How Much Does It Cost To Build An App Like Revolut?

Developing a financial technology app like Revolut for the European market presents unique challenges and opportunities. As the demand for secure, reliable digital banking solutions grows across Europe, so does the importance of understanding the specific requirements of building an app that meets regulatory and user expectations. Creating a Revolut-like app for Europe goes beyond simply replicating features; it necessitates a deep understanding of European regulations, specifically GDPR, which governs user data privacy. Additionally, Europe’s fragmented markets, with varied language, currency, and payment preferences, require a strategic approach to design, backend functionality, and compliance.

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Europe is a highly regulated market with a reputation for privacy and user data protection, which impacts every facet of app development. Key considerations for a Revolut-style app targeting Europe include cross-border usability, multi-language support, and adherence to region-specific regulations. Each of these elements drives up development costs, but they are essential for creating a compliant, user-friendly app that resonates with a diverse European audience. Let’s break down the core cost-driving factors in developing a Revolut-like app, focusing on meeting European standards.

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Platform and Device Compatibility

One of the first considerations in how much it costs to build an app for the European market is determining the platform's compatibility. Given Europe’s diverse preferences in mobile operating systems and devices, understanding how these differ across countries is key to estimating app development costs, especially when aiming to provide a custom app development solution tailored to specific European markets.

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• Operating Systems and Market Preferences: Android dominates many Western and Eastern European markets, while iOS has a strong foothold in wealthier economies like the U.K. and Germany. A Revolut-like app must be available on Android and iOS to maximize its reach in Europe. However, balancing the technical needs of each platform, including UI/UX adaptations and OS-specific security features, impacts development complexity and, subsequently, costs.
• Tablet and Web Compatibility: In European financial and professional sectors, web and tablet compatibility is often significant, particularly in countries where tablet use is prevalent, such as the U.K. and France. A Revolut-style app must offer a responsive design that translates seamlessly across tablets and desktop browsers, especially if targeting professional users or offering business-related services.
• Region-Specific Requirements: For financial apps, understanding sector-specific demands in countries like the U.K., a hub for fintech, or Scandinavia, where users are tech-savvy and prefer sophisticated, efficient apps, is critical. Users in these regions may expect advanced features and seamless integration with local banking systems.

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Creating a platform-compatible app for Europe requires significant planning, given the variability in device use and platform preferences across different regions. This foundational choice affects user acquisition, development timelines, and budget, making it essential to tailor custom app development to meet the unique demands of each European market.

Design and User Experience (UX/UI)

User experience is especially critical for European users, who expect transparency, simplicity, and security in financial applications. A few key factors drive design costs for a Revolut-style app targeting Europe:

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• Minimalist, Functional Design: Nordic and Western European markets often favor minimalist, user-friendly designs. In finance, clear, uncluttered interfaces inspire user trust and enhance usability. Nordic users, in particular, are accustomed to streamlined, visually clean apps prioritizing function over form.
• Multi-Language Support: Multi-language interfaces are essential for European markets, where users expect content in their native languages. Supporting French, German, Spanish, and Italian languages requires a localized UX/UI, as each language adaptation may need design adjustments. This adds to development time and cost but is crucial for user engagement across diverse linguistic regions.
• Building User Trust: Trust is paramount for financial apps like Revolut. Features like two-factor authentication and visible security notifications enhance security and contribute to a positive user experience by giving users confidence in the app’s protection measures.

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A robust UX/UI design that caters to Europe’s high standards and diverse languages can increase development costs. However, gaining user trust and providing a seamless experience is necessary, both of which are vital for financial applications in Europe.

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Integrations with Third-Party Services/External Systems

Integration with various third-party services is essential for a Revolut-like app to meet the financial service needs of European users.

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• European Payment Systems: A European financial app must integrate popular regional payment services like SEPA for Eurozone transactions, Bancontact for Belgium, and Klarna for Nordic markets. Supporting these services ensures that the app is usable across Europe and competitive in the local market.
• PSD2 Compliance and Open Banking: Under Europe’s revised Payment Services Directive (PSD2), financial apps must offer secure open banking APIs that allow users to connect their bank accounts. Complying with PSD2 is essential for any financial app in Europe, especially one that, like Revolut, aims to offer a broad range of financial services.
• Cross-Border Payment Systems: Supporting cross-border payments requires robust infrastructure and, in some cases, partnerships with local financial institutions. For example, Revolut’s international functionality necessitates integrating different European payment standards.

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Integrating these systems with a focus on Europe’s regulatory and market needs adds complexity and increases development costs. However, these features are essential for ensuring the app provides value to European users.

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Database & Backend Infrastructure

Backend infrastructure plays a vital role in ensuring the security and scalability of a financial app in Europe.

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• GDPR Compliance and Data Residency: GDPR mandates that personal data be stored within the EU or in regions that comply with the regulation. For a Revolut-style app, this means using EU-based data centers (such as Google Cloud or AWS Europe) to store user information. Compliance with these regulations is critical to avoid legal repercussions and establish user trust.
• Scalable Backend Architecture: Europe’s fragmented jurisdictions and high population density require a scalable backend to handle international transactions. This includes designing databases supporting multiple currencies, languages, and data laws.
• Data Security Standards: Security is a key factor for any financial app, and backend systems must support encryption, secure access, and logging. European users, especially in finance, value apps that prioritize secure data handling practices, and backend security measures significantly impact development costs.

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GDPR compliance and data residency requirements increase the complexity of backend architecture, making it more costly but essential for a European financial app.

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Ongoing Maintenance and Updates

Once a Revolut-like app is launched in Europe, continuous maintenance and updates are essential to ensure it remains functional, compliant, and user-friendly. Maintaining a financial app involves routine updates and responsiveness to new regulatory requirements in the European market, where data privacy standards and technology platforms evolve rapidly.

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• GDPR Compliance Updates: As one of the world’s strictest data privacy regulations, GDPR directly impacts app maintenance for any application handling personal financial information. Since GDPR policies can change over time, apps must undergo regular updates to remain compliant, including refining data processing practices, offering more precise consent mechanisms, or implementing new data-handling protocols. Failing to comply with GDPR could result in substantial fines, so these updates are essential for legal protection and building user trust.
• Compatibility with OS Updates: With Europe’s large Android and iOS user base, apps must stay compatible with updates to both operating systems. Each time Android or iOS releases new features or security enhancements, a Revolut-like app must adapt to avoid performance issues and smooth the user experience. Ensuring compatibility with OS changes prevents user disruptions and helps maintain high ratings and user loyalty.

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Ongoing maintenance costs are generally higher for European apps due to the need for regular legal, security, and compatibility updates. However, these updates are crucial for staying competitive and providing a secure, reliable user experience. In Europe’s fintech space, where user expectations for privacy and functionality are high, investing in ongoing maintenance is critical to sustaining the app’s reputation and longevity.

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Team Expertise and Location

The development team's location and expertise are crucial for creating a high-quality app suitable for the European market.

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European Expertise and GDPR Knowledge: A distributed European team with experience in GDPR compliance, accessibility standards, and localization can ensure that the app meets local regulations. Such a team is also better positioned to understand regional preferences, essential for building a successful app.

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Localization and Language Skills: Native-speaking developers or translators are essential for accuracy and cultural relevance in a multilingual app. Working with regional experts also streamlines the localization process, reducing the risk of cultural missteps or translation errors.

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While working with European-based experts rather than offshore teams increases development costs, this investment ensures that the app is culturally and legally aligned with its target market, which is essential for user acquisition and retention.

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Hidden Costs & Miscellaneous Factors

QA & Testing: Quality assurance and testing are essential for meeting Europe’s security and functionality standards. Financial apps undergo rigorous testing to ensure compliance with security regulations and functional reliability.

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App Store Fees and Guidelines: Submitting a financial app across European app stores, including the App Store and Google Play, may involve varying fees and require specific compliance measures, especially in regulated industries.

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Legal and Compliance Costs: Legal expenses for GDPR compliance and other data protection regulations are significant. These are especially important for fintech apps, where user data privacy is closely regulated.

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What Makes Financial Apps Unique in Europe

Creating a Revolut-like financial app for Europe poses unique challenges due to the region’s high data privacy, security, and localization standards. Financial apps operating in Europe must be designed to comply with GDPR, support cross-border transactions, and offer multi-language interfaces to engage users across the continent. Cultural preferences, regional payment systems, and language localization need to add layers of complexity, making the development process more intricate than in other markets.

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For example, payment integration is more than just supporting standard credit cards; it often requires the inclusion of local systems like SEPA or Bancontact. GDPR mandates strict data protection standards, which means that user data must be stored in the EU and that users must be able to control their data. These requirements make app development in Europe distinct, particularly for fintech products, where user trust and legal compliance are paramount.

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Are you looking for a custom app built to succeed in Europe? 

At Scrums.com, we specialize in developing compliant, localized software that meets the needs of a diverse European market. Whether it’s GDPR readiness or multi-language interfaces, we know what it takes to make your app a success. Contact us today to get a custom-fit estimate for your European app project!