Cash is fading. Digital transactions are taking over and because of that, fintech apps are dominating the market. Especially apps like Venmo, Cash App, and Zelle. In fact, Venmo is expected to reach $2 billion in revenue by 2027.Many other fintech companies are launching their own P2P payment apps, and since you landed on this blog, you’re probably also one of them.
But here’s the big question: How much does it actually cost to build a Venmo-like app?
The average cost to build an app like Venmo ranges between $25,000 and over $300,000. This depends on the app’s complexity, features, security, and development team.
For example, a basic version of a Venmo-like app can cost around $50K. However, a fully loaded app with advanced features like AI- fraud detection, virtual cards, and more could easily cross $250K.
Does that sound confusing? Don’t worry. This guide will give you a clear breakdown of the cost of building an app like Venmo.
What You’ll Learn in This Guide:
- The real factors that influence the cost (spoiler: it’s not just coding).
- A detailed cost breakdown based on complexity and location.
- The hidden expenses most founders don’t think about.
- Smart ways to reduce costs without sacrificing quality.
If you’re serious about launching a FinTech app, this guide will give you a clear roadmap to budgeting your project the right way. Let’s get started.
What Influences the Cost of Developing a Venmo-like App?
You might think that coding is the biggest factor that affects the development cost of a Venmo-like app. But that’s not true.
There are several factors that affect costs. Having clarity about these factors can keep your development costs from skyrocketing.
Here’s what you need to consider before writing that first line of code.