Last Updated: April 22, 2024

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Ifrah Khan

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In recent years, the FinTech market has shown rapid development. Its main segment – digital payments – barely passed the $4.1 billion mark in 2018, and already in 2022, it doubled, exceeding $8.3 billion. According to forecasts, by 2027, this figure will reach $14.8 billion.

So, what does this mean for you? If you're an entrepreneur with a tech-savvy mind and a passion for finance, the FinTech gold rush presents a once-in-a-lifetime opportunity. But with numerous players vying for attention, it's crucial to choose the right niche and develop an app that truly solves a problem or caters to an unmet need.

This blog will help you generate new finance app ideas and make your FinTech startup thrive in the $300 billion FinTech industry.

Let’s dive right into the crux of the blog.

A List of 14 Profitable Fintech Apps Ideas for Businesses

Fintech Apps Ideas

So, when looking for fintech app ideas that haven't been made, keep in mind the principle that the best ideas come from easing customers’ pain points with simple, elegant solutions.

Regardless of whether you are an established financial company planning a digital shift or a novice, here are some of the fintech startup app ideas to consider

Let's Begin with Our List of Fintech App Ideas

Lending Apps

Pain Point: Traditional lending processes are often lengthy, inconvenient, and hindered by paperwork and in-person visits.

App Solution: Develop an app that streamlines and simplifies the lending process, offering a seamless digital experience for borrowers. Lending apps make borrowing feel more like online shopping than a trip to the bank.

How Profitable?

Lending apps offer diverse profit streams beyond interest fees. They act as loan matchmakers, earning commissions for connecting borrowers and lenders, while premium features like credit monitoring and personalized recommendations bring in subscription revenue.

Successful Lending Apps

SoFi: SoFi reported revenue of USD 449 million in the third quarter of 2023, representing a 61% year-over-year increase.

LendingClub: LendingClub reported revenue of USD 254 million in the third quarter of 2023, representing a 31% year-over-year increase.

Electronic Mortgage Apps

Pain Point: Traditional mortgage applications are often paper-based and time-consuming.

App Solution: Develop an app that allows users to complete and submit their mortgage applications digitally. Include features for document upload, e-signatures, and real-time application tracking.

How Profitable?

Mortgage apps can unlock profitability through diverse avenues. Firstly, they act as lead generators, earning commissions or fees for connecting potential borrowers with lenders. Secondly, premium services like personalized recommendations or loan pre-qualification tools bring in additional revenue. Moreover, anonymized user data can be valuable for market research, generating income through sales to lenders or real estate agents.

Successful E-mortgage apps

Fairway: In 2022, Fairway originated a total of $65 billion in mortgages, placing them among the top 10 lenders in the US.

Zillow: Zillow generated $1.9 billion in 2022, following the closure of Zillow Offers. In 2021 Zillow had a revenue of $2.1 billion.

Insurtech Apps

Pain Point: Understanding and managing insurance policies can be complex and time-consuming.

App Solution: Develop an app that simplifies the insurance process, allowing users to compare policies, manage their coverage, and file claims seamlessly. Implement features for personalized policy recommendations based on user profiles and needs.

How Profitable?

Insurtech apps can generate revenue through commissions or fees for each insurance policy sold through the platform. Additionally, partnerships with insurance providers for lead generation and premium payments can contribute to immediate revenue.

Successful Insurtech Apps

Lemonade: Lemonade has 1,000,802 customers. The insurance company added 357 thousand new customers over the past year. Annual revenue at Lemonade is $94.4 million.

Hippo: Hippo Holdings had revenue of $181.00M in the twelve months ending September 30, 2023, with 56.03% growth year-over-year. Revenue in the quarter ending September 30, 2023, was $57.70M with 87.95% year-over-year growth. In the year 2022, Hippo Holdings had annual revenue of $119.70M with 31.25% growth.

Mobile Banking Apps

Pain Point: Traditional banking can be inconvenient, with limited accessibility and long queues.

App Solution: Create a comprehensive mobile banking app that enables users to perform all banking activities from their smartphones. Include features like account management, fund transfers, bill payments, and personalized financial insights.

How Profitable?

Mobile banking apps can generate revenue through transaction fees, premium subscription plans for enhanced features, and partnerships with merchants for in-app promotions and offers. Early adoption and active user engagement contribute to immediate profitability.

Successful Mobile Banking Apps

Chime: Chime 2023 Revenue is estimated to be $3.16 billion. Chime's Valuation in 2021 was $25 billion. Chime has an estimated 21.6 million users in 2023.

N26: As of 2021, N26 does about $90B per year in transaction volume, and on that collects about $233M in revenue per year.

Personal Finance Apps

Pain Point: Many individuals struggle with budgeting, saving, and managing their overall financial health.

App Solution: Develop a personal finance app that offers budgeting tools, expense tracking, savings goal setting, and investment guidance. Incorporate AI-driven financial advice to help users make informed decisions.

How Profitable?

Personal finance apps can offer premium subscription plans with advanced features, collaborate with financial institutions for referral fees, and integrate affiliate marketing for financial products. Immediate profitability is achievable with a clear value proposition for users. That's why this is one of the best fintech app ideas.

Successful Personal Finance Apps

Mint: Mint earned a total of $1.6M of net revenue, which nets out to $0.86 per user. And it's worth noting that the majority of this revenue, a little over 96%, is coming from the App Store.

Peer-2-Peer Payment Apps

Pain Point: Splitting bills and making small payments can be cumbersome in traditional banking systems.

App Solution: Create a peer-to-peer payment app that facilitates easy and instant money transfers between individuals. Include features for splitting bills, requesting payments, and social payment options.

How Profitable?

Peer-to-peer payment apps can generate revenue through transaction fees, merchant partnerships, and expedited fund transfer services for a fee. By attracting a large user base and encouraging transactions, these apps can achieve profitability quickly.

Successful P2P Payment Apps

Zelle: Zelle processed nearly $200 billion in transactions, a 9% increase from the same quarter in 2022.The network saw a total transaction volume of $72 billion, representing a significant 84% year-over-year increase.

Cash App: For the full year of 2021, Cash App generated $12.32 billion of revenue and $2.07 billion of gross profit, which increased 106% and 69% year over year, respectively.

If you're a CTO aiming to revolutionize your company's financial transactions, stay tuned as we dissect the features and solutions that address your unique challenges when building an app like Cash app.

Trading and Investment Apps

Pain Point: Traditional investment platforms may lack user-friendly interfaces and real-time market insights.

App Solution: Develop a trading and investment app with an intuitive interface, real-time market data, and educational resources. Implement features for portfolio management, risk analysis, and social trading.

How Profitable?

Trading and investment apps can earn revenue through transaction fees, premium subscriptions for advanced features, and partnerships with financial institutions for order flow. An active user base and frequent trading contribute to early profitability.

Successful Trading and Investment Apps

Fidelity: Total Fidelity Investments mobile app revenue in November 2023 was < $5k, including < $5k for iOS apps and < $5k for Android apps. Total mobile app downloads for Fidelity Investments was 500k, including 300k iOS app downloads and 100k Android app downloads.

Robinhood: Robinhood's net revenue rose 29% to $467 million in the three months ended Sept.

Crowdfunding Apps

Pain Point: Accessing funding for creative projects or startups can be challenging.

App Solution: Create a crowdfunding app that connects project creators with potential backers. Include features for project discovery, transparent funding processes, and updates on project milestones.

How Profitable?

Crowdfunding platforms can generate revenue through platform fees on successful campaigns (5-10% cut), premium services like featured listings or campaign management tools, and partnerships with financial institutions or payment processors. A thriving user base with frequent crowdfunding activity fuels early profitability.

Successful Crowdfunding Apps

Kickstarter: Kickstarter, which launched in 2009, is one of the largest crowdfunding platforms in the world, having launched over 609,000 projects and received pledges worth more than 7.68 billion U.S. dollars as of November 2023.

GoFundMe:  In 2023, the company has made overall revenue above $22.6 million along with involving 491million customers.

Regtech Apps

Pain Point: Regulatory compliance in various industries can be complex and time-consuming.

App Solution: Develop a regtech app that helps businesses automate and streamline compliance processes. Include features for monitoring regulatory changes, conducting risk assessments, and ensuring adherence to industry standards.

How Profitable?

Regtech apps can offer compliance-as-a-service, consulting, and subscription-based access to regulatory databases. Immediate value for businesses seeking streamlined compliance processes contributes to early profitability.

Successful Regtech Apps

Dathena: Dathena has raised over $100 million in funding through venture capital investments, suggesting investor confidence in their business model and potential for growth, including the RegTech app.

Hummingbird: The U.S. RegTech market size by revenue was valued at USD 2.55 billion in 2022 and is expected to reach USD 8.21 billion by 2028. 

You've heard that fintech app development comes with challenges, but we've got you covered here as well. With our expert insights, we've created a blog that not only talks about the challenges in fintech app development but also provides solutions.

Digital Payment Apps

Pain Point: Traditional payment methods may need to be more convenient and secure.

App Solution: Develop a digital payment app that supports online and in-store payments, integrates with various payment methods, and prioritizes security features such as biometric authentication.

How Profitable?

Cryptocurrency apps can earn revenue through transaction fees, premium subscription plans for advanced features, and partnerships with exchanges for referral commissions. As the interest in cryptocurrencies grows, these apps can achieve quick profitability.

Successful Digital Payment Apps

Revolut: The London-based fintech said revenue for the year rose to £922.5 million ($1.2 billion).

Google Pay: Google Pay boasts a significant presence in over 40 countries, with estimates suggesting over 150 million active users globally. Google's overall revenue in 2022 reached a record $257 billion, with a continued focus on digital services like payments.

Cryptocurrency Apps

Pain Point: Understanding, managing, and investing in cryptocurrencies can be challenging for beginners.

App Solution: Create a cryptocurrency app that provides education on blockchain technology, allows users to buy/sell cryptocurrencies, and offers real-time market data. Include features for secure wallet management and portfolio tracking.

How Profitable?

Cryptocurrency apps can earn revenue through transaction fees, premium subscription plans for advanced features, and partnerships with exchanges for referral commissions. As the interest in cryptocurrencies grows, these apps can achieve quick profitability.

Successful Cryptocurrency Apps

CoinBase: CoinBase had revenue of $2.78B in the twelve months ending September 30, 2023.  Revenue in the quarter ending September 30, 2023, was $674.15M with 14.20% year-over-year growth.

Binance: Binance generated $20 billion in revenue in 2021, a 263% increase from the previous year. In 2020, Binance reported a profit of between USD 800 million and USD 1 billion.

Digital Wallet Apps

Pain Point: Carrying physical wallets with numerous cards and cash can be inconvenient.

App Solution: Develop a digital wallet app that securely stores payment cards, loyalty cards, and digital cash. Include features for contactless payments, transaction history, and personalized rewards.

How Profitable?

Digital wallet apps can generate revenue through transaction fees, partnerships with financial institutions for integrations, and collaboration with merchants for cashback and discounts. A user-friendly experience and widespread acceptance contribute to immediate profitability.

Successful digital Wallet Apps 

PayPal: PayPal annual revenue accounted for $27.5 billion in 2022, up 8.7% from $25.3 billion revenue in 2021.

Amazon Pay: Amazon's overall revenue in 2022 reached a record $470 billion, with a continued focus on digital services like payments. This strong financial performance suggests significant contributions from Amazon Pay, even without specific figures.

Bill Reminder Apps

Pain Point: Forgetting bill due dates can lead to late fees and disruptions in services.

App Solution: Create a bill reminder app that sends timely notifications for upcoming bills, allows users to schedule payments, and provides insights into their overall spending patterns.

How Profitable?

Bill reminder apps can offer premium plans with additional features, collaborate with service providers for referral fees, and integrate in-app advertisements. Providing users with a convenient and reliable solution for managing bills can lead to early profitability.

Successful Bill Reminder Apps

Prism: The bill reminder app market is growing rapidly, with increasing demand for tools to manage personal finances and avoid late payments. Studies project the global bill reminder app market size to reach $5.2 billion by 2027, indicating significant potential for Prism.

YNAB: The personal budgeting software market is growing rapidly, with increasing demand for tools to manage finances effectively. Studies project the global personal finance software market size to reach $4.2 billion by 2027, indicating significant potential for YNAB.

Mobile App Ideas

BNPL App Development

Pain Point: Traditional credit options may not be flexible or may come with high interest rates.

App Solution: Develop a Buy Now, Pay Later (BNPL) app that offers consumers the flexibility to make purchases and pay in installments. Include features for transparent terms, budgeting tools, and real-time payment tracking.

Remember to tailor each app to the specific needs and preferences of your target audience, and consider incorporating feedback loops for continuous improvement based on user experiences. Additionally, staying informed about industry trends and compliance requirements is crucial for the success of these apps.

How Profitable?

Buy Now, Pay Later (BNPL) apps can generate revenue through merchant partnerships, transaction fees, and interest charges on delayed payments. Attracting both consumers and merchants to the platform ensures rapid revenue generation from the outset.

Successful BNPL Apps

Affirm: Affirm reported revenue of USD 1.3 billion in the first nine months of fiscal year 2024 (ending December 31, 2023), representing a 57% year-over-year increase.

Build Your Next Fintech Unicorn with Narola Infotech

The 14 profitable fintech app ideas explored in this blog showcase the vast potential for businesses and entrepreneurs to make a meaningful impact in the financial technology sector.

Ready to turn your fintech apps idea into reality? Let's chat! Schedule a call with us, spill the beans about your idea, and we'll walk you through the exciting journey of bringing it to life. Your fintech success story is just a conversation away!

Frequently Asked Questions (FAQ)

See the answers to some of our most commonly asked questions below.

Developing a fintech app involves steps like research, compliance, technology selection, design, development, testing, and launch. At Narola Infotech, schedule a call with us, share your idea, and we'll guide you through the development process.

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