How much does it cost to build a mobile banking app like Monzo?

Sudeep Srivastava April 11, 2024
Cost to develop an app like Monzo

The FinTech industry is currently booming and experiencing incredible growth due to digital advancements. Digital transformation has immensely revolutionized lending, payments, and insurance, allowing businesses to attract the target audience by enhancing their experience. However, the digital adaptation not only demonstrates efficiency, inclusivity, or competitive edge but also demands robust security, brand loyalty, and appropriate technology adoption.

Developing an app like Monzo has become an indispensable tool, aiding businesses in providing a user-friendly and easily accessible method for individuals to oversee their finances. A robust and user-friendly FinTech application allows businesses to capitalize on the augmented market and attract new users.

According to Statista, The global transaction value in the ‘Neobanking’ segment of the FinTech market is expected to increase continuously between 2023 and 2027, reaching a total of $4.5 trillion (a growth of +94.88%). After the tenth consecutive year of growth, the indicator is estimated to peak at $9.2 trillion in 2027, marking a new high.

Worldwide FinTech Industry Revenue: 2023- 2027

Moreover, FinTech apps offer a more personalized and interactive experience than traditional banking methods. Features like real-time transaction tracking, budgeting tools, and financial goal setting can keep users engaged and returning for more. The cost to develop an app like Monzo varies from $50,000 to $300,000 based on the features and functionality businesses require.

In this blog, we will discuss the factors that influence the cost to build a banking app like Monzo, its key features, and challenges. However, first, let’s discover how mobile banking apps like Monzo drive positive results, empowering businesses to attract customers.

Maximize $9.2 trillion impact with a tailor-made, immersive app. Unlock potential with results-driven customization

Comprehending Monzo: A Leading Neo-banking App

Monzo, a cutting-edge neo-banking application, exclusively functions in the digital realm via its mobile app, providing reduced fees and an effortlessly streamlined user experience. Monzo Bank Limited, headquartered in London, England, stands as a pioneering British online bank that emerged as one of the early app-based challenger banks in the UK. Established in 2015 as Mondo by a team including Tom Blomfield, Jonas Huckestein, Jason Bates, Paul Rippon, and Gary Dolman, who initially crossed paths while working at Starling Bank, Monzo quickly gained attention.

Monzo banking app screens

While Monzo has gained prominence with its consumer banking app, it extends a diverse range of tools and services tailored to enhance financial management for businesses across various scales, promoting efficiency and effectiveness. It simplifies account management by managing separate accounts for different business necessities and grants access to team members with customizable permissions. Monzo enables businesses to send and receive instant payments domestically and internationally, with built-in fraud protection.

Furthermore, Monzo introduces a groundbreaking ‘call status’ tool, a first in the industry, enabling customers to discern whether the incoming call is from the bank or potentially an attempted scam by fraudsters. This in-app feature enhances security and empowers users to thwart impersonation scams.

Monzo’s other cutting-edge features, such as virtual cards, payroll integration, 24/7 support, API access, etc., make it stand out from the competition.

Key Factors Impacting the Cost of FinTech App Development

Developing a mobile banking app like Monzo demands extensive care, concentrating on compliance framework, data encryption, security investment, user education, etc. These factors impact the costs of a FinTech app development.

Key factors influencing FinTech app development costs

App Features & Complexity

Adding more features lead to costlier app development. Intricate functionalities such as elevated security, real-time analytics, extended development time, and resources influence the overall cost of developing an app like Monzo. So, distinctly defining the features and functionality in the planning phase aids in managing the app development costs effectively.

Technology Stack

FinTech applications frequently need rigorous security protocols and real-time processing capacity, requiring an advanced technology stack. Decide the right combination of databases, frameworks, and programming languages to elevate the app’s efficiency and scalability, impacting the cost of developing an app like Monzo.

Development Team’s Location

Skilled developers and experts may demand higher salaries. The combination of proficient developers and their geographical locations is paramount in determining the Monzo app development cost. The location of the development team affects the overall budget in terms of market demand, time zone differences, talent pool, etc.

Project Management & Communication

Efficient project management and transparent communication are crucial in avoiding cost overruns when focusing to build an app like Monzo. Also, project mismanagement can lead to additional expenses and delays, elevating the cost to develop an app like Monzo. Clearly defining the project scope with regular updates and clear communication contributes to successful project delivery and cost control.

Testing & Quality Assurance

In the world of FinTech apps, quality assurance is non-negotiable, considering the sensitivity of financial data. However, testing the security, functionalities, and performance is important to ensure a seamless user experience. Investing in quality assurance might elevate the upfront Monzo app development costs but will reduce the risks of post-launch issues and save further expenses.

Market Competition & App Store Optimization

Competing in the market and strategizing the app store optimization may influence the Monzo app development costs. Bringing unique features to stand out in the competition may demand additional investments. Investing in app store optimization helps the app reach its target audience, reducing customer acquisition costs.

The cost of developing a FinTech app can vary widely based on various factors, including the app’s complexity, features, design, development team location, and regulatory requirements. Leveraging complex apps with advanced features such as real-time analytics, AI integration, blockchain technology, or extensive security measures can impact a FinTech app’s cost estimation. Here is the estimated cost to develop an app like Monzo.

Type of App

A basic app with simple features can cost around $50,000 to $80,000, whereas a mid-ranged application could cost around $80,000 to $100,000. On the other hand, an advanced app with a more complex set of features and technology integration could cost around $300,000 or more. The choice of app type significantly shapes the overall app development cost, a factor further detailed in the accompanying table outlining app types, associated costs, and development durations.

Application TypeEstimated CostDuration 

Basic $50,000 to $80,0003 to 6 months
Intermediate$80,000 to $100,0006 to 12 months
Advanced $100,000 to $300,0001 yr+


Essential Features for Banking App Development

Developing a successful banking app requires carefully considering essential features to ensure a seamless and secure user experience. Here are some key features of a banking app like Monzo.

Key features for banking app development

Secure Login and Authentication

The banking sector requires a multi-layered authentication process to secure and protect user data. Implementing biometric authentication like fingerprint scanning and facial recognition helps enhance the app’s credibility. All these factors significantly contribute to the cost to develop an app like Monzo.

Account Overview and Management

An account overview feature plays a vital role in providing users with real-time insights into their current financial standing. Customers should have access to account balances, pending transactions, and transaction histories. Managing multiple accounts, such as savings, checking, credit accounts, etc., adds to the app’s financial portfolio.

Budgeting and Money Management Tools

Authorizing customers to manage their finances can help the banking app stand out. Integrating budget tools, financial goal setting, and expense tracking helps customers make informed decisions. Push notifications for personalized budgets, bills, and expenditure analysis contribute to an engaged user base.

Contactless Payments and QR Code Integration

Introducing features like mobile wallet, NFC (Near Field Communication), and QR code scanning has become quintessential in the era of cashless payments, especially when you aim to build an app like Monzo. Offering a secure payment experience and aligning the banking app with the user preferences ensure the app’s success.

Customer Support Integration

Responsive and accessible customer support is fundamental to user satisfaction when you create an app like Monzo. Real-time assistance, FAQs (Frequently Asked Questions), and in-app chat support help elevate the user experience. Prompt responses and support requests initiated from the app instill trust and loyalty among users.

Also Read- Revamping User Experience in Mobile Banking Apps

Persuasive UI UX

The most successful banking apps bet on their user interface, like those aiming to develop a mobile banking app like Monzo, elevating their user experience. A visually attractive, clean, intuitive app design helps users navigate effortlessly. Seamless onboarding and precise CTAs (Call-to-Action) buttons ensure a positive customer journey.

Unlock App Excellence: Discover Our Advanced Services!

Cyber Resilience: A Prominent Challenge Encountered in FinTech App Development

One of the major challenges businesses encounter while developing FinTech applications is cybersecurity. The backend architecture pulsates with intricate security protocols, complex and extensive financial transactions, and a regulatory landscape. In this realm, the need for robust cyber resilience becomes paramount.

To develop a mobile banking app like Monzo, it demands a sophisticated IT infrastructure and cutting-edge technology. Attackers use various techniques, such as social engineering, advanced persistent threats, zero-day vulnerabilities, etc., creating continual cyber-attacks and financial coercion threats.

The FinTech landscape is riddled with complex regulations like PCI-DSS, GDPR, and CCPA, each demanding rigorous compliance measures. Staying abreast of the ever-changing regulatory landscape while building a secure app adds to the development complexity. Moreover, ensuring robust security often comes at the cost of user experience. Multi-factor authentication (MFA) adds friction, while data encryption can slow down transactions.

Ensuring an optimal balance between robust security measures and a seamless user experience is paramount in maintaining customer engagement and protection. Businesses can efficiently overcome these challenges by integrating security considerations into every stage of the development processes, continuous monitoring, implementing granular access controls to limit data exposure, and educating employees on cybersecurity best practices.

Other Associated Challenges

Certainly, the foremost challenge in creating an app similar to Monzo lies in cybersecurity; however, the FinTech sector confronts various other hurdles. Let’s delve into these challenges and explore viable solutions.

Building User Trust and Brand Recognition

FinTech companies find it difficult to develop user credibility and brand recognition as the market is competitive and requires strategic efforts to build trust and establish a distinct identity.

Ways to overcome

Highlight the app’s security features, like multi-factor authentication, develop an immersive and user-centric design that instils trust within your target audience.

Furthermore, businesses can concentrate on providing a personalized approach, using clear and informative language, and leveraging multiple communication channels, which can be advantageous in building connections with customers.

Ensuring Scalability and Optimal Performance

Considering a growing user base and ensuring peak performance during the high demand periods can be challenging.

Ways to Overcome

By investing in a robust and scalable infrastructure, businesses can efficiently handle substantial volumes of transactions without compromising on speed or responsiveness.

Moreover, implementing automated scaling solutions further fortifies the system’s capacity to adjust to varying loads dynamically, guaranteeing a smooth user experience, even when demand is at its peak.

Acquiring Cybersecurity Talent

One critical hurdle in app development is attracting and retaining cybersecurity talent.

Ways to Overcome

Providing competitive compensation and benefits packages, developing an optimistic work culture, and demonstrating growing opportunities attract talent and retain them for a long period.

Appinventiv’s Expertise in Crafting a Mobile Banking App Like Monzo

Businesses that follow traditional methodologies of developing a mobile banking app like Monzo encounter challenges like comprehending design complexities, regulatory compliances, testing and quality assurance, etc. At Appinventiv, we follow sophisticated, holistic, and strategic methodologies to make an app like Monzo.

Our FinTech app development services encompass robust firewalls, multi-factor authentication, and advanced threat detection and data encryption. With a seasoned tech-savvy team, we specialize in building exceptional FinTech applications, delivering solutions that stand the test of time and user expectations. Our expertise extends to cutting-edge technologies like blockchain, AI, and cloud computing, allowing us to craft solutions that are not only secure but also future-proof. Additionally, we offer Android App development services to ensure a comprehensive approach to your digital needs, providing seamless integration and a user-centric experience.

Connect with our experts to get started with your FinTech app development project.


Q. How much does it cost to develop an app like Monzo?

A. Determining the mobile banking app development cost involves considering factors like design intricacies, feature complexity, security implementation, and ongoing maintenance; the cost of making a FinTech app may range from $30,000 to $250,000.

Q. How long does it take to make an app like Monzo?

A. It entirely depends on the complexities of making an app. As a rough estimate, developing a banking app like Monzo may take six months to over a year.

Q. What are the current trends in mobile banking app development?

A. Here are prominent mobile banking app development trends that enable businesses to experience positive ROI by reaching the right target audience.

  • Widespread adoption of contactless payments
  • Integration of biometric authentication for heightened security
  • Leveraging artificial intelligence for personalized user experiences
  • Exploration of blockchain technology to enhance transaction security
  • Incorporation of chatbots and virtual assistants for improved customer service
Sudeep Srivastava
Co-Founder and Director
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