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The cost to develop a Fintech app can vary greatly depending on various factors such as the type of app, the development team, the technology used, and the location of the development team. In this article, we will provide a comprehensive breakdown of the cost to build a Fintech app, covering all these aspects in detail.
The Growing Fintech Market
Before diving into the cost breakdown, it's essential to understand the current state of the Fintech market. The Fintech industry is experiencing tremendous growth, with an estimated value of $165.17 billion and a projected CAGR of 25.18%. This growth can be attributed to the increasing number of Fintech startups, which have sprung up globally, with over 26,000 in 2021 alone.
The COVID-19 pandemic has played a significant role in the rapid growth of the Fintech market. During the pandemic, digital lending and online payment platforms saw a surge in usage, with mobile banking and online payment apps experiencing a 72% increase in usage worldwide. This increased adoption of digital finance services has prompted traditional financial institutions to venture into the Fintech space, further fueling the growth of the industry.
Factors Affecting the Cost of Building a Fintech App
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