How to Build an App Like Revolut: A Step-by-Step Guide

Fintech advancements have greatly improved the ease of our daily lives. Standing in long lines to pay bills, setting up new bank accounts, and completing transactions are no longer a concern today thanks to digital banks.

What makes digital services a superior option compared to traditional banking? What exactly is Revolut, and how is it disrupting the financial industry? Understanding these and other similar inquiries helps to explain the appeal of creating an app like Revolut and how to apply it to fulfill the specific requirements of your business.

Understanding the Revolut app

Revolut's mobile app has become increasingly popular in recent years, offering users a wide range of financial services and tools at their fingertips. Understanding how the app works and its key features is crucial for anyone looking to use Revolut for their banking needs. In this section, we will explore the Revolut app in detail, examining its functionalities and how they can benefit users.

What is Revolut?

Revolut is a fintech company that offers a range of digital banking services through its mobile app, including multi-currency accounts, international money transfers, budgeting tools, and cryptocurrency trading. Revolut has quickly become one of the most popular digital banking and financial services providers in the market. In this section, we will take a closer look at the features and services that have made Revolut so popular among its users, and how it has disrupted the traditional banking industry. We’ll start with the quick stat about the Revolut app and then the functionality that makes it popular. Let’s look at some statistics of this app:

Key features and functionalities of Revolut

The creation process always commences with a thorough analysis of the needs required to establish Revolut's capabilities. By adhering to established industry standards and well-defined requirements, the team can deliver a top-notch set of features. Revolut serves as a prime example for businesses that have opted to offer digital financial services. Therefore, it's essential to pay attention to the following features when developing a solution similar to Revolut:

• Multi-currency accounts and multi-currency transactions: Revolut allows users to hold and transact in multiple currencies, making it a popular choice for international travelers and businesses.

• Debit cards and ATM withdrawals: Revolut offers a physical debit card that can be used for cash withdrawals and transactions at ATMs and merchants worldwide.

• Budgeting and saving tools: It offers tools that help users track their spending, set savings goals, and save money automatically.

• Cryptocurrency trading: Revolut allows users to buy, sell, and hold cryptocurrencies such as Bitcoin, Ethereum, and Litecoin.

• Insurance and premium features: Revolut offers various insurance and premium features such as travel insurance, phone insurance, and access to premium features such as unlimited foreign exchange transactions and higher ATM withdrawal limits.

• Open banking and integrations: Revolut has open banking APIs that allow third-party developers to integrate with the solution, enabling users to access a range of additional financial services.

Overall, these features are designed to make it easy for users to manage their money and access a variety of financial services without the need for multiple accounts or apps.

How to build an app like Revolut? Steps to follow

Building a FinTech solution like Revolut requires a well-planned and organized approach. In this article, we will discuss the key steps involved in building a successful product, from researching and planning your project to designing your user interface and testing and launching your app. Whether you are a FinTech startup or an established financial institution, these steps will help you create the solution that meets the needs of your users and stands out in a crowded market.

Researching and planning 

Before starting to build your app, it's important to research and plan your project thoroughly. Here are some key steps to consider:

• Market research and competitor analysis: Conduct market analysis and competitor research to identify opportunities and challenges in the market. This can help you refine your app idea and identify potential gaps in the market that your app can fill.

• Identifying your target audience: Define your target audience based on demographics, behavior, and preferences. This can help you tailor your app's features and user experience to better meet their needs.

• Defining your app's unique value proposition: Identify what sets your app apart from the competition and clearly articulate your unique value proposition. This can help you differentiate your app and better communicate its benefits to potential users.

• Creating a feature list and a development roadmap: Create a detailed feature list and a development roadmap that outlines the key features, milestones, and timelines for your app. This can help you stay organized and on track as you build your app.

Designing user interface

The user interface (UI) of your app is critical to its success. Here are some steps to consider when designing your app's UI:

• Sketching out wireframes and prototypes: Create wireframes and prototypes that outline the app's structure and layout. This helps you refine your ideas and establish a visual hierarchy.

• Choosing a color scheme and typography: Choose a color scheme and typography that aligns with your brand and enhances the user experience. Consider factors such as legibility, contrast, and emotional resonance.

• Creating a user-friendly navigation system: Design a navigation system that enables users to easily access features and functions. This may include menu bars, sidebars, and breadcrumbs.

• Designing for different devices and screen sizes: Ensure that your app is designed to be responsive and adaptive to different devices and screen sizes. This helps to ensure that the app is accessible and usable to a wide range of users.

Developing backend and frontend

When building an app like Revolut, it's important to develop both the frontend (the user interface that users interact with) and the backend (the server-side logic that powers the app). Here are some steps to consider when developing backend and frontend:

• Choosing a technology stack and development framework: Choose a technology stack and development framework (such as Waterfall or Agile development) that aligns with your app's business goals and development needs. Consider factors such as scalability, security, and ease of development. 

• Setting up a development environment: Set up a development environment that enables you to efficiently build, test, and deploy your app. This may include tools such as code editors, version control systems, and continuous integration and deployment (CI/CD) pipelines.

• Creating a database schema and API endpoints: Design a database schema that accurately reflects your app's data model, and create API endpoints that enable your frontend to interact with the backend.

• Implementing user authentication and authorization: Implement a user authentication and authorization system that ensures that users can only access the parts of the app that they are authorized to access.

• Building a scalable and secure architecture: Design a backend architecture that is both scalable and secure, taking into account factors such as data privacy, load balancing, and disaster recovery.

Testing and launching 

Before you can launch your app, it's crucial to thoroughly test it to ensure that it functions as intended and meets user needs. Here are some steps to consider:

• Writing unit and integration tests: Write automated tests to verify that individual components of your app work correctly, and integration tests to ensure that different components work together seamlessly.

• Conducting user testing and bug fixing: Test your app with real users to identify any usability issues or bugs. Once you've identified issues, prioritize them and fix the most critical ones first.

• Preparing for app store submission: Prepare all necessary materials for submission to the app store, such as screenshots, descriptions, and pricing information. Make sure that the product meets all guidelines and requirements.

• Launching your app and gathering user feedback: Once your app is live, promote it through social media, press releases, and other marketing initiatives. Monitor user feedback and ratings to identify areas for improvement and prioritize future development efforts.

Marketing and growing your app

Marketing and growing your app is a critical aspect of ensuring its success in today's competitive market. To achieve the kind of growth seen by successful solutions like Revolut, it's essential to develop a comprehensive marketing strategy that leverages various channels to reach your target audience. This section of the article will explore some effective marketing techniques and growth strategies used by successful products like Revolut and provide insights on how you can apply them to your marketing efforts. 

• Creating a marketing & app store optimization strategy and promotional materials: Develop a marketing strategy that highlights your app's unique features and benefits, and create promotional materials such as social media ads, blog posts, and email campaigns to attract new users. Consider offering referral incentives to existing users to encourage them to invite their friends to download the app.

• Analyzing user data and behavior: Use analytics tools to track user behavior within the app and gather insights into user preferences and usage patterns. This information can help you identify areas for improvement and inform your product roadmap.

• Iterating and improving your app based on user feedback: Collect feedback from users through surveys, reviews, and customer support channels, and use this feedback to continuously improve your app. Consider implementing a system for collecting and prioritizing feature requests, and regularly release updates to address user feedback.

• Expanding your app's reach and user base: Explore opportunities to expand your reach through partnerships, sponsorships, and other marketing initiatives. Consider offering special promotions or discounts to new users to incentivize them to try your app.

How to monetize an application like Revolut?

Monetizing a fintech solution like Revolut is a crucial aspect of its success, as it allows the app to generate revenue and sustain its operations. With the increasing popularity of neobank solutions and the growing number of users, monetization strategies become more relevant and important. There are several ways to monetize an app like Revolut.

Fixed commissions

One way to generate revenue from an app like Revolut is to charge a fixed commission on each transaction made through the app. This could be a percentage of the transaction amount or a flat fee per transaction. This monetization model is common among mobile payments providers and is based on the volume of transactions processed.

Operation fees

Another way to monetize it is to charge users a monthly or annual fee for access to premium features or additional financial services. For example, Revolut offers a premium subscription plan that includes features such as travel insurance, airport lounge access, and unlimited foreign exchange transactions. By charging a fee for access to these services, Revolut can generate a steady stream of recurring revenue.

In-app advertising and referrals 

Displaying targeted advertisements or offering users referral incentives for inviting new customers to sign up can also generate revenue for an app like Revolut. For example, Revolut offers a referral program that rewards users with a cash bonus for each new customer they refer to the app. In addition, Revolut could display advertisements for complementary financial products or services within the app, generating revenue from advertisers.

Business collaboration

Partnering with other businesses to offer complementary financial services, such as insurance or investment products, can be a lucrative monetization strategy for an app like Revolut. By collaborating with other businesses, Revolut can offer a more comprehensive suite of financial services to its customers while receiving a commission for each sale made through the app.

Business API development and tools

Finally, charging businesses for access to the APIs and tools allows them to integrate the app's financial services into their own platforms. This monetization strategy is particularly relevant for businesses that require access to financial data or payment processing capabilities, such as accounting or invoicing software. By charging businesses for access to its APIs and tools, Revolut can generate revenue from enterprise customers.

Why you should choose Yellow for building an app like Revolut

Yellow is a well-established software development company with over 7 years of experience in the fintech industry. With a proven track record of delivering top-notch software solutions, we are an ideal partner for building a fintech app like Revolut. Our team consists of experienced developers, designers, and project managers who are skilled in creating custom fintech solutions that meet the specific needs of clients.

What sets Yellow apart is their portfolio of successful fintech projects, which includes various innovative and complex applications that have been delivered to clients worldwide. This experience has allowed us to develop deep expertise in the fintech domain and understand the unique challenges that come with building fintech solutions.

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Yellow's team of engineers is well-versed in the latest technologies and programming languages, which enables them to create scalable and secure fintech apps. Yellow follows the best industry practices and adheres to strict quality standards to ensure that their apps are robust, reliable, and user-friendly.

In addition to their technical expertise, Yellow also prioritizes customer satisfaction and provides end-to-end support to clients throughout the development process. From ideation to launch and post-launch maintenance, we are committed to delivering high-quality solutions that exceed client expectations.

Wrapping up

The rise of neobanks or digital-only banks has brought about a new era in the financial industry. The convenience, flexibility, and competitive fees of neobanks have made them a popular choice among consumers. As a software development company, we understand the importance of providing secure and efficient solutions for our clients. We have the expertise and experience to help companies like Revolut to revolutionize the financial market by creating an app that offers a wide range of services and features that meet the needs of different customers.

We understand that security is a major concern when it comes to fintech apps and we ensure that we implement the latest technologies to keep our clients and their customers' data safe. We are dedicated to delivering innovative and effective solutions that can help your business grow and meet the challenges of today's market. Please feel free to reach out to us if you have an idea for your future app like Revolut.