New technologies impose challenges on players in the financial sector. In 2024, the attention remains focused on the influence of artificial intelligence (AI) across all sectors, not only financial ones. In the landscape of perpetual digital evolution, entrepreneurs must keep up with the pace to avoid eventually finding themselves on the market’s periphery. Blockchain transactions, AI integrations, Buy Now Pay Later, biometrics, neobanking, big data, data analytics, and more — how does one handle implementing all these trends in their software?

Hiring an internal team of fintech developers can be one solution. However, this path is more suitable for large companies that have been in the market for years. Even then, the need for specific, up-to-date expertise might emerge. At that point, it’s crucial to search for a reliable vendor that can build the required fintech solutions which are competitive and meet modern standards.

In this article, we’ll provide a list of fintech software development companies with experience in building fintech products, making them worthy of consideration for building your next website or app project. The companies are arranged in alphabetical order. At the end of the article, you will find a short guide to choosing a suitable custom fintech software development company. However, let’s start with a general overview of the fintech market and look at the trends in the field.

Fintech market in 2024

According to S&P Global analysis, 2024 is expected to be a return-to-business year, especially for banks and enterprises seeking to modernize their services. Taking into account that 2023 was short on funding and only highlighted the difference between those who found product-market fit and those who did not, there might be intense competition next year

Despite the tightness of funding, the demand for real-time payments innovations in the B2B sector and migration to the ISO 20022 standard makes companies in the banking industry keep up with digital transformation. The technologies that fintech development companies are likely to build for their clients in 2024-2025 will largely focus on real-time payments implementation and cross-border payment navigation, based on the ISO 20022 standard.

Statista analysis shows steady growth in areas such as digital assets, digital capital raising, digital investment, digital payments, and neobanking. The rapid development of these technologies has been driven by several factors. The first factor is smartphone adoption — people tend to perform transactions with their phones more nowadays. Additionally, the pandemic has accelerated the adoption of contactless transactions, which are now incorporated into modern lifestyles. Regulations have evolved, enabling neobanks to compete with traditional institutions. Lastly, blockchain and AI have offered new opportunities for the fintech business.

Let’s briefly describe the trending technologies:

This term describes value recorded on blockchain technology. It refers to property stored exclusively electronically and exchange associated with this property. In the context of the fintech industry, this includes digital currency, stablecoins, and investment contracts.

This financial technology refers to the alternative forms of raising money. Digital capital raising platforms help users to raise funds without relying on venture capital and bank loans. Models offered by such platforms include peer-to-peer lending, crowdfunding, and initial coin offerings. According to Statista, the most popular model among these is crowdfunding.

Digital investment platforms allow users to buy and sell financial assets such as stocks, cryptocurrencies, ETFs and more. The most trending technology in this field is robo-advisors, which help users to manage their portfolios and provide investment recommendations via automated algorithms.

These technologies allow for payment without using cash. Digital payments are associated with technologies such as contactless payments, online banking transfers, mobile wallets, and biometric payments. These transactions are primarily performed with digital devices such as smartphones.

Neobanks are new types of banks that do not have physical branches and operate exclusively online. By 2028, the number of neobanking users is expected to reach approximately 386.30 million worldwide.

Custom fintech software development not only helps to enhance customer experiences but also provides valuable insights into a company's processes through data analytics. For example, a company can use data analytics to determine if the financial technology implemented in an application has increased sales conversions. Data analytics platform development might involve AI capabilities, machine learning, and data visualization tools — anything that helps provide valuable insights.

Despite the digital trends in fintech software development, S&P Global reports that 46% of small and medium sized businesses believe that they rely too much on manual and non-automated processing of financial tasks. Therefore, the need for fintech software development services is as high as ever. Let’s see who can become a reliable partner on this path toward business digital transformation.

Appinventiv

Team size: 1,000+

Clutch review rating: 4.7

Clutch referral rating: 4.7

Minimal project size: $50,000+

Founded in 2014, Appinventiv offers a full range of fintech software development services, from mobile app development to complex software. They are open to work with any industry, including the fintech sector already accounting for 10% of their projects. One of their key clients is Asian Bank who requested integrating operations with cryptocurrencies into their existing application. The fintech solution demanded careful work with third-party integrations when adding them to an existing app.

According to Appinventiv’s clients reviews, they combine both high quality of products and quick performance within budget constraints. They have experience of building smart fintech software solutions for clients ranking and processes automation through the integration of AI into CRM instruments via API. Among their notable projects are also Edfundo, which is an educational platform for teaching kids financial literacy, and a financial management AI-chatbot for the millennial users, helping them to control their budget interactively.

Azumo

Team size: 50+

Clutch review rating: 4.9

Clutch referral rating: 5.0

Minimal project size: $10,000+

This software development company has been operating since 2016 and offers nearshore custom software development solutions. They work using an agile approach and are ready to guide development from ideation to launch. Among their expertise in fintech are AI in credit scoring and underwriting, multiple security solutions, blockchain technologies implementation, operations with digital currencies, creation of decentralized autonomous ecosystems, and green finance.

One of Azumo’s key projects is a spend management platform for business by the Bento company. This fintech development organization required assistance in bringing together data from many different sources for better analytics and marketing strategy planning. Azumo built a data visualization platform for Bento, allowing for filtering and easier decision making.

Capital Numbers

Team size: 750+

Clutch review rating: 4.8

Clutch referral rating: 4.8

Minimal project size: $5,000+

Capital Numbers is a large software development agency that offers a wide range of services to over 250 clients from different industries, including fintech development services. Their website features 20 projects in Fintech alone, among which are mobile fintech applications, web platforms, finance management software, and SaaS products. Capital Numbers takes on projects of different sizes and is happy to either redesign an app or build a complex software solution.

The company’s fintech developers follow security standards, they support over 40 technologies, and have received more than 25 awards in the last 12 years of experience.

Code & Pepper

Team size: 50+

Clutch review rating: 4.7

Clutch referral rating: 4.8

Minimal project size: $10,000+

Code & Pepper specializes in financial software development and engineering solutions for healthtech. Paying special attention to the financial sector, they provide a wide range of services for the industry, including fintech mobile and web development, wealthtech, lending, insurance, banking, and open banking software development. Among their products are a crowdlending platform, financial data analytic tools, and banking applications. They also have many clients for whom they’ve developed insurance-related applications.

The company works with a diverse range of clients, from budding fintech startups seeking to bring their innovative ideas to life, to large financial institutions aiming to modernize and streamline their operations.

DataArt

Team size: 1000

Clutch review rating: 4.9

Clutch referral rating: 4.9

Minimal project size: $100,000+

Founded in 1997, DataArt is a software engineering firm with a strong focus on the financial sector. The fintech industry accounts for 30% of their projects. Among their projects are online banking solutions, platform for online trading and payment, and cloud migration. They offer a comprehensive range of services, from full-cycle product development to on-demand IT services.

One of their key clients is Monex Europe, a leader in commercial foreign exchange. DataArt has built a global payment platform for them, alongside numerous other services, during a five-year partnership.

Diffco

Team size: 10+

Clutch review rating: 5.0

Clutch referral rating: 5.0

Minimal project size: $50,000+

Established in 2008 and headquartered in the US, Diffco is a custom software development company, which operates globally. They specialize in mobile app development, web development, and building SaaS and AI solutions.

Diffco boasts a portfolio of successful projects, including a platform for navigating a stock market, a crypto trading app, a bank application, a personal finance management app, a company expenses tracker, and other applications for various industries. Diffco is regularly included in multiple top company lists. In 2024, Clutch recognized them as a top AI company, top software developer, and top staff augmentation company.

Inoxoft

Team size: 50+

Clutch review rating: 5.0

Clutch referral rating: 5.0

Minimal project size: $25,000+

Founded in 2014, Inoxoft has mostly specialized in fintech development services, according to their Clutch profile. Among their projects are digital solutions for trading and financial systems integration. Inoxoft clients from the financial sector highlight the company’s dedication to delivering perfect results.

Reviews showcase the company's diverse capabilities, ranging from developing financial services websites to engineering custom AI tools.

Itexus

Team size: 50+

Clutch review rating: 4.9

Clutch referral rating: 5.0

Minimal project size: $10,000+

Itexus has been focusing on fintech mobile app development since 2013, working with companies of all sizes, from fintech startups to enterprises. There are banking, financial management, and investment management applications in their portfolio. They offer a full spectrum of fintech software development services: crypto solutions, personal finances, neobanking, and wealth management.

According to their website, the company hires analysts with degrees in finances who then become financial consultants on their projects.Their focus on a specific industry has allowed Itexus to easily navigate in the financial sector’s law regulations. Among their projects are an app for loans, a stock trading platform, a financial data analytical tool, and even a mobile banking app for migrants.

KindGeek

Team size: 50+

Clutch review rating: 4.8

Clutch referral rating: 4.9

Minimal project size: $50,000+

KindGeek is another fintech software development company with a narrow specialization. They offer custom fintech solutions, including a neobank app constructor, cloud-based fintech SaaS, GPT-powered AI assistant, and a foundation for personal financial management software.

They offer mobile app development, web development, and custom software development services. Even though their website claims they exclusively focus on the financial industry, their portfolio includes projects for other industries as well.

Miquido

Team size: 50+

Clutch review rating: 4.9

Clutch referral rating: 4.9

Minimal project size: $25,000+

Miquido is a software development company that offers custom engineering to clients from different industries. In their fintech solutions, they pay extra attention to the security of their apps. On their website they describe two fintech case studies. They’ve developed an AI-based system for risky loans recognition for NextBank and a GOTravel feature for Gomobile insurance application, enabling users to purchase travel insurance.

Miquido primarily focuses on mobile app development, with most clients coming from the financial sector. The company consistently receives positive reviews, highlighting their responsiveness and attention to detail in application development.

Netguru

Team size: 250+

Clutch review rating: 4.8

Clutch referral rating: 4.8

Minimal project size: $25,000+

Netguru has been operating since 2011 and offers a diverse range of services to its clients. According to Clutch, 40% of their projects are for clients in the financial industry. Their notable cases include building a banking-as-a-service platform for startups and corporations. The main task of the Netguru team was to build a secure and customizable API for third-party integrations. They also performed redesign of existing banking services for other financial organizations.

Ronas IT

Team size: 50+

Clutch review rating: 4.9

Clutch referral rating: 4.9

Minimal project size: $10,000+

Ronas IT has been in the market for over 17 years and has established itself as a reliable vendor, with 60% of its customers returning for additional services. Our company has been ranked among the top 50 companies on Upwork. Ronas IT projects include building complex financial systems, such as projects that help users improve their credit ratings, trading app code rebuilds, and development of neobanks compliant with specific regional legal regulations.

The Ronas IT’s development team is proficient in microservice architecture, providing applications with distributed levels of access and high security. We easily perform multiple integrations in banking app development and have an experienced UI/UX design team to create visually appealing and unique user experiences.

We respect our clients’ confidentiality, and therefore, our recent and ongoing fintech projects are under NDA. However, we can briefly share the technologies we implemented in our last project, where we built a neobank for a US company. This case particularly demonstrates our dedication to studying local requirements for financial apps. When developing this application, we followed all necessary regulations, including the SOC 2, PCI DSS, and ISO/IEC 27001 security standards.

To ensure the app's stability and security, we employed a microservice approach. This approach isolates processes, preventing, for example, a transaction service from accessing user data. We created a separate database for each service. To prevent data loss, we implemented replication in Cloud SQL. Other integrations we made for the neobank included KYC verification to prevent fraud from entering the app, Getkard for a cashback system, and Bond for account management and financial operations. We continue to work on the project by adding new features.

Should you be interested in developing a fintech app with our company, we would be happy to help you bring your ideas to life.

Saigon Technology

Team size: 400

Clutch review rating: 4.8

Clutch referral rating: 4.8

Minimal project size: $10,000+

Saigon Technology, a Vietnamese custom software development company, specializes in building various Fintech products, from mobile payment apps to electronic trading platforms. They also embrace blockchain technology projects. Saigon Technology offers flexible collaboration models such as staff augmentation, dedicated development teams, and project-based engagement.

Their portfolio showcases software solutions for a trading app, a cryptocurrency exchange website, and a bitcoin forecasting application. Saigon Technology consistently receives positive reviews on Designrush from entrepreneurs across diverse industries and project complexities.

ScienceSoft

Team size: 250+

Clutch review rating: 4.8

Clutch referral rating: 4.8

Minimal project size: $5,000+

ScienceSoft specializes in application development for the financial industry, a key focus area for the company. The company has recently been included in the Global Outsourcing 100 List for the third year in a row. There are 750+ professionals in a team. In their portfolio, there are such projects as an award-winning mobile banking app, payment mobile application, load management software, crypto payment API, billing platform, automated bond portfolio management, and an insurance app. Sciencesoft is praised by their clients for timely delivery and commitment to meeting expectations.

Suffescom Solutions Inc

Team size: 250+

Clutch review rating: 4.9

Clutch referral rating: 4.9

Minimal project size: $10,000+

Founded in 2013, Suffescom Solutions Inc. has established a global presence with offices in the USA, UAE, Singapore, UK, Australia, Canada, and India. Suffescom Solutions Inc mostly focuses on providing mobile app development services, while their main industry of interest is the financial sector. However, they serve all types of industries and offer other services in addition to mobile development, such as web, game, AR/VR, and AI development. They specialize in blockchain and metaverse technologies. Their portfolio highlights a digital currency exchange platform, a wallet, and a card app.

Yalantis

Team size: 500

Clutch review rating: 4.8

Clutch referral rating: 4.9

Minimal project size: $10,000+

Yalantis is a software development company with over 15 years of experience in the market. They have a diverse range of industries they develop products for, including financial services. Among the projects they showcase on their website are a financial advisory platform, a BaaS solution, and an automated cybersecurity ecosystem for a bank's software.

Yalantis is a large firm with over 500 professionals in their team spread across Europe. Client reviews highlight that the company emphasizes precision in requirements while also being committed to meeting client expectations in delivering results.

What to look for in a fintech software development company in 2024-2025?

Basic principles when choosing a software vendor

Reviews

The best way to learn what to expect from a fintech software development company is to check the experiences of their previous clients. Several platforms support business-to-business reviews that can be trusted. Besides Clutch, mentioned above, other reliable sources include Goodfirms, Upwork, and Designrush. It's crucial to pay attention to whether a client was satisfied with the company's timeliness, work quality, and overall communication.

Experience

If a firm has experience with projects similar to yours, it offers several advantages. First, a development team may have pre-built solutions, which can help your app launch faster. Additionally, you can check if previous clients were satisfied with the results. If the project wasn't under NDA, you can test the application development results. However, if a company lacks relevant experience, they may struggle to handle your project effectively. It's important to see the big picture; even if a vendor has impressive projects or large clients in other industries, they might lack the necessary skills to handle your tasks.

Transparency

This is one of the most important factors. While some argue that transparency is only evident during the work process, it can be visible even before the actual application development process. In the introductory meeting, a manager should clearly outline how often they will share the progress and ensure clients can access the project they are paying for. This includes downloading the code and design files or gaining access to task management systems. Transparency should also extend to the company's pricing policy. For example, at Ronas IT, managers provide clients with two estimates — an approximate one before the project starts and a more refined one after UI/UX design completion and before the application development stage.

Time and quality

Every fintech app owner desires a combination of short development time and a high-quality product. While the delivery time depends on factors like the number and complexity of features, the vendor's timeframe should be transparent and reasonable. Quality is paramount, and to ensure it, developers need to write clear code and follow best practices. At Ronas IT, we worked on projects with poor-quality code written by previous developers, which required complete rewrites instead of just adding features and fixing bugs.

Staff training

When building complex fintech software, a vendor should not only deliver a finished product but also provide documentation and guidance to your staff, especially concerning internal process automation. The resulting project should be easily understood by everyone. This clarity should start with simple UX copywriting and extend to the app's overall logic.

User-centered design

Since fintech apps typically target a large audience, they should be intuitive and user-friendly. This is achieved by following Android and iOS guidelines for building platform-compatible interfaces that are familiar and convenient for users. It's also worth checking the company's UI/UX design team's activity on platforms like Instagram, Dribbble, and Behance. This can give you a glimpse into your future project's design before even contacting the vendor.

Testing

Great coding practices and versatility in automated testing tools have largely replaced the need for manual QA testing. Therefore, developers should be proficient at implementing automated tests and embrace the culture of continuous integration and continuous delivery. Additionally, a modern reliable vendor should use testing protocols like unit tests, integration tests, system tests, and user acceptance tests.

Post-launch maintenance and support

A good fintech software development company should offer its clients continued support after launch. Usually, work doesn't stop at releasing a product to the stores, it's a perpetual cycle of improvements, implementing new features, and other procedures enhancing an app and making it more appealing to clients.

Things to consider when choosing a fintech software development company

While the criteria for good development are similar across industries, there are some specific requirements crucial for fintech software development. The field has its own vulnerabilities, such as dealing with sensitive data, requiring special attention to security measures.

Microservice architecture

Financial software often has isolated processes, meaning they don’t depend on each other. This approach enhances project security by restricting access to user data for services that don't require it. Microservice architecture also helps in fintech software risk management as if one service fails, others will still function.

Security measures

Creating financial software necessitates various methods for protecting user data, from secure coding practices to user authentication. The app's security should include biometrics, multi-factor authentication, data encryption, fraud detection systems, automatic logout, and more. The coding team, during the app's engineering process, should use standards-compliant servers, secure CI/CD pipelines, and reliable frameworks with built-in security features.

Integration capabilities

The vendor should be able to work with Open Banking standards and APIs to ensure the interoperability of different banking systems and third-party apps. Another essential expertise is the ability to integrate with various payment gateways, offering users multiple payment options, such as SWIFT, ACH, and blockchain-based payments.

Regulatory compliance

Financial services onboarding should provide users with Know Your Customer (KYC) and Anti-Money Laundering (AML) checks. KYC/AML is a system for verifying new users through checking their ID and SSN and preventing fraudsters from accessing the app. There are also multiple financial regulations that the software should be compatible with. These include the Payment Services Directive (PSD2), Markets in Financial Instruments Directive (MiFID II), and data protection laws like GDPR in the EU and GLBA in the US. Additionally, each country has its own financial regulations. For example, developers in the US will also follow SOC 2, PCI DSS, and ISO/IEC 27001 standards — all dealing with information security.

Summing up

The modern market offers a wide range of fintech software development companies. We encourage you to use the checklist provided above to ensure the vendor you choose meets the basic requirements of a custom software development company and the specific criteria of a reliable financial software development company. Don't hesitate to read reviews from clients in the financial industry and examine the company's case studies, which they typically share on their websites.

On behalf of Ronas IT, we'd be delighted to take on a fintech application development of any complexity. We have extensive experience working with startups to build complex financial software for banks. If you decide to contact our managers and discuss your project, feel free to press the ‘Get in Touch’ button below, and we'll contact you within the next 24 hours.