How to Create an App Like Revolut & What It Will Cost You?

What’s the cost to develop an app like Revolut?

In the fintech industry, it’s vital to implement advanced technologies and tools that can simplify payments and enhance instant transaction processes.

The financial technology sector is experiencing growth and with fintech apps, you can revolutionize how people can manage their money.

Additionally, at the global scale, the adoption of Fintech solutions has enhanced which were driven by technological advancements along with a shift in consumer behavior.

When it comes to fintech apps, these software have brought a revolution in the industry by simplifying finance in a few clicks.

Revolut is one of a kind, where users can save, invest, and trade as per their preferences. When it comes to developing an app like Revolut, you might be thinking of the cost to be invested.

Well, here we will cover it all beginning with concepts, costs, factors, time taken, and monetization strategies.

Let’s proceed with the same, together.

Revolut – Mobile Finance

Are you new to the app or industry?

Relax, here is a description of Revolut to consider.

Revolut app is of Revolut Group Holdings Ltd, which is performing business as a British multinational neobank offering banking services for businesses and individuals.

It is a simple app that makes financial management easy and safe. Here users can proceed with payments, spend, and invest over FDs or mutual funds.

Along with this, they can trade with an app that helps them keep a financial balance.

The platform is among several new digital-only financial institutions that offer multiple services online and even through an app. Its revenue almost tripled to £ 1.8 billion in 2023.

This represents the growth of the platform in the past years and an opportunity for you to grasp the market.

Revolut’s customer base has grown by 45% in 2023, and as of July 2024, the platform has gained 7 million new customers, which is a 18.4% increase from the year end 2023.

The company had over 45 million customers worldwide as of July 2024.

Additionally, around 1 in 6 UK adults have an account with Revolut. There were over 9+ million Revolut customers who belong to the UK.

More than half (60%) of Revolut’s customers are men and the average age of those using the platform is 34 years.

The platform has been valued at $ 45 billion (£ 35.5 billion) in a secondary share trading which has helped employees and early investors to sell their stakes.

Now, if you are still confused about the reasons to proceed with the app development, then the following section can be helpful.

Why Invest in Making an App Like Revolut?

Before you go ahead with the app development part, there are many ifs and buts.

Well, here are certain reasons to consider if you are puzzled about “why develop a fintech app?”

► Growing Fintech Market

The fintech market has a vast area to explore and discover new strategies that can give convenience to users.

Based on stats from January 2024, America has the largest number (12,063) of fintechs globally. With this growing number of fintechs, your opportunity to enter the industry with a new concept can help you excel in the market.

► User’s Interest

Users have become more sensitive about financial issues and matters. As of 2024, there are about 3.5 billion people using fintech apps.

With this growing number of users, the opportunity to enter the market multiplies.

Thus, with an innovative concept, you can win the user’s trust to lead the industry.

► Brand Recognition

If you are puzzled about websites and apps, then you might be amazed to know that in 2023, gross consumer mobile app spending amounted to 171 billion U.S. dollars, up from 170 billion U.S. dollars in 2022.

Thus, investing in creating an app like Revolut will help your brand gain recognition among the users.

► Get More Transactions

When you develop an app like Revolut and it’s on the user’s smartphone, they tend to do more transactions via the platform.

On the other hand, you can earn a good amount with the transaction fees, and may increase the scope of enhancing profits.

► Source of Earning Revenue

Developing an app like Revolut will provide you with a great scope to earn plenty of revenue to sustain the competitive industry.

Here you can make use of many monetization frameworks such as data monetization, in-app purchases, in-app advertisements, and many more.

Well, now that you are clear with reasons to create an app like Revolut, let’s proceed with the cost in the following section.

What’s the Cost to Develop an App Like Revolut?

Without evaluating the effective resources to build an app, you cannot go ahead with its complete procedure, right?

Hence, let’s have an estimation.

The average cost to build an app like Revolut can vary from $20,000 to $200,000.

The cost of creating a Fintech app will depend on different factors including the complexity of the app, design, size, maintenance, and security cost, team of developers.

Now, let’s check the factors impacting the cost of building an app like Revolut in the given section.

Factors Affecting the Cost to Create an App Like Revolut

Factors will give you with a strategy to build your dream project by determining the cost to be invested in every step of the development procedure.

Hence, to reach the actual figure to develop an app like Revolut, it’s vital to research the factors. Here’s a list to consider.

1. App Size and Complexity

The size of the app and the features to include in it can affect the cost. Well, a complicated app with features such as AI implementation for evaluating user data, use of blockchain, chatbot, or API integration will increase the expenses.

Additionally, the large size of the app will demand high storage capacity and functions which can increase the cost to develop an app like Revolut.

When you consider the development part, it’s vital to continue analyzing the app size, and then decide over the cost.

Here the cost estimate depends on the complexity level. A high complexity level including complicated features can cost $15000 to $25000. However, a low-complex app can take $5000 to $15000.

2. Team of Developers

The type of developers will impact your overall cost to build a clone like Revolut. Here, you need to evaluate two important determinants including the location and expertise of the developers.

Hire mobile app developers who can help you to convert your dream fintech app into reality by providing you with all the assistance from market research to launch and further app maintenance.

The cost to hire developers can vary from $15000 to $400,000, depending on their expertise and location. If you hire a competent team from the United States, it can cost you $30,000 to $200,000.

An expert team can cost up to $400,000 depending on the location and living standard.

However, when you hire an expert team from Asian regions, it can cost from $20,000 to $200,000. Hence, the location and expertise of the developers play an important role.

3. Mobile App Design

The type of UI/UX app design for your project has a large impact on the cost to build an app like Revolut.

When it comes to fintech app design, it’s vital to implement a simple and attractive interface for engaging the users with the first look.

The design is to be as simple so that the users don’t require a guide over using the app.

You should begin by examining the current market trend in UI/UX along with evaluating the app design principles. Under this factor, developing the wireframe and prototype will also impact the mobile app design cost.

Here the cost can vary over design levels from basic to advanced. Here the basic can cost you from $5,000 to $10,000. While an advanced level, including features such as AI and history check, can cost you from $20,000 to $30,000.

4. App Tech Stack

The type of technology used has a large impact on the cost of making an app like Revolut. The tech stack and frameworks utilized for an app can impact the ease and cost of developing an app like Revolut.

The selection of tech stack comprises frameworks, databases, front-end, APIs, programming languages, and back-end.

Thus, the type of frameworks, databases, or APIs can impact the cost.

Here the tech stack selection will depend on the type of programming language, the aim of the app, the features selected, and much more.

The tech stack implementation can cost you from $8000 to $50,000. Here the basic tech stack can cost $8000 to $20,000, while advanced can cost $35,000 to $50,000.

5. Choice of Platforms

The selection of platforms will affect the cost to develop an app like Revolut. Here the platforms can be Android, iOS, and Hybrid.

You can decide the type and number of platforms based on the objective and target audience of the app. This will provide you guidance in investing in the license fee of the platforms.

Android app development costs can vary from $10,000 to $30,000. However, the iOS app development cost can range from $20,000 to $40,000, and for Hybrid it can go up to $50,000 or more depending on the size and complexity of an app.

Connecting with an effective mobile app development company will help you select the suitable platform based on your budget and app’s requirements

6. Security Cost

Now, another factor to consider here is security cost. It is all about the type of security tools to be implemented to protect the app and its performance.

Thus, the cost to carry out a security tool will depend on the type of technique used. Implementation of robust security measures will increase the complete costs.

When you decide to build an app like Revolut, it’s important to look for robust security measures to protect the app against all the errors and issues that might pose a threat to your business.

Here the mobile app security expenses are 15% to 20% of the cost to make an app like Revolut. So, the cost will range from $3000 to $40,000.

To implement end-to-end authentication in the app, you will need to have $5000 to $20,000. However, for adopting an advanced security, it can cost $10,000 to $40,000 depending on the type of security tool.

7. Third-Party Integration

Integrating third-party services such as payment gateways or social media platforms can bring complexity to the app. However, it will enhance the user experience with the brand.

Third-party integrations including media sharing platforms and multiple payment methods will provide convenience to the users to avail payments via different streams.

Well, here you need to invest a huge amount depending on the type of integration.

Thus, under this factor, you should select the type of integrations that can provide value to your users and enhance the functionality of your app.

The cost for third-party app integration can range from $5000 to $30,000 depending on the type of platform.

Additionally, it’s important to evaluate the impact of integration over the app, prior you decide to adopt it.

8. Maintenance Cost

Mobile app maintenance services are a continuous provider to undertake when your software is launched in the competitive market.

With the help of app maintenance, you will be able to catch bugs even before they crash. Along with this, the process helps you to evaluate the upcoming events that might be converted into long-lasting opportunities.

These are some of the app maintenance important to consider.

Hence, an ongoing process of app maintenance adds to the total development cost, and it accounts for 10-20% of the total expenses annually.

The mobile app maintenance cost can vary from $3000 to $40,000 depending on the frequency and types of updates required by your app.

After evaluating the cost and different types of factors impacting the same, it’s time to identify the time taken to develop an app like Revolut.

Check out the following section for the same.

How Much Time Does it Take to Develop an App Like Revolut?

How much time does it take to develop an app?

To create an app like Revolut, time matters. However, there are many factors on which this factor depends such as the complexity of the app, type of developers, and number of features to include.

Here’s a table defining the complete period to build an app like Revolut.

 Till now, we have discussed the concept of Revolut app, reasons to develop it, costs, factors impacting the cost, and time to develop an app.

Now, it’s time to identify the frameworks to cover the complete cost of creating an app like Revolut. The following section may be helpful here.

Monetization Strategies to Cover the Cost of Developing an App Like Revolut

What are the key app monetization strategies to include while developing an app like Revolut?

The Fintech app monetization framework is useful in earning revenue and sustaining a competitive advantage.

♦ Advertising

In-app advertising is all about the practices that are employed to bring the attention of the users to the products and services.

You can consider this strategy by collaborating with the brands and assisting them in promoting their services. This can provide you with a continuous source of income.

♦ In-App Purchases

Within this kind of strategy, you can include the type of features that will help the users select the type of functions that they need.

Here, for any additional feature, you can charge an extra amount that can become a source of income for your business.

♦ Transaction Fees

An app like Revolut earns money via an interchange process where the platform takes a 0.2 percent of each transaction fee.

For the first few years, it doesn’t translate too much, but as the platform has added more users, the fees have begun to add up.

♦ Monetization of Data

Data monetization is one of the important sources of revenue, however, here you need to take consent of the users before using their data for money-making purposes.

As a fintech app, you will collect a large amount of data that can be useful for preparing reports and later selling them to earn money via users’ consent.

♦ Trading Income

An app like Revolut makes money via trading. Here, the users pay a reasonable commission for trading through the platform.

This commission can add up to a constant revenue for your business.

♦ Offering Free and Paid Versions

You can keep both a free version where the users can access all the basic features, along with the paid version where they need to pay a nominal subscription fee every year or monthly to access the advanced features.

This can bring a regular income to your app.

Now, as we have already discussed the cost and monetization practices, if you are still confused or concerned about the platform, then connecting to an experienced company might be helpful.

How Nimble AppGenie Help With App Development?

Searching for a firm to develop your dream app like Revolut?

Connect with Nimble AppGenie and discuss with us all the essentials of your project. We will not only help you with the budget but can make a complete plan to bring your innovation to reality.

We are the leading Fintech App Development Company, delivering quality and integrity along with covering your back by implementing updated technologies to make you win the market.

Our developers do in-depth research before taking your idea to market and help you evaluate the current value of your idea for the customers.

Thus, we are a client-friendly company when it comes to making your dream app a success.

Conclusion

To determine the cost of building an app like Revolut, it’s important to know the different types of factors impacting the same.

Here are the different factors impacting the cost which can be the complexity of the app, size, app design, technology selection, choice of platforms, maintenance, security costs, and the team of developers.

Apart from the cost, another resource that might impact the app is time. The approximate time taken to build an app can vary from 7 months to 13 months depending on complexity, and developers.

Connecting with an experienced company can assist you in bringing your dream project to life.

FAQs

Niketan Sharma

Niketan Sharma is the CTO of Nimble AppGenie, a prominent website and mobile app development company in the USA that is delivering excellence with a commitment to boosting business growth & maximizing customer satisfaction. He is a highly motivated individual who helps SMEs and startups grow in this dynamic market with the latest technology and innovation.