#Guides | 14 min read | Updated: 5/11/2022

How to Create a Money Transfer App Like Revolut?

Updated: 5/11/2022
, Project Lead
14 min read

Traditional banks are well known for their lengthy queues and neverending bureaucracy. Unlike these banks, online banking allows customers to open new accounts, perform transactions, and perform many other banking actions online within seconds.

That’s why online banking platforms like Revolut have gained momentum in recent years.

How to create a money transfer app like Revolut?

Launched in 2015, Revolut grew to 350 000 active daily users in only three years. According to financial statistics, this person-to-person platform is now valued at $5.5 billion.

What is a Money Transfer Software?

Money transfer software is a system enabling its users to perform banking transactions using cashless modes of payment, with multi-bank and multi-currency options. Moreover, unlike traditional banks, such software is available at any time.

Money transfer software systems like Revolut are considered “neobanks”. Neobanks operate exclusively online and do not have any physical branches. This allows them to provide their customers with the fastest digital and mobile financial solutions. Therefore, their customers can pay, transfer, or lend money online.

Before you ask how to build an app like Revolut, let’s start with the basics.

Money transfer systems provide their users with such functionality as:

  • The ability to manage different types of transfers
  • Support for multiple countries, languages, and currencies
  • Integrated security and privacy standards and regulations
  • Availability of several money transfer options, such as online and mobile transfers
  • Integration with fraud protection software and anti-money laundering software
  • Transaction fee tracking
  • Foreign exchange software integration

Revolut Success Story

Before we answer a question on how to build an app like Revolut, let’s do a quick review of Revolut’s history.

Its story began in 2015. Back then, ex-financial specialists, Nikolay and Vlad decided to start a product that would help other people to manage their funds and multi-currencies in a much simpler way.

At the very beginning, the key idea was to develop a system that, unlike traditional banks, would allow customers to make foreign money exchanges with low transaction fees. Such software was planned to be very helpful for managing a bank account, especially abroad.

MVP was successful enough to allow the company to attract its first 200 000 users. So they decided to start developing a fully-featured product.

According to TechCrunch, Revolut has raised $836 million in total over the past few years. Now, it is valued at $5.5 billion. Revolut is proud to open over 12 000 customer accounts daily.

Revolut success is measured by:

  • A number of users. The company has more than 8 million customers.
  • Annual revenue. The annual revenue of Revolut in 2018 reached over $58 million.
  • Fundraising. Revolut’s fundraising rounds have surpassed $336 million in total.
how to create money transfer app: revolut success story

Revolut App Business Models

Revolut works only online and does not have any physical branches as a neo bank. The monetization model of the company comprises:

  • Subscription plans fees
  • International transfer fees
  • Service fees (withdrawals and overdraft loans) 

Let’s review each part of Revolut monetization in detail.

Subscription plans

Revolut offers three types of bank accounts to choose from:

  • Basic bank accounts are free to use.
  • Premium accounts are available after the users get subscriptions.  The cost of a Premium account is €7.99 per month. And €82 for an annual subscription.
  • Revolut Metal accounts cost €13.99 per month and €135 for an annual subscription.


Revolut charges several types of fees, including rate fees and ATM fees:

  • 0.5-1.5% exchange rate fee between currencies. However, this fee is only charged on the weekend. At the same time, on weekdays this service stays free.
  • ATM withdrawals are partially free depending on the amount, withdrawal frequency, and account type. The withdrawal of £400 per month on a Premium account requires no fees. 


Revolut also takes additional fees for various value-added services. For example, it is possible to trade cryptocurrency for a 1.5% upfront fee or use  P2P loans at a 9.9% annual percentage rate.

how to create money transfer app

Reasons to Create Your Custom Money Transfer Software

Revolut was founded in 2015. In the 5 years since then, it is clear that the idea of neo-banking and money transferring software is a popular, profitable, and growing industry. So how to create a money transfer app like Revolut?

Every day, the demand for money transferring services continues to grow. According to Statista research on Digital Remittances worldwide, transaction value in the digital remittances segment is projected to reach $127.2 million in 2022 alone with an annual growth rate (CAGR 2022-2025) of 9.34%.

However, let’s clarify the reasons for developing a custom money transfer software in 2022.

Everything is moving online

Our modern world is changing. People have less time to stay in one place for too long. Everything is moving online and becoming more mobile. Why use an old-fashioned bank with its physical branches and queues? An innovative mobile app allows you to transfer money and make other payments. Just while you’re drinking your morning coffee.

Banking digitization makes it easier to use money transfers and online payment. But that’s not all. Money transferring software like Revolut also allows its customers to use expanded functionality. For example, insurance, blockchain, cryptocurrencies, splitting payments, or virtual saving accounts. All within a single mobile application.

Growth of demand

It’s been 5 years since Revolut was born. Since then, many neo-banking applications have appeared, and many vendors have started building a peer-to-peer payment app infrastructure. These days, you can see that the demand for fast payment has grown significantly and still prevails over the supply.

Online banking for business needs

Nowadays, money transferring software can be used not only by individuals but by businesses, too. For example, Revolut for Business is currently being used by 20,000 companies. Build a mobile money transfer system, which will come in handy for regular customers and businesses. This makes an excellent opportunity for building new business collaborations and growing the neo-banking segment.

Must-Have Features of Peer-to-Peer Payment System Like Revolut

Before companies know how to create a money transfer app like Revolut, it’s crucial to define the core features. Here is a list of core functionalities that a peer-to-peer payment platform should have:

  1. Bill payments
  2. E-wallets
  3. Online ID check
  4. Payment statistics
  5. Notifications
  6. International transfers and currency exchange
  7. Multilingual interface
  8. Support
  9. Integrations
how to build app like revolut: must-have features

Bill payments

This feature is needed to provide your future customers with the ability to conduct payments at any time and from any place online. This feature will help give your product an additional competitive advantage and attract new customers.

how to build app like revolut: bill payments

Splitting and paying bills with Revolut


E-wallets can be online services or software programs that allow users to make electronic transactions. 

When integrating such a wallet, users can interact with the service and pay contactless in every country they visit without having to create multiple bank accounts each time.

how to build app like revolut: e-wallets

Revolut cryptocurrency wallet

Online ID check

Online ID verification is a process that helps to check whether your app interacts with a real person. An online ID check also ensures that your users are who they claim to be. Such a process prevents your product and your customers from any kind of fraud.

Adding an online ID check helps you make your own peer-to-peer payment system safer for your customers. It is helping them to feel more protected. We recommend integrating automated verification requests and setting money limits.

how to build app like revolut: online ID check

Revolut ID Verification

Payment statistics

A payment statistics system is a set of features that helps to visualize all the user’s transactions by such criteria as volume, status, receiver, or even country.

These features are especially good for those users who like managing their finances. Therefore, your platform will be more convenient and user friendly, attracting new customers, and making their experience smooth.

how to build app like revolut: payment statistics

Revolut payment statistics

Notifications and alerts

Any notification is important. It allows you to inform your customers about all the actions within their banking account. For instance, you inform people about the status of their transactions, payments, or monthly subscriptions.

how to build app like revolut: notifications and alerts

Revolut notifications

International transfers and currency exchange

Traditional money transfers can be long, delayed, or require exorbitant fees.

Moreover, traditional banks often demand that you visit a physical branch to conduct a transfer. Integrating online transfers and exchanges to a banking app would enable users to send and receive their money within a few seconds and swipes.

how to build app like revolut: International transfers and currency exchange

Revolut currency exchange

Multilingual interface

If you just start to create a peer to peer money transfer app, you can use a single language. It’s enough for MVP goals – for example, to represent your product to customers and investors. 

But at later stages, it is worth considering adding multiple languages. This would help you grow and expand worldwide, attracting more new customers in each country.

Revolut multilingual interface


The support isn’t actually a feature. It is a system of features that guarantee your customers can get help when they have questions or problems.

Your support system should include at least live chat, email, or call features. However, online chats remain the most convenient choice. Your customers can get the fastest support by asking a question in the in-app chat.

When it comes to fintech products, and especially for online banking, it is essential that users feel protected when using a product. The support features gradually increase users’ sense of security and encourage them to use the software more.

how to build app like revolut: customer support

Revolut customer support


Integrations are required to connect with other world banks and money transferring systems via API and other protocols.

Money transferring software can be connected with different banks your customers use. So they can control their funds using your app.

In this way, your customers can access their assets in different places around the world by using your money transfer product. For example, ICICI Bank offers an API for open banking between banks and customers.

how to build app like revolut: integrations

Revolut business integrations

Step-by-Step Guide on Building Remittance & Money Transfer App Like Revolut

Discovery phase

At Sloboda Studio, we recommend starting the P2P money transfer app development process with the discovery phase. That stage includes competitive market research. This helps to determine the core and unique features you need for your project. As well as the optimal tech solutions needed for these features.

Building a user-friendly UX

After conducting the discovery phase, start to build a user-friendly UX concept and product prototypes. Remember that your money transfer app is going to be used not only on desktops but also on tablets and especially smartphones. Thus, your product has to be adapted to various devices.

Money Transfer Software Development

During this stage, your team will work on the integration of all the core features. When you start to develop a Revolut alternative app, think not only about the front-end and back-end. Remember, it’s also necessary to integrate user management modules.

We recommend using Agile principles and working in sprints during the development process. Such an approach will allow you to meet regularly, see the results of your work, fix any issues, and discuss development plans.

Reporting and accounting implementation

Any money transfer app requires reporting and accounting to monitor transactions, create advanced money transferring reports, set limits, and evaluate profits and losses. In the future, this will help you check the statistics inside your app. In their turn, your customers will be able to check their account statistics and control their assets.

Ensuring security

As with any banking system, your money transfer software requires the highest security to establish the safety of your customers. Consider taking advantage of identity verification. Services such as Anti-Money Laundering (AML) and Know Your Customer (KYC) help companies to verify users and prevent fraud. It is also highly recommended to include counter-terrorism financing compliance.

If you are just developing a fintech app like Revolut, consider compliance with essential but necessary security options, such as data encryption, backups and recovery, limited access to certain parts of your system, and session time limits.

Cost to Build Custom Revolut Alternative Solution

Any product-development process is complex, consists of different stages, and is full of details you should pay attention to. Starting with the discovery phase and first wireframes development, your product will go through the technologies-choosing and features-determination phase. Therefore, make sure you’ve planned all of the below steps:

Number of features

The more complex your product, the more time and money it will take to develop its architecture. That’s why we always recommend starting with the discovery phase to outpoint the core features you need for a decent MVP. By starting development only with the core features, you can save time and money, launch faster, and get your first customers before you are ready to represent your product to investors, grow, and scale.


There are lots of technologies in the software development market. However, if you are starting to develop your product, you should pay more attention to flexible and scalable tech solutions. While “start-up-friendly” technologies like Ruby on Rails, Python, or PHP,  allow you to build and scale your product on budget, the more complicated ones like Java will require more money. 

It is worth considering the popularity of chosen technology: popular languages and frameworks provide you with a bigger pool of qualified developers. Remember it as a start-up whose goal is focusing on speed and scalability.

Staff costs

Labor costs are driven by team size and seniority and taxes or office rentals, which may take a big part of your budget.

However, you can save some costs by choosing to outsource over in-house. Outsourcing development models allow you to start collaboration at budget prices and begin the development without further ado.

For example, the most popular outsourcing destinations are Eastern Europe, Asia, and Latin America:

  • Eastern Europe. According to Clutch.co, Eastern European rates vary from $25 to $50/hour in such countries as Poland, and Ukraine.
  • Asia. Among Asian countries, the most popular are India, China, and the Philippines. Indian hourly rates are about $25 according to Clutch, while in China and Philippines software developers charge up to $50 per hour.
  • Latin America. According to Clutch, Latin America’s agencies rate hourly from $25 to $100 in such countries as Argentina, Brazil, and Mexico.

That is why being an offshore development agency, Sloboda Studio can offer very competitive rates for the high-quality expertise of the development teams.

Getting a license 

How to create a money transfer app like Revolut? First of all, you should get a license to ensure your product meets all the law requirements. For example, the European electronic money license applicants should have a detailed business plan, structured organization, good team and risk management, and a minimum mandatory capital of 350 000€.

Legal costs 

Starting a money transferring service, you’ll spend some extra legal costs. Your investors and customers will be interested in lots of details of your product, for example, how exactly you’re going to transfer money or how good the protection of all the assets is. An experienced lawyer can make things simple and structures; however, the prices depend on a particular country.


Sometimes vendors pay all the attention to product development forgetting about its promotion. Such an approach is risky because you may lose time if you start the marketing campaign after the development.

Working with start-ups for over ten years, we’d recommend working on software development and promoting one product at a time.

Once you begin implementing the core features, start telling your target audience about your product. In this case, promotion helps to get new interested clients and make your product well-known and trusted among your potential users.

Our Experience


CityFALCON is a fintech news aggregator. Its score rates financial tweets, news, and authors using Natural Language Processing. CityFALCON makes it easier to monitor financial news and more accessible for traders and investors to receive essential information to make the correct financial decisions.

Our solutions:

When we started collaborating with CityFALCON, our client needed to improve an existing project MVP. Our main goals were to create a clean and simple UX, build a scalable architecture, and add a news processing scoring algorithm.

CityFALCON is now a fully-developed project that helps people who work with finances, trading, and transactions to build their business more effectively. We are proud to say that we met all the initial goals and even exceeded them. CityFALCON fully-developed iOS and Android mobile systems with voice assistant integration, NLP-powered news feed, and a cryptocurrency coverage launch.

Origin Research

Origin Research is a fintech platform that provides its customers with financial data analysis for high-yield companies to trade shares. Our client’s goal was to digitalize their offline investment consulting business by developing a digital platform.

Our solutions:

As the platform requires access for various types of users (admins, free trial users, subscribed users) we had to develop appropriate functionality for each of them:

  • Free trial users can view financial information on only 10 companies for 2 months, view limited information of the other companies, save models, compare companies and bonds, and change their personal information.
  • Subscribed users can view all the financial data of all of the companies on the Origin Research platform, save and share financial models, change certain data in the models, save them and share with other subscribers
  • Administrator roles include managers, analysts, support, and salespeople. We integrated functionality for each of them.

Origin Research now offers its customers primers, insights, detailed financial models, summaries, and reports.

Final Thoughts

Creating money transferring software is a fascinating process that can be long and challenging. However, it’s always worth it. Businesses can go online, and traditional banking is already digital.

Ready to build a product similar to the Revolut app? Follow these three steps!

Step 1: Think about your business plan and monetization.

Step 2: Remember the core features you should implement first:

  1. Bill payments
  2. E-wallets
  3. Online ID checking
  4. Payment statistics
  5. Notifications
  6. International transfers & currency exchange
  7. Multilingual interface
  8. Support
  9. Integrations

Step 3: Make sure your product follows all necessary legal requirements.

Still have questions about how to create a money transfer app like Revolut? At Sloboda Studio, we have developed and supported businesses for 11 years. Feel free to book a consultation with us.

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