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Fintech is constantly transforming the financial industry. Almost nothing has been left of traditional banking in the meaning that we used to know. We approve transactions and open the apps through scanning fingerprints, iris, or voice authentication, execute payments in real-time, and ensure better security with the help of blockchain technology. Furthermore, we conduct almost 80% of all financial transactions through digital banking. 

Financial companies of all scales struggle to implement innovations and remain competitive.

Therefore, it comes as no surprise that the demand for Fintech application developers is continuously growing. Any fintech company that aims at delivering a reliable tool that will meet their customers’ needs, increase sales, and boost users’ loyalty face the big challenge of finding financial app developers.

So, where to begin?

Which Software Can Be Developed by Fintech Developers?

First of all, let’s take a look at different types of fintech projects for which you need to hire fintech software developers as the tech stack you choose directly depends on the type of application.

Which Software Can Be Developed by Fintech Developers?

Banking Apps

Banking apps have already become a part of our everyday lives, allowing us to easily manage accounts and perform various transactions at our fingertips. The basic features of banking applications include account balance checking, money transfers, mobile check deposit, and bill payment. A lot of banking apps also offer additional services such as account alerts, budgeting tools, and even the ability to apply for loans or credit cards. They also must include strong security measures such as biometric login and two-factor authentication to protect customers' sensitive information. 

Insurance Apps

Insurance applications typically include features such as policy information, access to ID cards, claims submission and tracking, and the ability to view and pay bills. They also often include educational resources such as articles and videos about different types of insurance, and interactive tools such as quizzes to help customers understand their coverage options. Many insurance apps also offer additional services such as appointment scheduling, and the ability to connect with an agent or customer service representative directly through the app.

Lending Apps

Lending apps are becoming increasingly popular as a way to access quick and easy loans. These apps allow users to apply for loans from their smartphones, and often offer competitive interest rates and flexible repayment terms. They are a great option for those who need access to funds quickly, as the application process is often much faster than traditional loan applications. Additionally, many of these apps offer features such as budgeting tools and financial advice, making them a great resource for those looking to manage their finances.

Payment Apps

Payment apps are becoming increasingly popular as a convenient and secure way to make payments. They allow users to quickly and easily transfer money to friends, family, and businesses, without the need for cash or cards. Payment apps also offer additional features such as budgeting tools, rewards programs, and the ability to store payment information for future use. 

Trading and Investing Apps

With trading and investing apps, users get the ability to manage their investments and trades with the help of their mobile devices. These apps provide users with access to real-time market data, the ability to place trades, and the ability to monitor their investments. They also offer a variety of features such as portfolio tracking, news and analysis, and educational resources. 

Cryptocurrency Apps and Platforms

While more and more people are becoming interested in digital currencies, the popularity of this kind of application keeps rising. provide users with a secure and convenient way to buy, sell, and store their digital assets, offering a variety of features, such as real-time price tracking, portfolio management, and trading tools. Additionally, many of these apps and platforms offer educational resources to help users learn more about the cryptocurrency market.

Where to Find Fintech Developers?

When hiring fintech software developers one needs to choose the cooperation model which will be the most beneficial for their fintech business. There are the following options:

Outsourcing Developers

The fintech dev provider is the offshore company that curates the development process instead of you. You don’t need to look for a fintech engineer with particular expertise, the company has it for your fintech products.

Pros of Outsourcing Fintech Development

  • The approach is affordable, as you pay just for the amount of work that has been done. No extra expenses on recruitment, company perks, etc.;
  • You receive access to a large talent pool - fintech developers with the expertise that is needed for your product;
  • A vendor provides financial and legal support, business analysis, and post-development maintenance of the product;
  • Such an approach is very time-efficient and allows business owners to concentrate on their core business.

Cons of Outsourcing Fintech Development

  • In case of significant time zone difference, there might be difficulties in communication;
  • You don’t have full-time control over the development process.
When to Opt for Outsourcing

What Are the Best Countries for Outsourcing Fintech Development?

The variety of countries where to find experienced fintech developers is rather big nowadays. Though there are the most frequently chosen countries for offshore outsourcing to hire financial software developers:

Top Outsourcing Countries

Building an In-House Team

In-house software development means hiring a team of fintech professionals who operate onsite.

Pros of Building an In-House Team

  • You get a high level of control over the team and expenses;
  • There is no language barrier or cultural differences among the team members. Plus, they work in the same zone;
  • The in-house team has a deep understanding of your company’s values and project scope.

Cons of Building an In-House Team

  • High costs for salaries, medical insurance, vacations and sick leaves, office rent, equipment, and recruiting process;
  • The recruitment and training process can take from 30 days to several months;
  • It’s difficult to find a Fintech developer with the tech stack needed for your projects because they usually have a more general skillset;
  • When the project has been finished and you have to pay for downtime.
When to Hire In-House Team

Hiring Freelance Developers

Freelance developers are the developers who remotely work for your project.

Pros of Hiring Freelance Developers

  • Freelance developers have lower costs than outsourcing or in-house teams. Plus, you only need to pay for the tasks that have been completed;

  • You get access to devs from different parts of the world with the expertise you need.

Cons of Hiring Freelance Developers

  • There is no guarantee of meeting the deadlines and quality standards;

  • You have to look for extra experts in the fields of QA, marketing, design, etc.;

  • There is no possibility of post-development maintenance;

  • The risk of disclosing confidential information, or stealing your product.

When to Hire a Freelance Developer

Where to Find the Best Fintech App Developers in 2024?

Here are some useful tips from our recruiters on where you can find your potential fintech software developers.

  • Don’t eliminate the possibility of using your personal connections. There might be people among your acquaintances who have already worked with some talented Fintech developers or a trustworthy outsourcing vendor;
  • Visit a fintech conference in your city, or delegate someone there. Even if the developers whom you ask aren’t looking for job opportunities, they can recommend someone;
  • Surf LinkedIn - a social network where you can find software companies and individual developers, check their working experience, and get in contact with them;
  • Check independent platforms such as Clutch, GoodFirms, and Appfutura. These are trusted B2B platforms where all data is carefully checked. Business owners leave their feedback about cooperation with different companies;
  • Freelancer, Toptal, Hired, Codementor, Guru, Upwork, and PeoplePerHour are freelance platforms where you can check ratings from previous customers, portfolios, etc. Stay aware of fake accounts there;
  • Stack Overflow, The Verge, Code Project, and XDA Developers are developers’ forums where you can meet the best of the best in the industry. If you’ve already decided on technology, it’s better to search for forums about specific technologies.
Where to Find Fintech Developers

Important Things to Check When Hiring Fintech Developers

Define the Required Technical Knowledge

The set of languages, frameworks, and libraries that you choose for your fintech projects will determine the technical skills your fintech programmers should have. The fintech software development process is split into two development parts: frontend and backend.

Frontend Development

Frontend development is the process of creating the user-facing part of a website or application, which includes designing the layout, creating the user interface, and programming the functionality that allows users to interact with the site or app. The frontend developer is responsible for ensuring that the website or application looks and works as intended on different devices and browsers. The most popular technologies used in frontend software development include HTML, CSS, and JavaScript though is not limited to them. 

The frontend development process typically involves working closely with designers, backend developers, and project managers to create a cohesive and user-friendly experience for the end-user. 

Backend Development

Backend software development is the process of creating the server-side logic and functionality of a website or application. This includes managing the database, implementing business logic and creating APIs (Application Programming Interfaces) that allow the frontend and other systems to interact with the application. Backend developers are responsible for ensuring that the website or application functions correctly and securely.

The most popular technologies used in backend software development include programming languages such as JavaScript, Python, and Java. Databases such as MySQL, MongoDB, and PostgreSQL are also commonly used.

The backend development process typically involves working closely with frontend developers, database administrators, and project managers to create a cohesive and functional application.

Check Customers Reviews

If you’ve decided to hire financial software developers from an outsourcing vendor, one way to check the quality of their work is to read customer reviews. Here are some steps you can take to find and evaluate customer reviews:

  1. Search for the software developer's website and look for a section dedicated to customer testimonials or case studies. This is a good place to start as it will give you an overview of the type of projects they have worked on and feedback from their clients.
  2. Check online review sites such as Clutch, Upwork, and Glassdoor. These sites allow customers to rate and review software developers based on their experience working with them.
  3. Look for the developer's profile on professional networks such as LinkedIn. Check the testimonials section of the profile and see if you can find any reviews from their previous clients.
  4. Look for the developer's portfolio and see if they have any published case studies of their work. This can give you a good idea of the quality of their work and the type of projects they have experience in.
  5. Once you have gathered a number of reviews, take the time to read them carefully and pay attention to the specific feedback provided by the customers. Look for common themes in the feedback and take note of any red flags that may indicate issues with the developer's work quality or communication.
  6. If possible, reach out to the developer's previous clients and ask for additional information about their experience working with the developer. This can give you valuable insights into the developer's work style and level of professionalism.

If you decided to hire in-house or freelance fintech developers, we can recommend the following steps to evaluate customer reviews:

  1. Search for the developer on professional networks such as Upwork, Freelancer, or LinkedIn. These platforms allow clients to leave reviews and ratings of freelancers they have worked with.
  2. Check online review sites such as Clutch, Glassdoor, or Trustpilot. These sites allow customers to rate and review software developers based on their experience working with them.
  3. Look for the developer's portfolio and see if they have any published case studies of their work. This can give you a good idea of the quality of their work and the type of projects they have experience in.
  4. If possible, reach out to the developer's previous clients.
  5. Be on the lookout for a high completion rate, on-time delivery, and positive feedback from the developer's clients. A developer with a good track record is more likely to meet your expectations.

It's important to keep in mind that not all reviews will be positive and not all developers will be the right fit for your specific project. By following these steps and gathering as much information as possible, you can make an informed decision and hire fintech developers who are the right fit for your project.

Select Appropriate Soft Skills

When you hire fintech software developers, technical expertise and experience are not the only things you should pay attention to. These soft skills are also very important:

  1. Communication skills: The ability to effectively communicate with team members, stakeholders, and clients is crucial for a software developer.
  2. Problem-solving skills: Being able to analyze and solve complex problems;
  3. Collaboration skills: The ability to work well with others in a team environment is important for software developers, as they often work on projects with other developers and stakeholders.
  4. Adaptability: A software developer should be able to adapt to new technologies and changing project requirements.
  5. Attention to detail: Software development requires a high level of attention to detail, as even small errors can cause major issues with a program.
  6. Time management: Software developers often have to work on multiple projects at once and meet deadlines, so being able to manage time effectively is crucial.


It's frequently challenging to hire fintech developers due to the lack of professionals, high costs onshore, or regulatory restrictions. Hiring freelancers is not always reliable, so in most cases the best solution is to outsource the services to a fintech app development provider. At inVerita we’ve been delivering the whole range of fintech services from digital banking to crypto projects. Just say “Hi” and we’ll help you to ramp up your fintech development team tailored to your product niche.

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