Are you thinking about the next major thing in banking technology? It’s not a problem. With the growth of mobile wallets, digital wallets and apps for money transfer, the fintech industry is set to boom by 2025. One app that has revolutionised the game is Revolut. It went from being an unassuming start-up to a world-class banking institution. If you’re thinking of making something similar to this or more so, this guide is the first step.
Whether you’re a start-up founder, tech entrepreneur or experienced developer, this article was specifically designed for you. We’ll guide you through every aspect of the process, from idea to fully functional mobile fintech app development, using simple language and straightforward steps. Let’s begin.
What is Revolut?
Revolut is a British-based FinTech firm that offers various banking services in a comprehensive mobile application. Since its inception in 2015, it has offered a variety of services, including international money transfer devices for managing budgets, peer-to-peer payment and currency exchange.
Revolut lets its customers conserve and exchange multiple currencies at affordable rates, monitor spending using precise analytics and gain access to various financial products like insurance and cryptocurrency trading. Their innovative approach to traditional banking has not just increased efficiency but also led to cost reductions and an easy-to-use digital platform.
How Does Revolut App Work?
From allowing users to set up their accounts to facilitate international payments, here are the main features of an app like Revolut:
Account Setup
To protect users, app like Revolut guides them through the entire process of setting up a new account. This usually involves providing personal details such as name and address and verifying. The user may be required to provide photographs of their ID and an image for verification purposes. After verification, the account is then granted access to the application’s features.
Multi-Currency Accounts
After account opening, Users can create a multi-currency account; this feature lets them store, exchange and transfer funds between multiple currencies inside an account. It makes international transactions simpler and eliminates the need to have separate accounts for different currencies.
Currency Exchange
Revolut allows users to exchange currencies using interbank or real-time exchange rates. This feature is beneficial to those who travel or are involved in international transactions, as it offers a competitive exchange rate within the app, usually with no additional charges.
Debit Card
Through the Revolut account, users can access physical and virtual debit cards. These cards allow transactions with foreign and local currencies. The virtual card can be used for online and physical purchases. The physical card permits users to purchase in brick-and-mortar stores or withdraw cash at ATMs around the world.
International Transfers
Revolut’s platform allows international money transfers at a lower cost than traditional banks. Customers can transfer money in various currencies directly to their recipient banks, usually with faster processing time.
Budgeting and Analytics
The app comes with tools for managing finances, including spending analysis, transaction categorisation and budgeting tools. Users can define spending limits, monitor expenses and gain insights into their spending habits to better manage their finances.
Cryptocurrency Support
Revolut provides cryptocurrency services that allow users to purchase, sell and store different cryptocurrency within the application. This integration allows users to manage both digital and traditional assets through a single interface.
Security Features
To protect its users’ accounts and transactions, app like Revolut implements robust security measures. These include alerts for transactions for any activity that occurs on the account, two-factor authentication to block unauthorised access and the ability to immediately freeze and free up debit cards using the app in the event the card is stolen or lost.
The Importance of FinTech App Like Revolut
Mobile banking apps such as Revolut are increasingly crucial for companies and businesses. With growing numbers of users using their phones to control their financial affairs, businesses that offer mobile banking applications can compete with those that do not.
We will examine the importance of investing in Fintech apps to illustrate each point.
Increased Accessibility
Revolut Mobile banking applications allow companies to view their bank data and make transactions at any moment and from any location. They offer real-time updates on account balances and transaction history, permitting companies to pay for or make transfers in minutes. For instance, Chase’s mobile banking application allows businesses to manage their finances while on the move.
Enhanced Security
Mobile apps employ advanced security features to guard confidential financial data. Many apps offer features such as biometric authentication, such as fingerprint or facial recognition, to ensure that only authorised people can access the application. For example, Barclays’ mobile banking app provides biometric security for its customers.
Cost Saving
Mobile banking apps remove the need for companies to visit a physical branch at a bank, saving time and money. Businesses can manage payments, pay bills and even send invoices through their mobile banking applications, reducing administrative expenses. One illustration is QuickBooks, a mobile application that lets businesses monitor their finances and expenses while on the move.
Streamlined Financial Management
Mobile banking apps provide various functions and tools to assist businesses in effectively managing their finances. They provide insight into cash flows, permit companies to categorise their transactions for precise record-keeping and produce detailed financial reports. One illustration is the mobile application of Xero, specially designed for small businesses to simplify the management of their finances.
Improved Customer Service
Mobile banking applications allow businesses to offer superior customer service through self-service options. Businesses can respond to customers’ questions, offer support in real-time and track and fix any issues effectively using the application. For example, Bank of America’s mobile banking app comes with chatbots to assist customers with questions.
Must-Have Features For An App Like Revolut
To ensure that users have a great experience, creating an app like Revolut requires careful examination of various aspects. The most important features to consider for the development of a Fintech app like Revolut are listed below:
Multi-Currency Management
Achieving a balance of different currencies from one account makes it easier to manage global transactions. Users can convert currencies easily and also make purchases across the globe. This is especially useful for frequent travelers or those working internationally and removing the burden of having multiple accounts.
Competitive Currency Exchange
Offering real-time rates or interbank rates guarantees that customers get the best rates when converting currencies. This feature cuts costs and provides transparency and fairness of exchange rates that are superior to traditional banks’ services.
Comprehensive Debit Card Integration
The availability of both physically and digitally based debit cards tied to a multi-currency bank account allows users to conduct transactions seamlessly across various currencies. The additional security offered by virtual cards used to make online purchases increases trust among customers and helps protect against possible fraud.
Affordable International Transfers
Making low-cost transfers using the actual exchange rate for cross-border transactions can bring substantial savings over standard bank fees. This feature makes it easy to make worldwide money transfers, which benefit both cross-border and local users.
Financial Management Tools
The app’s powerful financial tools offer users real-time insight into spending patterns and individualised budgeting choices. The ability to categorise expenses and set limits for different spending categories allows users to manage their finances effectively and meet their financial goals.
Cryptocurrency Support and Wallet
The secure platform that allows users to buy, sell and store cryptocurrencies along with traditional currencies lets users diversify their portfolios in one application. The inclusion of a virtual wallet guarantees the security of their digital assets.
Savings Goal Tools
The option to create specific savings vaults or Pots assists in reaching specific financial objectives. Users can monitor progress and effectively allocate resources by separating funds to serve distinct goals and enhancing their savings and budgeting techniques.
Premium Members with Enhanced Benefits
The premium subscription, which comes with exclusive benefits, including expanded limit on trading as well as travel insurance, encourages customers to upgrade to enjoy the best financial experience. This tiered plan is designed to meet the needs and tastes of different users.
Robust Security Measures
Incorporating advanced security measures like transaction alerts, two-factor authentication and instant debit card controls boosts the user’s confidence. These security measures protect against possible threats and provide users with security and peace of mind when conducting financial transactions.
Advantages of FinTech App Like Revolut
Fintech apps will benefit your business as well as its customers in a variety of ways. Utilising the latest and most innovative technologies could boost your business’s revenue and offer customers more efficient control of their finances and online payment options. Here’s a list of the most notable benefits about why a business needs a Fintech app.
Facilitating Easier Financial Management for Your Clients
A FinTech application can make it easier for clients to manage their financial affairs. They typically have options that let users keep track of their budget and spending goals, manage savings and pay bills regularly. Ultimately, your customers can track their finances using personal finance management apps.
Reducing Banking and Investment Fees for Customers
A FinTech application can also reduce the fees for investments and banking that customers must pay through traditional banks. This is because FinTech apps typically have lower costs than traditional banks. FinTech apps typically offer minimal or no-cost transactions such as transfers between accounts, depositing money into your account from a bank and credit history, making online payments, etc.
Enhancing Competitive Advantage for FinTech Companies
Another advantage of FinTech solutions is that they can help companies stay ahead of their competition. An efficient and user-friendly FinTech application can give you an edge over businesses that offer no digital services to their customers. If you’re trying to keep ahead of the curve in finance and banking, the FinTech application is the best way to go.
If you can provide your customers with a mobile-friendly banking app that allows for instant cash transfers, diverse digital banking options such as cash advances and the management of debit cards, then you’re better prepared to take on this FinTech market.
Improving User Experience Compared
FinTech applications are usually made to be more user-friendly than traditional bank websites. In many instances, this is due to the ease of the layout or design; for example, instead of having multiple pages on which you offer options such as “deposit funds,” “transfer funds,” etc. Customers may just have to go through a couple of screens to accomplish the task they want to complete.
Increasing Customer Retention and Loyalty
A financial app can improve satisfaction and retention. These apps typically offer superior, speedier and more affordable financial services, ensuring that customers are happy. As we all know, satisfied customers are more likely to remain loyal to your brand and might even suggest your services to new potential customers.
Challenges in Fintech Apps Like Revolut
As with other tech processes, developing products comes with its difficulties. Here are the typical challenges that you’re likely to face during the development of your product:
Cybersecurity Risks
For banks, data security is essential and a single breach of data, e.g., a breach in the data of bank accounts, can take your product off the market. A breach can be the final straw in your business.
- The most common cybersecurity issues include:
- Writing unsecure code
- Inadequate use of encryption for data
- Scalability issues
- The app is not being tested.
With cybersecurity threats growing, Bot attack prevention has become a necessity for the security of online sites.
Integrating Big Data and AI
Big Data and Artificial Intelligence are the basis of many FinTech processes. However, they may be a problem during the development of apps. How?
Since the data used for Big Data AI comes from various sources, it can be difficult to categorise it. This can make app development difficult.
The only way to eliminate this issue is to employ big data analysts and A.I. developers. This may sound like a cliché (or even a useless) answer. However, the majority of founders don’t know how to deal with data sets or how to build neural networks. When they are in the team composition, you will reduce the likelihood of encountering this issue.
Improving User Retention
Customer retention occurs when clients continue to use the FinTech product. Most of the time, a successful marketing campaign will make people download an app. But a bad product could cause retention problems.
There is no one-size-fits-all recipe for ensuring user retention and their products cannot boast 100% retention. It’s a place to test and experiment with improvements. This applies to work on products, including design changes and modifying or adding functionality. It’s also about working with the business model or the business model in attracting new customers.
Always strive to improve your product. Respond to customer feedback as soon as possible. Utilise your CPM calculation tool to ensure you keep your ad expenditure in check and determine the perfect balance between reach and budget.
How To Build An App Like Revolut?
The creation of a Fintech application requires careful planning, a shrewd approach, the latest technology and a skilled Fintech developer to provide solutions that meet users’ changing needs. From concept to the moment of launch, the Fintech application development procedure requires meticulous planning and execution. Let’s delve deeper!
Define Goals and Features
First, to develop an app like Revolut, you must outline the goals of the app and identify the most important features based on market research and users’ needs. These could include multi-currency accounts and investment options, budgeting instruments and secure transactions.
Build a Team
Employ a highly skilled team of app like Revolut developers, designers and product managers, as well as legal and compliance experts. Work closely with them to ensure that the technology meets regulatory agencies’ requirements and users’ expectations. A careful selection of a development team assists in creating an app like Revolut.
Design
Using iterative design, create intuitive (UI) and seamless user experiences (UX). This requires conducting extensive user research to understand user preferences and behavior.
Regulations and Compliance
To create a FinTech platform such as Revolut, regulations and compliance are required. Learn about the regulatory landscape that governs the provision of financial services in targeted markets. Make sure you are in compliance with laws like KYC (Know Who Your Customers), AML (Anti-Money Laundering), GDPR (General Data Protection Regulation) and PCI DSS (Payment Card Industry Data Security Standard).
Development
Utilise mobile development frameworks and backend technology to create flexible and responsive apps. Make sure you have a reliable backend system that can manage the authentication of users and data storage, as well as various other processing back in the backend.
Secure Data and Communication
Utilise strong encryption protocols, secure authentication methods and data storage practices to protect user data and ensure safe communication between the app and external systems.
Testing and Refinement
Conduct a thorough test to discover and fix usability problems, bugs and security flaws. Conduct functional tests as well as security testing. UAT (UAT) to verify the app’s performance and reliability.
App Deployment
Preparations for app deployment include setting up servers, configuring servers, setting up hosting environments and integrating with application stores (e.g., App Store, Google Play Store). Follow the submission guidelines and seek all necessary approvals before releasing your app to the general public.
Ongoing Maintenance
Monitor app performance continuously, customer feedback, app performance and market trends after launch. Review the features of finance apps like Revolut. Address customer queries about support and issue updates to enhance app functionality, address security concerns and adapt to regulatory changes.
This method of planning, such as selecting the right FinTech developer, defining technology and setting clear goals, assists businesses in navigating the complex world of FinTech apps, providing quality products that meet users’ expectations and building an undisputed position in the highly competitive FinTech market.
Fintech Platforms Use Cases
Fintech platforms offer different products and services, each catering to specific needs. Here are some notable fintech sectors to look into for a way to enter the lucrative market of the fintech sector:
Digital Payments
The focus is on facilitating digital transactions, such as online transactions, mobile payments and peer-to-peer transactions. Digital payment platforms rely on digital technologies to provide easy and secure options to conventional forms of payment, such as checks or cash and are becoming well-known due to their effectiveness, accessibility and speed.
Neobanks
Banks that are solely digital and provide financial services unavailable in physical locations typically feature user-friendly interfaces and enhanced client experience. Neobanks are banks exclusively on the internet or via mobile apps, with no physical branches. They use technology to provide a range of financial services, providing an alternative to traditional banking.
Robo-Advisors
Automated investment platforms manage portfolios of investments, provide investment advice using algorithmic models and provide investment management services using little human intervention.
These digital platforms use algorithmic algorithms and computer software to design and manage portfolios of investments based on the user’s financial objectives, time horizon and risk tolerance. Robo-advisors generally employ a passive or index-based investment strategy, which aims to maximise returns by utilising a diverse portfolio while also reducing costs.
Blockchain and Cryptocurrency
Fintech platforms utilise blockchain technology to offer various financial services, such as Decentralised Finance (DeFi) systems, wallets, cryptocurrency exchanges and wallet exchanges. They can also leverage distributed ledger technology to facilitate safe, transparent and decentralised financial transactions.
Insurance
Innovative technology in the insurance sector provides specific coverage, accelerates procedures and improves risk evaluation.
Insurtech is the use of technologies to improve the efficiency of the insurance industry. It uses digital platforms such as artificial intelligence, data analytics and other technologies to improve processes, enhance customer experiences and design unique insurance solutions. Insurtech seeks to improve efficiency, transparency and cost-effectiveness in various areas of the insurance value chain.
Lending Platforms
Websites that offer loans, like alternatives to financing Small company loans or peer-to-peer lending. These lending platforms, also known as peer-to-peer loan platforms, connect borrowers with lenders, facilitating borrowing and lending without having to involve financial institutions, such as banks.
Lending platforms facilitate the lending process and make it more efficient and transparent. They are also easier to access for a greater number of people and businesses.
Personal Finance Management
Tools and apps help users track spending and budget and balance their financial situation. Personal finance management applications generally have features that allow users to connect their banks, credit cards and other financial accounts to offer complete information about their financial status.
Cost To Create An App Like Revolut
Creating an app similar to Revolut involves several steps that influence the price of creating an app that is a fintech like Revolut. Let’s break it down into three categories of apps:
MVP (Minimum Viable Product) Basic App
An app at this level, such as Revolut, primarily focuses on basic features like cash transfers, simple financial tools for multi-currency account authentication and registration and debit card management. It’s practical and not too complicated and doesn’t require much investment in custom UI/UX design or basic customer support. The cost could be anywhere between £45,000 and £150,000.
Moderate App
This type of app is mostly a continuation of its MVP. It is suitable for businesses that are already established with a clear understanding of their intended market and advanced options, such as diverse options for money transfer, as well as a comprehensive tool for budgeting and better account management, concise transaction reports as well and analysis tools and a slick user interface, custom animations chat-in-app features and options for verification, such as biometric authentication. A moderate level of development for apps ranges between £150,000 and £350,000.
Advanced Fintech App
This is the highest stage that can help you construct a FinTech platform such as Revolut. It offers a broad array of features, aims to reach large numbers of users and needs significant financial backing and a team of developers with deep FinTech knowledge.
Built on the moderate application, it offers a variety of solutions in the banking and finance industries, including real-time notifications, international payments, cryptocurrency and stock trading, loans, physical and virtual card management, AI-driven financial advice, multi-factor and biometric authentication and global regulatory compliance for financial services. It offers modern, advanced, seamless customer service and automated assistance desk solutions that can range from £350,000 to £800,000.
Factors Affecting Cost to Build a Fintech App Like Revolut
The cost of creating an app for fintech like Revolut is heavily contingent on various variables. Although pricing is a key element, it’s essential to remember that creating efficient banking and finance applications is more than investing. Let’s look at them from a different angle to understand the impact they have on development
Complexity of Application
The primary factor determining the cost of creating an app such as Revolut is the complexity of the app. Simple MVP apps are far less than a feature-packed solution to develop. The complexity of platforms can increase the cost of development by including fancy components like several currencies, options for multi-tier investment and budgeting tools or AI-powered chatbots that improve your financial situation.
Location of Development Team
The cost of developing an application like Revolut can be affected by various factors, but a major element is the geographical location of your team and its overall strength. Before you engage any professional, experienced Fintech app developers to provide you with Fintech app development, Consider other hiring models like hourly, weekly or monthly to get a more precise price estimation.
This will add significant credibility to the development process due to the possibility of skilled professionals joining in, speeding processes for development and increasing effectiveness. Be aware of the changes in price by country. Therefore, take note of them beforehand.
Integrations of Third-party Solutions
Even the most experienced Fintech developer will tell you that FinTech applications often have to integrate with APIs to facilitate payment processing, information storage or profile confirmation. Each integration component grows when used, so the integration must be evaluated to verify its performance and security. The result is higher expenses than one solution for both platforms.
UI/UX Design
Creating an application specifically for the banking and finance sector should be attractive and appealing to the people you want to reach. The degree of precision and semi-automated process has to be designed by incorporating sharp user interfaces and navigation.
Consider hiring a competent group of developers with a deep understanding of the proper technology stack and a solid foundation in UX/UI, testing and developing prototypes and collecting customer feedback to keep the design updated. Consider factors like usability and engagement before deciding on the best design positions.
Compliance and Security Standards
In the financial technology world, app development services comply with all legal requirements and strict security measures. Complying with all data protection laws in the region, financial regulations and other international industry standards leads to a variety of other cost changes, but it is necessary to guarantee security for the stakeholders and avoid legal actions.
Type of Platform
Several factors affect the development costs of iOS android and cross-platform apps when creating a fintech application such as Revolut. However, selecting the correct platform and the appropriate tech stack is essential to deciding the timeframe. Creating a native application for a platform on which users will likely join is a distinct design; however, cross-platform applications are less costly, even though they have fewer features and experiences.
Tech Stack
To develop a FinTech platform such as Revolut, choosing the best tech stack, mobile application development frameworks, tools for data analytics and libraries will determine the total cost of developing an application similar to Revolut. Selecting the best tech stack improves the app’s speed, makes it more scalable and increases security. It also significantly improves the user experience, which, in turn, helps justify the effort and expense involved in developing.
Ongoing Support
Even the best-curated fintech application, like Revolut, needs constant maintenance to ensure its functionality is optimal. In addition to providing the benefits you want and assisting in fixing bugs and detecting vulnerabilities, it also helps install the most recent features or security updates, monitor performance metrics and integrate the latest technology. Continuous improvement is required to meet the ever-changing needs of users using the app and increase the amount of money spent.
Quality Assurance
Quality assurance, also known as quality control, ensures that the product to be offered or sold complies with all quality tests in terms of safety, reliability, use and performance. QA tasks involve thoroughly testing the program using various scenarios across various devices and platforms to find potential weaknesses before launching or integrating. Although this process can increase the cost of developing an app such as Revolut, the benefits of getting a quality product are worth it.
How Can You Monetise an Application Like Revolut?
Making a Fintech application can allow you to generate new revenue streams and improve the management of finances. Businesses can create profit for their customers and maximise profits by combining a variety of ways of monetisation. These strategies include:
Subscription-based Models
Offer a variety of membership levels, including access to exclusive financial data and enhanced security features or the best features of financial apps like Revolut. Subscriptions provide a steady stream of income and build customer loyalty through the continuous delivery of value.
Transaction Fees
Charge transaction fees for certain financial transactions, such as peer-to-peer transfers, currency exchange and investment deals. The fees can be set to reflect users’ behavior and generate revenue in proportion to the value, volume or frequency of transactions.
High-end Services
Provide high-end services or add-ons like personalised financial advising, quick customer service or advanced analytics. Top-quality services can meet the needs of people who are willing to pay more for greater features or ease of use and seek bespoke solutions.
Business Partnerships
In addition, adding services, like insurance or investment products, that one firm can offer to another could benefit the other businesses. Revolut can increase its effectiveness as a financial platform. It can also get a share of the cash generated by working with other companies.
APIs and Business Tools
This is particularly useful for an organisation that requires data from a finance institution or payment system, such as accounting or invoicing software. Revolut can earn profits from corporate clients because its revenue-generation process is based on fees for the services.
How We Can Help in Developing an App Like Revolut?
If you’re considering starting a FinTech company, you stand the chance to make the business work and earn money. It’s possible that the idea of creating a FinTech application like Revolut will be popular in the constantly changing world.
Since we’ve already covered the steps, cost, features and other aspects involved in creating FinTech apps such as Revolut and others, we’ll not go through these details again. The facts above show that these apps should be backed by a solid database and simple to use.
In the end, companies should engage a Fintech app development agency such as Bestech to create FinTech apps such as Revolut with top-quality distinctive features. They’ll take your ideas and turn the apps into fully functional ones.
Conclusion
Creating a successful app such as Revolut in 2025 is a challenge but certainly doable. Each stage is crucial, from deciding on your subject to complying with regulations. It begins with a clear vision, careful strategy and intelligent mobile app development for FinTech.
Be aware that the journey does not stop at launch. Continue to improve, continue listening to your customers and always ensure security and trust. If you are focused on solving real issues and creating the perfect user experience, your fintech application could become the next major disruptive app.
FAQs
How much will developing an app based on fintech, such as Revolut, cost?
Based on the type of features, the location of the team and the quality of the design, this could range from £45,000 to £800,000 and more.
What are the advantages of creating a financial app similar to Revolut?
The development of a finance application like Revolut provides significant benefits to companies by providing seamless financial management. With support for multiple currencies, businesses are able to easily provide international customers with their services and expand their reach. Security measures are robust to protect sensitive financial information and help build confidence between the business and its customers.
How do I create a FinTech application similar to Revolt?
To develop a FinTech platform such as Revolut, Here’s what you should do:
- Conduct thorough competitive and market research
- Form your development team on the requirements
- Determine your entire MVP definition for your FinTech app
- Select a technology stack that is appropriate to your industry
- Show the general functionality APIs you have.
- Collaboration with UX/UI designers to design the user interface
- Conduct testing and verify the quality
- Make sure you keep your application updated
What is the reason to create an app for mobile devices similar to Revolut for 2025?
Digital banking is growing rapidly. Apps offer users convenience, speed and ease of money transactions. Mobile banking is the new norm for those who use financial services, particularly younger and middle-aged tech-savvy customers. Financial institutions and banks have to work hard to keep and grow their customer base by providing reliable, effective and attractive digital payment options.
