Fintech app development is on the rise. Read and learn how to choose the best tech stack for fintech.

Best Tech Stack For Fintech Apps

Despite some clear hints of the unfolding economic recession observed worldwide, Statista predicts sustainable growth of the global fintech market in the coming years. With the expected revenue growth rate of 12 percent, the market value will reach $188 billion by 2024.

Every sector has an ultimate goal to achieve, and fintech is no exception. The exact volume of capitalization is secondary in this regard. The primary objective is to enable vast masses to access finance. Few other factors than technology development can be the primary driver for such adoption. Moreover, the motto "get digitized or die" has become inherent in modern financial services as in other industries.

Why is fintech destined to be digitized? What technologies meet fintech development tech stacks best? Where to find reliable fintech developers? These and other relevant topics await you in the article below.

Why Financial Services Must Be Digital

Generally speaking, digitization implies adopting and utilizing digital technology to improve efficiency, reliability, and performance. For a decade or so, people have seen the world around them through the lenses of various monitors, from giant screens of powerful workstations to tiny cameras of smartwatches. Digitization runs hand-in-hand with smartphones. If a sector or industry is unavailable in the virtual environment of operating systems, such a sector does not exist for gadget users.

Hence, however respectable a financial institution can be, it will lose in the competition without an up-to-date fintech solution. The reason is the sort of economy we all are approaching - the economy of attention. The users attention is occupied by digital in a broad sense. Services are migrating to computers of all sorts to catch a relevant niche in the users digital routines. Digitized services save time and effort for users, and they deliver convenience. Fintech makes life easier, and people appreciate it much.

Any financial service is obsolete without fintech. It does not meet the expectations of modern consumers. It resides somewhere beyond their habits. Digital technology makes services more efficient and easier usable. That's why fintech is not optional for financial institutions any longer. Any financial service must run as an application (mobile or web) to have some value in the eyes of nowadays customers. Hence, selecting the best tech stack for fintech development is never an idle question. Before diving into this topic, you can also read our guide on how to develop a fintech app.

Best Tech Stack for Fintech App Development

The diversity of development technologies allows software vendors to combine various languages, frameworks, and databases when setting up their tech stack for fintech applications. Since every fintech project is individual in its functionality, developers are flexible in choosing one or another technology for their fintech development technology stacks. At the same time, some technologies appear to be more popular than others in fintech app development. They are worth considering in the context of the major technology types they belong to.


Python is a versatile and highly scalable programming language and environment to be a perfect choice for a fintech development technology stack. Python offers a range of benefits, including easy integration and deployment across a range of platforms, sufficient flexibility and customization, and a high level of security and reliability.

Python's flexibility and versatility make it well-suited for creating and developing applications customized to a specific finance sector or function. Python's dynamic nature allows for quick and easy integration of new features or functions, and its simplified syntax can make learning how to code in Python fairly simple, even for beginners. Python's versatility and flexibility make it a powerful and functional programming language that can benefit fintech application development.


Java is a commonly-used object-oriented programming language that is versatile, straightforward, and highly powerful. The stability and popularity of Java make it an ideal language to include in a fintech development technology stack. The Java Virtual Machine (JVM) is an execution environment that allows Java programs to run smoothly and efficiently on different operating systems. This execution environment provides the necessary support and resources to ensure the smooth and efficient operation of fintech applications built in Java. It can facilitate quickly and easily integrating new technologies or features into existing applications. The JVM, in particular, offers numerous benefits for fintech projects, such as enhanced security and reliability and reduced costs and complexity in the development and deployment process.


Ruby is an open-source programming language designed for simplicity and ease of use. It makes the language appropriate for fintech development tech stacks because it can help to streamline and simplify the development of fintech applications and their architecture. In addition, Ruby is popular in the fintech sector due to its open-source nature – which allows fintech teams and individuals to use and customize Ruby to their specific needs and requirements.

Ruby's simplified syntax provides for a quick and easy learning curve, even for beginners, and its popularity makes it easy to find and hire developers. It also offers built-in support for data processing, networking, and file I/O, making it a powerful and useful language for fintech development.


In the context of fintech development, JavaScript's flexibility and versatility can make it well-suited for creating and developing fintech applications and services, as it can be easily customized and adapted to specific financial services and functions.

Additionally, JavaScript's popularity is based on some pre-existing libraries and code bases that can be used to expedite and simplify the development process for fintech development teams. JavaScript is often used alongside other popular and widely used web development technologies and products – such as HTML, CSS, and various web development frameworks – which can provide further customization and flexibility in the development and execution of fintech applications and platforms.


Frameworks help reduce application development's overall complexity, making them an efficient tool for fintech developers. They can automate the creation and use of various standard components or features and establish common patterns and conventions that can be used to develop and deploy applications. Thus, frameworks facilitate consistency and quality of fintech development technology stacks.


.NET is a comprehensive and flexible framework that can provide a solid foundation and platform for fintech development. This platform has a wide range of features and capabilities that can be leveraged to support the development of complex and robust fintech solutions. At the same time, the framework itself is open and extensible. Its capabilities and functionality can be easily refined and customized to the specific needs and demands of the fintech sector.

.NET is thus a powerful and helpful platform for fintech development, and it is likely to continue to be a popular and widely used platform for financial technology in the coming years. Read more on why fintech companies use .NET.


This JavaScript-based framework provides a simplified and standardized approach to web development, reducing the development process's complexity. The framework offers many built-in tools, such as a component library and routing system facilitating the development and deployment of web applications and platforms.

For fintech development tech stacks, Angular offers valuable features, such as component-based development and a two-way binding system. It also supports responsive design and dynamic routing, which help developers create more intuitive and responsive user interfaces. Additionally, Angular is built on top of and fully compatible with other popular frameworks, such as Bootstrap or jQuery, that enhance fintech solutions overall functionality and capabilities.


This popular framework is designed to accelerate and automate the development of Java-based applications and platforms. It is particularly well-suited for fintech development, as many financial products and platforms are built using Java-based technologies and products.

Spring can automate the creation and execution of business logic and backend components. It can help manage various tasks and processes, such as data access, transaction management, and workflow. The Spring framework's flexible and modular nature creates a highly conducive environment for customizations and tweaks.

Ruby on Rails

Ruby on Rails is a particularly well-suited tool for fintech startups, as they often have relatively limited time and resources available and are looking for ways to quickly and efficiently develop and deploy their products and services.

The power and flexibility of the Ruby programming language provide standardized and seamless workflows of Ruby on Rails. Its extensive functionality within a simple and flexible package allows fintech startups to quickly develop complex systems with a wide range of value and utility. Ruby on Rails simplicity, power, and flexibility make it an appropriate technology for fintech development tech stacks.


Databases are arguably the most critical component of fintech development tech stacks, as they store crucial information and data for the entire financial ecosystem. Without databases, there would be no way to store or manage the immense amounts of data generated by financial transactions and interactions – which would completely cripple the entire financial sector. Databases are, therefore, incredibly critical to fintech development tech stacks and are often the first and most crucial component to be established.


PostgreSQL is a reliable open-source database that can be extremely useful for fintech development tech stacks. Its flexibility and performance in handling massive amounts of data make it perfect for financial databases. Its open-source nature means it can be used across various applications and environments – making it a precious and worthwhile component of fintech development tech stacks. It is known for its exceptional performance, reliability, and security, which can be crucial for ensuring the smooth and safe execution of financial transactions and interactions.


Many thorough and multi-layered security measures make MySQL a highly secure technology capable of safekeeping the most sensitive financial data and transactions. MySQL also offers the ability to encrypt external connections and other communication channels – so the risk of unauthorized access to valuable financial data and transactions is greatly reduced.

The extensive data encryption and protection measures, strong account and access controls, and strict compliance with industry standards and guidelines all make MySQL a highly appropriate database for fintech development technology stacks, whatever project is to be built.


MongoDB's schema-less nature makes it a highly suitable choice for fintech development tech stacks, as it can provide the high level of flexibility and customization required for fintech processes and operations. The lack of predefined structure inherent in MongoDB also allows for greater flexibility and scalability, as the system can evolve and adapt to suit the ever-changing and constantly evolving needs of fintech development.

MongoDB's flexibility and adaptability allow for more creative and innovative fintech solutions to be developed and implemented that often require the ability to quickly and easily modify and adjust data structures to reflect newly adopted strategies or business models.

Real-World Examples of Fintech App Development Tech Stacks

To provide some inspiration and practical insights, let's explore the tech stacks used by some of the most successful fintech applications in the market.


Stripe is a renowned online payment processing platform for internet businesses. The platform is built using a blend of several technologies. The server-side application logic is written in Ruby, although they have also started using Scala for more computationally intensive tasks. For frontend, Stripe uses React.js. To manage data, Stripe utilizes PostgreSQL and MongoDB databases, along with Redis for caching. They also use AWS for cloud infrastructure.


Square provides business owners with a robust platform to accept payments, sell online, and manage their inventories. Its backend is primarily powered by Ruby on Rails and Java, with JavaScript (and specifically, jQuery) playing a significant role on the frontend. For data storage, Square employs MySQL and for caching purposes, Memcached. Square also utilizes AWS for cloud services.


Robinhood, a popular commission-free trading platform, uses a Python-Django backend, making the most of Python's strength in data analysis. On the frontend, React Native is used for mobile application development, offering a seamless experience across Android and iOS platforms. Robinhood uses PostgreSQL for data storage and relies on RabbitMQ for message queuing. They are hosted on Google Cloud Platform.


Revolut is a UK-based fintech company that offers banking services. It has a tech stack built with Java and Spring Boot for the server-side application. Kotlin is used for Android app development and Swift for iOS applications. PostgreSQL is employed for data storage, while RabbitMQ is used for real-time processing and synchronization. Revolut uses Google Cloud Platform for cloud services.

TransferWise (now Wise)

This money transfer service uses Java and Spring Boot for its backend, JavaScript and AngularJS on the frontend, and MySQL for data storage. Additionally, they use RabbitMQ for messaging and AWS for cloud services.


Monzo, a digital mobile-only bank based in the UK, uses a mix of Go and Java for its backend services, with Go being used to write the core banking platform. The frontend is built using Swift for iOS and Kotlin for Android. Cassandra is used as the primary database, and they also use Kafka for their event-driven architecture. Monzo is hosted on AWS.

As you can see, these examples demonstrate the diversity in the choice of tech stacks in fintech.

Summing up

The abundance and versatility of development technologies make establishing the best tech stack for fintech development a matter of debate unless your development partner is experienced enough to have its own ready-to-use tech stack. Besides, utilizing the capabilities of one or another technology depends on the individual features of different fintech projects. In addition, understanding nuances of financial services and interactions appears a must-have for a software vendor to create an up-to-date fintech solution capable of bringing real value to both financial institutions and their customers.

Experimenting with different tech stacks for fintech development is hardly inherent in true professionals who appreciate the time of their fintech clients. Highly skilled development experts know which tech stack to select to create a particular fintech solution, whether a mobile banking app or a web platform for crypto transactions.

Contact our development team to discuss your future project, we'll be happy to advise on the best approach to software development and tech stack to be used.

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