Top 5 Financial App Development Companies For FinTech Startups

With technological advancement and governments supporting the open-banking environment, there is an increase in the number of new entrants in the banking and financial industry. In addition to the new entrants, the existing banking and financial service providers are adopting technology solutions to infuse innovation into their services.

With FinTech getting more and more crucial for the banking and financial services, agility gets significantly essential for the implementation. As several FinTechs and traditional players are competing to gain their share of the market,FinTech app development outsourcing has become the need of the hour.

Increasing Cyber Crimes Require Expertise in Development

A report by Accenture revealed that out of all the damage due to cyberattacks in 2019, financial services bore the most significant damage. Accenture also stated that with the increase in the digitization of the banking and finance sector, the cyber threats will continue to rise.

Top Five FinTech App Development Companies

The banking and financial institutions need to incorporate advanced security measures to overcome the security challenges in the FinTech sector. You need experts to strengthen the FinTech security. Following are the top five FinTech App development companies that are capable of building robust solutions for you.

1. Nimble AppGenie

Although the company was founded recently in 2015, it is one of the fastest-growing financial app development companies in our list of top five. The reason behind this is that Nimble AppGenie majorly focuses on FinTech app development. The company has a team of 50+ developers and has been rated 5 out of 5 on Clutch.co.

The Digital Bank of Africa (Dafri), CUT e-wallet, Medu4, DRT, Curvacious, and Pearl Cab are among the top clients of Nimble AppGenie.

2. Praxent

Headquartered in Texas, United States, Praxent was founded in the year 2000. With clients ranging from mid-large scale banking and financial companies, the company claims to have delivered more than 300 software solutions. The company has a team of 70+ software engineers. Amherst Holdings, NORCAL Mutual, Dimensional Fund Advisors, and Texas Mutual Insurance are among the top clients of Praxent.

3. Itexus

With an 86% client retention rate, Itexus claims to have completed more than 220 projects. The company was founded in 2013 in Minsk, Belarus as a software development company for small-mid scale FinTech enterprises.

The company offers FinTech development services for a variety of FinTech niches such as personal finance, RegTech, InsurTech, Bank and Credit Scoring, Payment Apps, and FinTech Chatbots.

4. Merixstudio

Based out of Pozna?, Wielkopolskie, Merixstudio is a typical web and mobile software development company that also offers solutions for the banking and finance sector. The company was founded in 1999 and has a team of more than 200 software developers. Volkswagen, HSBC, GS1, Merixstudio, and Toshiba are among the top clients of Merixstudio.

5. Code & Pepper

Based out of Poland, Code & Pepper is a FinTech development company that was founded in 2006. Same as Nimble AppGenie, the company solely focuses on developing software solutions for the banking and financial industry.

Code & Pepper has a team of 70+ software developers. Also, the company is rated 4.6 out of 5 on Clutch.co. Flink, Oathello, and Finbourne are among the top clients of Code & Pepper.

How To Pick the Right FinTech Software Development Company?

The following are the things that you need to keep in consideration, while selecting the right software development partner for your FinTech project.

The Company Should Have Technical Expertise in the technologies that you want your app to be built with. For example, there is no point in reaching out to a company that doesn't have AI development expertise, if hyper-personalization is one of the USPs of your FinTech solution. Hence, make sure that the company has relevant technical expertise.

Prefer Companies With FinTech Development Experience. When it comes to FinTech compliances, it is quite hard to manage them while keeping the user experience super-easy and intuitive. The market is full of examples, where FinTech apps were developed by newbies and are now a failure now. Hence, I would recommend partnering with a company that has worked on FinTech projects in the past.

The Cost of Development Matters. Although cost shouldn’t be the only factor of picking the software development partner, it is one of the significant influences. It isn’t necessarily true that companies charging high will surely deliver the highest value. Hence, you should seek proposals from a few FinTech app development companies and compare those proposals. I would recommend sending your requirement document to all these five companies I’ve discussed in this article and then pick the right one for you accordingly.

Conclusions

This article was meant to ease your hunt to find the right FinTech software development partner. You should visit every company's Clutch profile and read the client reviews to know their work ethics and proficiency in FinTech development.

Divya is an outstanding writer at Nimble AppGenie. She is very innovative with her creative ideas. She is very passionate with technology implementation in several industry verticals and always keen to learn new opportunities.