Monzo has completely changed the way people handle their money. With its creative features and simple design, it’s no surprise that millennials and tech-savvy individuals love it. But businesses who want to create an app like Monzo have a very important question: how much does it cost to build an app like Monzo?

The mobile banking market was worth $1,700 million in 2023, and it’s going to be worth $8,300 million by the end of 2032. By looking at these, it is clear that investing in Online banking app development can be lucrative for businesses.

This blog post will explain the several aspects that affect how much it costs to build an app like Monzo. We are going to talk about the different factors, tips to reduce the mobile banking app development cost.

So, let’s begin!

What Is A Monzo App?

Monzo is a UK-based digital bank that offers financial services primarily through its mobile app. The Monzo app allows users to open a bank account quickly and easily directly from their smartphones. It provides features such as real-time transaction notifications, budgeting tools, spending categorization, instant money transfers between Monzo users, and fee-free spending abroad. Monzo aims to offer a user-friendly and transparent banking experience, often appealing to younger generations and those looking for modern Digital payment app development solutions.

Current Market Stats Of Monzo App!

• Global downloads of the Monzo apps surpassed 13 million as of February 2023.
• Customers of Monzo are presently concentrated in the United Kingdom, which accounted for 82% of all downloads as of February 2023.
• Monzo’s revenue increased by 130% to £355 million in 2023 compared to the previous year.
• It disclosed a net loss of £116 million in 2023, £3 million less than in 2022.

• Monzo recorded card expenditures of £33.6 billion and consumer deposits of £5.94 billion in 2023.
• In 2023, Monzo had 7.4 million subscribers, a 27.5% increase from the previous year.
• In 2021, its valuation stood at £3.7 billion.

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

Numerous factors can affect the cost to build an app like Monzo. Some of these are the complexity of the features that are wanted, the development platform that is chosen, the size and location of the banking app development services provider, and the estimated time frame for the project.

Typically, the cost to build an app like Monzo with minimal features ranges from $10,000 to $15,000. But if the app needs to integrate with other functionalities and have more advanced functions, the price might go up to $25,000 or higher. To achieve a successful and economical Mobile wallet app development process, it is vital to consult with a company.

Factors Affecting the Cost To Build An App Like Monzo

When making a mobile banking app like Monzo, you have to pay a lot of attention to things like compliance structure, encrypted data, security investment, user training, and so on. These things affect how much it costs to create a banking app like Monzo. 

1. App Features & Complexity

Adding more features makes the process of making an app more expensive. The general cost to develop a mobile app like Monzo is affected by features that are hard to understand, like enhanced security, real-time analytics, longer development times, and more resources. So, making clear lists of the features and functions during the planning stage helps keep app ewallet app development costs under control.

2. Technology Stack

Fintech app development often needs strict security protocols and the ability to handle data in real time, which calls for a complex set of technologies. Choose the right mix of databases to make the app more efficient and scalable. This will affect how much it costs to make an app like Monzo.

3. Development Team’s Location

Developers and Android or iOS app development services providers with a lot of experience may want better pay. The most important factor in figuring out the cost to build an App Like Monzo is the number of skilled coders and where they live. There are market demands, time zone differences, talent pools, and other things that affect the total budget that depend on where the ewallet app development company is located.

4. Testing & Quality Assurance

Because financial information is so private, quality verification is a must in the world of FinTech apps. But it’s important to test the security, features, and speed to make sure the user experience is smooth. Putting money into quality assurance might make the initial costs to develop a banking app in UAE higher, but it will lower the chances of problems after launch, which will save even more money.

5. Market Competition & App Store Optimization

Monzo app development costs may be affected by how much it costs to compete in the market and how to make the app store work best for the app. Adding special features that make your business stand out from the rest may cost more money. Putting money into app store optimization helps the app reach its intended users, which lowers the cost of getting new customers.

6. Tech Stack

Adding a strong technology stack takes knowledge and resources, which can raise the overall cost to Build an App Like Monzo. That can make the process of making your mobile banking app more difficult because it needs the right databases, frameworks, and computer languages. But it’s important to make a smart choice so that your banking app, like Monzo, works well and can grow as needed.

Top 5 Popular Mobile Banking Apps Like Monzo

If you are planning to develop an app like Monzo, it is crucial to know your competitor’s apps along with their USP. So, we have listed down the most popular mobile banking apps that you should check out: 

1. Al Rajhi Bank

Based in Saudi Arabia, Al Rajhi Bank has a mobile banking app that lets you handle your accounts, send and receive money, pay bills, and more. So, if you want to develop an app like Al Rajhi Bank, now is the correct time.

2. Taptap Send

Taptap Send is a money transfer app that lets people send money to other countries at low costs and with good exchange rates. Users may transfer money from one region to another with the help of an app like Taptap Send. It is well-known that sending money online is simple and affordable with the Monzo app for Fintech.

3. Slice

The Fintech App Like Slice helps young people and students with their money. It has tools for making budgets, keeping track of expenses, and cashback benefits. Slice also has a credit card that is designed to meet the needs of its target audience. It has features like flexible payment choices and rewards that are good for everyday spending.

4.Revolut

Revolut is a digital banking app that lets you do many things with your money, like open multiple currency accounts, send money to other countries, trade cryptocurrencies, and make budgets. People like it because it has low fees, real-time exchange prices, and an easy-to-use interface. Revolut also has premium subscription levels that come with extra perks like access to lounges and travel insurance.

5. Chime

Chime is a neobank that lets people do their banking online instead of in standard branches. It has overdraft protection that doesn’t cost anything, early direct payment, automatic savings tools, and a rewards program for using its debit card.

Tips To Reduce the Cost To Build An App Like Monzo

There are many parts that go into making an app like Monzo, such as development, design, security, scalability, and ongoing upkeep. As per the Android app development company, these tips will help you reduce the cost to build an app like Monzo.

1. Clear Requirements

Make sure you know exactly what functionality you want to add in your app. Take help from a banking app development company to validate your idea. Set the most important features first for the initial release, then schedule more features for later versions.

2. MVP Approach

Begin with an MVP that has just the essential functionality required for your application to work. By doing this, you may launch more quickly and get customer feedback without having to pay up front for extra features.

3. Use Pre-built Solutions

Instead of Cashless payment app development from scratch, if feasible, make use of pre-existing frameworks, libraries, and outside services. For instance, you can utilize Auth0 authentication services for user authentication and Stripe payment gateways for transactions.

4. Open Source Technologies

To cut down the cost to build an app like Monzo, make use of open-source platforms and technologies. There are numerous open-source frameworks and libraries available for creating financial and a payment transaction app like Monzo.

5. Agile Development

Use an agile development approach for fast and effective iteration. Agile enables flexibility in responding to evolving needs and facilitates the early detection and resolution of problems in the eMoney app development process.

6. Offshore Development Teams

You can hire financial mobile app developers or offshore development teams that provide affordable prices without sacrificing quality. To prevent miscommunications and delays, make sure that project management and communication are done well.

7. Optimize Design and UI

To cut down the cost to Build an App Like Monzo, make sure the user interface (UI) design is simple and easy to understand. Test the design with real people to make sure it works well and improves the design.

Ready To Build An App Like Monzo!!

Everything is easy to get to in this digitally connected world. With smart mobile apps, you can take care of your banking and money matters from the comfort of your own home. Easy-to-use banking apps are good for both users and app owners because they help them make money.

Now that you have an idea of the cost to build an app like Monzo, you can go ahead with your plans. To take your business to new heights, all you have to do is reach out to an experienced mobile app development company.

Frequently Ask Question

1. How Long Does It Take To Create an App Like Monzo?

The time to develop an app like Monzo takes 2-8 months, depending on complexity, team size, and development method. It also involves planning, design, development, testing, and deployment. You can take assistance from a mobile app development company about the actual time frame required for Monzo app development.

2. How To Build An App Like Monzo?

To build a banking app like Monzo, you must follow the below points:

• Do Research
• Create a Design
• Start the Development
• Testing & Launch

3. How Does the Monzo Bank App Work?

• Download Monzo app from the app store.
• Sign up with personal info.
• Fund account via bank transfer or card.
• Utilize features: track spending, budgeting tools, split bills.
• Access 24/7 customer support for assistance.

4. How Much Does It Cost to Maintain an App?

The cost to maintain an app can be around 15-20% of the total Mozo app development cost. Lets say, it can be between $1000-$5000 annually.