheaper and quicker and a more reliable option for fintech startups.

Outsourcing custom fintech app development entails a range of solutions. From developing complete technology infrastructure to developing a specific part of the app, outsourcing fintech app development services has become a common practice.

Some of the most notable benefits of opting for outsourcing instead of hiring an in-house fintech team are as follows:

• Top Fintech Developers can save costs while benefiting from the experience of certified fintech developers
• They get access to the latest fintech technology
• They can focus on their core business operations

Final Words

The demand for finance and banking apps is increasing every day. More and more people are downloading mobile banking applications to check their account balance, apply for loans, send & receiving money, make bill payments, trade and invest, and much more.

To capitalize on this growing trend of fintech applications, contact a reputed fintech mobile app development company today. Octal IT Solution is a leading fintech app developer and has successfully developed e-wallet apps for its clients globally. Contact Us today for FREE Consultation to develop a fintech mobile app.

FAQs (Frequently Asked Questions)