How Much Does It Cost to Develop an App Like Revolut?

Next-generation financial services like Revolut are changing the way we look at banking. Revolut users can open an account in a few clicks, make international transfers without unnecessary fees, exchange currencies at the interbank rate, use cards for online and international purchases, and even buy cryptocurrency right in the mobile app. It is not just a mobile bank, but a full-fledged ecosystem for convenient money management. 

If you are thinking about developing an app similar to Revolut, this blog post will break down the key factors influencing development costs, discuss must-have and advanced features, and provide a realistic cost estimate for building a fintech app with similar functionality, along with cost-cutting tips.

What Is Revolut and Why It Stands Out?

In recent years, there has been a clear trend towards digitalization in various spheres of life. Thanks to various digital financial technologies, traditional banks can reduce costs and improve their services. Along with this, a totally new format of bank has appeared on the market—a neobank, completely digital bank, and it has gained unprecedented popularity. 

There is no unambiguous definition of the concept of "neobank" as such. They can be called differently, i.e., "challenger banks", "digital banks", or "digital banking", but all these terms usually mean one thing - a bank without physical branches. And as digitalization becomes an increasingly integral part of our lives, neobanks are rising to meet the demands of modern society.

Revolut is a neobank super app that combines the functions of a multi-currency wallet, a payment system, a mobile bank, and an investment platform. Unlike traditional banks, Revolut is completely digital, and all financial transactions can be carried out in their  convenient mobile app. In particular, the Revolut app allows for:

• Multi-currency accounts: users can open a multi-currency account for free and work with 35+ currencies;

• International transfers: users can transfer money to over 160 countries at the interbank rate with no hidden fees;

• Payments: users can pay online and in stores, use Google Pay, Apple Pay, or Samsung Pay for contactless payments, and keep track of their spending in real time with convenient categorization;

• Investments: users can invest in various assets like stocks, cryptocurrencies, and precious metals (option primarily available only to citizens of the EU economic zone);

• Cards: users can spend money without commissions using a branded debit card, as well as withdraw cash from any ATMs without fees up to a certain limit;

• Savings: users can save money and earn interest on the balance;

• Travel perks: users can book airline tickets and hotel rooms with cashback; have access to business lounges at airports with the Lounge Key Pass;

• Insurance: users can buy insurance policies, medical insurance for expenses abroad, insurance when renting a car, in case of flight delay, lost luggage, etc.;

• Budgeting: users can manage expenses, track, analyze, and change their spending by category and set limits;

• Family features: users can maintain joint accounts with family members and partners (option primarily available only to the EU economic zone) and control children's finances by linking a Revolut Junior app designed for children aged 6 to 17 to parents' accounts.

The founder of Revolut created the startup as a digital alternative to standard online banking. Initially, customers were offered a prepaid currency card and a mobile application that allowed travelers to exchange different currencies without additional fees. Gradually, the list of services was expanded, and since its launch, Revolut has grown into one of the world's largest fintech startups. In November 2024, Revolut announced that it had reached 50 million users (marking a 38% increase from the previous year) with the projection to exceed 67 million by the end of 2025. In 2018, the fintech received a license from the European Central Bank to continue operating in the EU. The company prioritizes international expansion. Right now Revolut supports 160+ countries.

And while it might not seem that difficult at first sight to repeat the success of this startup, creating a neobank app is connected with many challenges. In fact, according to Neobanks.app, currently there are more than 300 neobanks in the world. While such apps have transformed the banking experience for many, achieving profitability for many of them remains a significant hurdle. Among the main challenges that neobanks face are:

• High operational costs: Developing and maintaining secure, reliable banking platforms requires significant investment in technology and cybersecurity.

• Limited revenue streams: Many neobanks rely on fees from transactions, premium subscriptions, or partnerships, which often aren't sufficient to cover expenses.

• Focus on growth over diversification: In the race to acquire more users and expand geographically, some neobanks have delayed developing diverse product offerings that could boost revenue.

Despite these challenges, neobanks like Revolut, Wise, and N26 have shown paths to success, achieving consistent profitability. Revolut has been reporting profitability since 2021. Some options to achieve profitability to be named are introducing services like lending, insurance, or investment options to diversify income. It is also possible to collaborate with other financial institutions or fintech companies to enhance service offerings and reach, or invest in technologies like AI to streamline operations and reduce costs. 

While achieving profitability in the neobank sector is undoubtedly challenging, the rapid growth of the fintech market makes developing an app like Revolut a compelling opportunity.  According to a report by Grand View Research, the global neobanking market size is expected to reach USD 2,048.53 billion by 2030, driven by increasing demand for convenient, low-cost financial services. For entrepreneurs and businesses, launching a fintech app offers a chance to capture this growing user base, provided they navigate the complexities of development and compliance carefully. However, this path is not easy—it requires significant investment and strategic planning to turn this vision into reality. 

Factors Affecting Development Costs

Mobile app development costs depend on many factors that we have already discussed in previous articles. These factors are equally applicable to creating fintech apps like Revolut, with additional unique cost drivers, particularly security and compliance. Below, we break down the key factors influencing the cost of building a neobank app and provide practical insights to manage your budget effectively. 

Platform Choice

Deciding whether to develop for iOS, Android, or both affects costs. Native development (Swift for iOS, Kotlin for Android) ensures optimal performance but requires separate codebases, doubling the effort. Choosing to develop for one of these platforms will limit the app's potential users (e.g., Android has approximately 70% global market share). Cross-platform frameworks like Flutter or React Native reduce costs by using a single codebase, though for complex functions (e.g., real-time trading), such apps may face minor performance trade-offs. Adding a web app for desktop access, as Revolut offers, increases costs by 10–20%.

App Complexity and Features

An app's functionality directly influences the development cost. The more functions the app has, the more advanced they are, and the longer and more expensive the development process will be. A basic fintech app with core features like account management and payments is less expensive than a feature-rich platform like Revolut. 

While the Revolut has numerous features that we mentioned above, it started with multi-currency accounts and simple payments. So, it is possible to start with the following must-have features:

• Multi-currency accounts and real-time currency conversion

• Peer-to-peer payments and international transfers

• Budgeting and analytics tools

• Virtual and physical debit cards

• KYC (Know Your Customer) verification for user onboarding.

Implementing this basic functionality requires user profile management (registration, account details, payment wallets), transaction notifications, and data analytics (charts, infographics) to visualize spending, withdrawals, or savings. Security features are non-negotiable, including biometric authentication (fingerprint/face ID), two-factor authentication (2FA), data encryption, and fraud detection mechanisms. These foundational elements ensure functionality and trust.

Additional features like cryptocurrency trading and investment options, insurance and travel perks, virtual assistant features like AI chatbots to help customers solve common queries, personalized recommendations using ML-driven algorithms, integration with third-party services, or incorporation of blockchain technology to improve the security, transparency, and efficiency of financial transactions can be added later. This advanced functionality will significantly increase costs due to complex backend infrastructure. For instance, AI or blockchain integration may add $50,000–$100,000 each.

UI/UX Design

Despite the complexity of the neobank apps, considering they are used by a wide range of users with varying levels of technological proficiency, the app's interface must be very intuitive and easy to navigate. Creating such an interface can often be a real challenge. The approximate figures for UI/UX design for a neobank app like Revolut are the following:

• Basic UI/UX: $5,000–$15,000 for wireframing, prototyping, and simple designs.

• Advanced UI/UX: $15,000–$25,000+ for custom animations, extensive user testing, or premium aesthetics.

Development Team Expertise and Location

The expertise and location of the development team significantly impact costs. As neobank apps handle sensitive financial transactions and data as well as require advanced features and robust security measures, it is essential to attract professional software development companies that can ensure quality. But such a working force comes at a premium. 

The location of your development team will also significantly affect the costs. Regions with a high cost of living and corporate taxes, such as North America, Canada, or Australia, have higher developer rates, while popular outsourcing destinations like India offer more affordable rates. Eastern Europe and Latin America provide a perfect ratio between quality and cost.

Here is a detailed breakdown of costs in the major development hubs: 

• The USA and Western Europe are among the most expensive regions. Developers in these regions earn $70-150 per hour. 

• Eastern Europe (Ukraine, Poland) offers good value for money. An hour of work costs $30-80. 

• India and Southeast Asia are the most budget-friendly options. The developer rate is $15-40 per hour, but it is important to consider the time difference, possible language barrier, and vet this option for fintech expertise.

• Latin America (Argentina, Brazil) is the golden mean. Hourly rates here are $25-60. Proximity to the US, vast talent pool, skilled professionals, and problems in other markets make it one of the most preferred outsourcing destinations nowadays.

Third-Party Integrations and APIs

Revolut relies on third-party services for payment processing (e.g., Stripe, Visa), data aggregation, and identity verification. API integrations add functionality but increase costs due to licensing fees and development time. Licensing fees can range from $1,000 to $10,000/year per API. Integration will amount to $5,000–$20,000 per API. There are also transaction-based fees (e.g., 2–3% for payment processors). Open banking APIs, like those used by Revolut, enable connections to traditional banks and seamless connections with financial institutions but require additional effort to implement, adding $10,000–$30,000.

Security and Compliance

Fintech apps handle sensitive financial data, making robust security and regulatory compliance essential. Revolut employs a dedicated compliance team to manage its EU banking license and global operations, ensuring adherence to necessary regulations and local laws. 

Key measures that can protect against breaches, fraud, and regulatory penalties, ensure user trust and legal operations, but are resource-intensive, include:

• Data encryption and secure APIs. AWS tools like Key Management Service (KMS) and API Gateway enable AES-256 encryption for data at rest (e.g., user records) and in transit (e.g., API calls), ensuring secure transactions and compliance with regulations like GDPR. Implementation costs $5,000–$20,000, depending on infrastructure complexity.

• AI-driven fraud detection systems. Using Sift or Feedzai for AI-driven monitoring can automate real-time transaction monitoring and reduce manual reviews and easing the burden on compliance teams. Integration costs $5,000–$20,000, with annual subscriptions ranging from $10,000–$100,000, depending on transaction volume (e.g., $10,000–$30,000 for a basic app, $50,000–$100,000 for a sophisticated neobank like Revolut.

• Compliance with regulations like GDPR (EU), PSD2 (EU), FINRA (US), or FCA (UK), etc., or local laws (e.g., CCPA in the US, PDPA in Singapore). GDPR compliance alone may cost between $20,000 and $50,000, with additional regulations increasing expenses.

• KYC (Know Your Customer) and AML (Anti-Money Laundering) integration can cost $10,000–$50,000, depending on target markets. Third-party solutions like SumSub, Entrust, or ComplyAdvantage can help verify user identities and monitor transactions, reducing the burden on your team.

Total security and compliance costs range from $50,000–$200,000, depending on markets and features. Ongoing audits and updates add $5,000–$20,000 annually.

Cost Breakdown by Development Stage

Developing a fintech app like Revolut involves multiple stages, each contributing to the overall cost. Below is an estimated breakdown:

1. Planning and Research (5–10% of total cost)

This phase includes market research, competitor analysis, feature definition, and project planning. Costs range from $5,000 to $15,000, depending on the depth of analysis and team expertise. During the planning phase, you must also identify your target markets (e.g., US, EU, Asia) and applicable regulations (e.g., GDPR, FINRA, PDPA). Additionally, engage legal counsel or a compliance officer before development begins. A regulatory assessment by a legal consultant costs $5,000–$20,000 but prevents costly mistakes.

2. UI/UX Design (10–15% of total cost)

Creating wireframes, prototypes, and final designs typically costs $5,000 to $25,000. Super advanced complex designs requiring user testing or custom animations may raise costs.

3. Development (60–70% of total cost)

This stage covers frontend and backend development, including coding features, integrating APIs, and building the core banking platform. Costs vary widely:

• Developing a basic MVP: $20,000–$50,000

• Developing a feature-rich app: $50,000–$150,000+ for cross-platform development with frameworks like Flutter or React Native.

4. Testing and Quality Assurance (10–15% of total cost)

Rigorous testing ensures the app is bug-free and secure. Functional, performance, and security testing cost $5,000 to $20,000, depending on app complexity.

5. Maintenance, Updates, Security audits, and Marketing ( 15-20% of the initial development cost annually)

Developing any type of an app, and especially a neobanking app, is just the beginning of the journey. It's equally vital to consider the costs required for maintenance and updates, and not overlook marketing expenses. These costs are higher for neobanks due to regulatory scrutiny and the need for continuous security enhancements. The estimated cost of maintaining a neobank app is 20-25% of your initial investment e.g., $20,000–$25,000 for a $100,000 app), covering server hosting (e.g., AWS), bug fixes, and feature updates. Annual audits and regulatory updates add $5,000–$20,000. Initial marketing campaigns (e.g., app store ads, social media) cost $10,000–$50,000, with ongoing efforts to acquire users. You will also need to invest about $5,000–$20,000/year in customer support tools and staff.

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Estimated Cost Range

Based on the factors above, the cost to develop an app like Revolut varies by complexity:

• Basic MVP: $35,000–$100,000 (core features, single platform, minimal integrations)

• Mid-tier app: $100,000–$300,000 (multi-platform, advanced features, robust security)

• Sophisticated app: $300,000–$500,000+ (all Revolut-like features, cross-platform, premium design, and compliance)

Using cost-effective approaches, such as cross-platform frameworks or outsourcing to regions with lower rates, can reduce expenses. For example, Flutter-based development might cut costs by up to 40%, bringing a mid-tier app closer to $120,000.

Tips to Reduce Cost Without Compromising Quality

• Start with an MVP. Focus on essential features like sign-up, wallets, and transfers.

• Outsource to lower-cost regions such as Eastern Europe or Latin America.

• Use white-label fintech platforms, which provide pre-built banking infrastructure you can customize.

• Leverage open banking APIs to tap into existing financial data without building everything from scratch.

• Outsource to experienced fintech development teams, especially those with proven fintech experience and regulatory know-how.

Conclusion

Building an app like Revolut is a complex, resource-intensive project that requires significant investments, but with the right team, strategy, and budget management, it's more achievable than ever. Revolut also serves as a great example of how you can grow and scale your business from a simple MVP. While challenges like regulatory compliance and high operational costs persist, a well-executed fintech app can capture the growing neobank market. By understanding the key cost drivers, which are complexity, platform, design, team, security, and integrations, businesses can plan effectively and optimize their budget.