How To Build a Fintech App Like SoFi?

Key Takeaways:

• Fintech adoption is booming, with the market projected to reach $1.5 trillion by 2030, and over 78% of internet users already relying on fintech services.

• Building a SoFi-like app offers growth potential through high user demand, diversified revenue streams, scalability, and integrated financial services in one platform.

• The development of SoFi like app includes a step-by-step process from research and UX design to compliance, third-party integrations, testing, and continuous updates.

• Key features like seamless onboarding, banking modules, strong security, personalized insights, and real-time support define the success of a SoFi-style fintech app.

• The cost to develop an app like SoFi ranges from $30,000 to $250,000, depending on features, design complexity, AI integration, compliance, and other factors.

• Key development challenges include regulatory compliance, security threats, scalability, balancing cost with innovation, and dependency on third-party APIs.

• The monetization strategies include loan interest, transaction fees, subscriptions, investments, card interchange, affiliate partnerships, and trading services.

• Future-ready fintech apps should adopt trends like AI personalization, gamification, voice banking, DeFi, and sustainable finance to stand out in the competitive market.

Imagine having 10 different finance apps on your mobile, one for your banking needs, another for loans, one for investing, and another one for financial management. But is it feasible? Having so many apps can make both your phone and your life messy. 

Hence, a modernized solution to such an issue is having an all-in-one Fintech app that can help you manage every aspect of your personal finances. Such an app not only benefits the users, but it also represents a key business opportunity for the entrepreneurs.

Focusing on the current marketplace, SoFi can be identified as a fintech app that serves the financial needs of users. The app, once started as a student loan financing platform, is now a full-fledged fintech platform, preferred by users. 

With the increasing convenience and demand for such apps in the fintech space, the new-age entrepreneurs can actively seek new opportunities to build a fintech platform like SoFi. Such a platform can blend the service offerings like loans, investments, banking, and more, all in a single place. 

But along with being aware of such an opportunity, it is also important to understand “How to Develop an app like SoFi?”. Hence, if you are also having such a concern, then this blog is for you. 

This is not just a blog, but a detailed guide to SoFi clone app development, which will help you understand every detail, including the benefits, cost, process, and challenges of developing such a SoFi-like fintech app. 

What is the SoFi App? How Does it Work?

SoFi is an advanced fintech platform based in America. Founded in 2011 at Stanford University, with an initial focus on offering student loans. But gradually expanded to other segments of financial products and services. 

Such product offerings included personal loans, home loans, mortgages, credit cards, insurance, and other banking products. Despite offering banking facilities, it is completely digital, leveraging modern-day technologies to serve its customers and keep them engaged. 

Till 2025, SoFi has gained 5 million+ downloads and 11 million+ active users, contributing towards the app's success. The app was set up with a simple mission to help people refinance their student loans more affordably. 

Experiencing the positive response from the users, it gradually expanded its service offerings. But a key lesson to be learned from SoFi is its reason for success, which is convenience, user-friendliness, and the trust factor that the platform has built in the competitive fintech space. 

For instance, even a student with limited fintech awareness and understanding can easily start investing with automated guidance, or can even refinance at better rates. 

Before we delve into “How to create an app like SoFi”, let’s take a look at how the SoFi app works:

• User Sign Up and Onboarding: The user downloads the app, creates an account, and goes through the standard KYC (Know Your Customer) verification. 

• Personalized Recommendations: Once the user steps into the app, they can see diverse financial products and offerings tailored to their financial profile. 

• Service Request: From the suggested list of services, the user then places a service request as per his/her financial requirements.

• Verification and Approval: After the submission of the service request, the platform then verifies your account credibility and financial history, and accordingly approves or disapproves your request. 

• Other Features and Tools: The SoFi app has several other features and financial tools that assist you in your financial journey. Such include credit score monitoring, budgeting tools, financial planning, member rewards, SoFi Relay, and several others available on the app dashboard. 

Market Stats: 2025 and Beyond

The global fintech space is transforming rapidly, and apps like SoFi are driving such transformations. Want to know how? The industry and the app-specific statistics, mentioned below, justify such progress. 

► Global and Fintech Statistics

• The worldwide fintech market is expected to swell to $1.5 Trillion Industry by 2030. 

• Globally, over 78% of internet users use at least one of the fintech service offerings. Millennials are leading the race, with 91% of the population actively using fintech apps. 

• A PwC study reveals 88% of traditional financial institutions worry about revenue losses to fintech disruptors. Such highlights how quickly the ground is shifting.

These trends underscore growing consumer demand for personalized, convenient financial solutions.

► SoFi’s Growth Statistics

• SoFi recently announced a record 850,000 new members added in Q2 2025, pushing its total user base to 11.7 million members, with expectations to hit 3 million new members by year-end.

• In that same quarter, adjusted net revenue surged 44% YoY to $858 million, outperforming analyst projections and prompting a raised annual guidance to $3.375 billion.

• SoFi’s personal loan originations grew 66% YoY, totaling $7 billion. Additional segments, including student and home loans, have also posted significant growth.

• SoFi now serves nearly 14.9 million financial services products. Such users span across SoFi Money, Invest, credit cards, and more, a 35% increase year-over-year. Annualized revenue per product jumped 52%.

Such data reflects the shifting industry focus towards advanced and automated fintech apps like SoFi. Hence, with a strategic app model and UX differentiation, you can scale and make an app like SoFi in the fintech sector that can help you scale and stand out in the competitive industry. 

Benefits of Investing in a SoFi-like App Development 

Planning how to develop an app like SoFi is not just about entering the fintech space, but is more about tapping into one of the transforming and most profitable sectors. 

Let’s break down why you should invest in a SoFi-like app development as your next venture. 

1. Rapidly Growing User Demand

Digitalization is happening across the globe and in almost every key sector.

Following this, the customers are rapidly shifting from traditional banks to digital-first platforms. Reports show that approximately 80% of the internet users worldwide are using fintech services. 

Such a number is further expected to increase as the millennials and Gen Z are actively demanding mobile-first financial solutions. Hence, having an app like SoFi will help you cater to such market demand.

2. Diversified Revenue Streams

Focusing on how to build an app like SoFi is further beneficial due to its business model. Unlike niche financial apps, SoFi adopts diversified monetization strategies.

From loan origination fees, transaction changes, to banking service fees, and several others. 

Hence, such a multichannel revenue model ensures business resilience and scalability even during market fluctuations. Such an approach can be beneficial for your fintech app growth. 

3. Scalability and Future Proofing

Further, a key benefit of investing in SoFi clone app development is the scalability and growth opportunities. Further, with an eye on key business trends, including AI integration and blockchain in loan lending apps, these fintech apps can be future-proofed. 

4. Integrated Services

The scope of service offerings through these apps is not limited and can be expanded depending on your user base and their expectations. From banking facilities to investing, loan lending features, and even blockchain-based finance solutions, you can offer them all through a single platform. 

However, while integrating such diversified services, you need to focus on offering convenience and user experience so that even with each integration, your app does not feel heavy or lag. 

How to Build an App like SoFi?

If you are planning to disrupt the financial sector just like SoFi, then you need to have a detailed understanding of the development process, or a step-by-step process on “How to create an app like SoFi”. 

The mobile app development process for an app like SoFi involves several steps, each having its own importance, that can help you align your project with the latest tech trends and user expectations. 

So, let's take a look at the key steps involved in the development journey listed below. You can also check out the detailed guide on “How to create a fintech app” for a better understanding. 

Step 1: Conducting Market Research

The initial step is to start with the market research, understanding the competition, and the target audience. Such an approach can help you define your next fintech app's value proposition. 

Your app value proposition should be framed on identifying and eliminating the gaps and challenges the competitors are facing in the industry. Further, offering your targeted users and audience a better experience.

While doing such market research, you should focus on factors like demographics, behavior, market demand, and other associated market factors. These factors help get a better and detailed market overview, based on which a scalable app can be designed.

Step 2: Working on Your App Concept and Idea

Your research data means nothing without a solid concept behind it. Start with a rough app wireframe on paper, or use Figma if you prefer digital tools.

Don't worry about the app's visual appeal, but focus on user flow first. Can someone open your app and complete their goal in under 30 seconds? If not, redesign it.

Think about your unique selling point. SoFi started with student loans before expanding. What's your angle?.

Map out the user journey from download to their first transaction. Where do users get confused? Your app concept should solve a major problem really well. 

Consider different user types, too. College students behave differently from working professionals. Retirees have completely different needs.

Your wireframes should account for these differences without making things complicated. Along with these, key elements, such as color psychology, typography, and menu options, should be planned. 

Step 3: Plan App UI/UX

Your mobile app design can either break or scale your app. Great functionality means nothing if users can't figure out how to use it. Start by planning a user-friendly, engaging, and intuitive user interface that can help fulfill your targeted audience's expectations to the best. 

Start with information architecture before touching any design tools. Users get overwhelmed quickly, and financial apps already make people nervous.

Micro-interactions add polish, but don't overdo them. A subtle animation when money transfers confirms the action worked. Loading states keep users calm during processing. But too many animations make your app feel slow.

Consider platform differences, too. iPhone users expect different navigation patterns than Android users. Don't just copy your iOS design to Android. Each platform has its own best practices that users already know.

At this stage, an app prototype can be developed to test the app design and features, based on which relevant improvements can be made in real time.

Step 4: App Development

Now comes the actual coding part. Pick your app tech stack first because this choice affects everything else. Your frontend has to work well on phones and tablets. New users shouldn't struggle to figure out basic functions.

The backend is where things get tricky. You need a strong foundation that won't crash when hundreds of people use it at once. Python works great for fintech apps. Java is another solid option. Both handle security really well.

Database choice matters more than you might think. PostgreSQL keeps financial data safe and loads fast. MongoDB works too if your team prefers it. Your APIs need to facilitate the services and transactions your users are looking for.

Financial apps like SoFi further face a major cyber threat. Hence, it is important to use proper encryption everywhere, plan for data storage the right way, and make encryption a mandatory focus area of your app. 

Hence, it is significant to reach out to the best mobile app development company that can help you develop a secure and scalable fintech app.

Step 5: Focus on Third-Party Integrations

Your app can't do everything alone. Third-party services save you tons of development time and headaches; also, in the fintech sector, banking APIs are necessary. Users want to connect their existing accounts easily, check their credit scores, and experience other banking services all in one app.

Payment processing is where most apps mess up. Don't try building this yourself; you can plan for integrations like Stripe and PayPal. 

Credit scores make your app way more useful. Experian and TransUnion offer APIs that work pretty well. Users check their scores constantly, so this feature gets used a lot.

Fraud protection keeps bad actors away. Jumio does identity checks quickly. Onfido is another option that works reliably. These services cost money but save you from bigger problems.

Push notifications seem simple, but aren't. Use Firebase or OneSignal instead of building your own system. Email alerts need services like SendGrid or Mailgun.

Step 6: Aligning with Legal and Regulatory Standards

Here's where things get really complicated. Financial regulations change all the time and vary by location. You require lawyers who actually understand fintech. Regular lawyers won't cut it here.

PCI DSS compliance isn't optional if you handle payments; any violation can shut down your whole operation. Further, GDPR affects how you collect user data in Europe. 

It is also mandatory to ensure that your app's privacy policy is explained in basic language, so it is easily understandable for your audience.

Along with these, some states have their own rules, too. California's privacy laws are particularly strict. Texas has different requirements for money transmitters. So, it is essential to research every market before expanding into a specific region.

Budget for compliance costs upfront. Legal fees add up quickly, but they're cheaper than fixing violations later. Schedule regular audits every few months to catch issues early.

Step 7: App Testing and Quality Assurance

Testing financial apps is stressful, and checking every function can be expensive. But it is one of the steps that cannot be skipped at any cost. 

Follow a detailed guide on mobile app testing. Start with basic function tests. Does login work? Can users transfer money? Do account balances update correctly?

Further, relevant security testing, load testing, and user testing need to be performed. These are important to ensure your fintech app is safe from any unauthorized access, can handle the sudden load, and eliminates any point where your user might struggle. 

Step 8: App Launch

Launch day feels exciting, but it's also terrifying. Start small with a soft launch in one city or state. This lets you fix concerns before you plan to publish your app on the App Store or submit your app to the Play Store.

App store optimization takes more work than you expect. Your screenshots need to show actual value quickly. Most people decide in 3 seconds whether to download your app. Generic marketing copy doesn't work here.

Monitor everything during launch week. Server crash happens at the worst times. Have a dedicated team ready to push emergency fixes. User reviews can turn negative fast if your app doesn't work properly.

Step 9: App Maintenance and Updates

Launching your mobile app is never the last step in your journey to build an app like SoFi. Post-launch, ongoing maintenance is a key aspect to be focused on. 

Mobile app maintenance never stops with fintech apps. Check your servers every few days for weird behavior. Database slowdowns creep up gradually until users start complaining. Weekly monitoring catches problems early.

Security updates can't wait. When Apple or Google releases security patches, update immediately. Hackers move fast when they find new vulnerabilities. Your users trust you with their money, so act like it.

User complaints tell you what to fix next. App store reviews get brutal, but they're honest feedback. Support tickets reveal common pain points. Fix the issues that multiple users mention.

New features keep your app competitive, but don't add too many at once. Users get confused when everything changes suddenly. Roll out major updates gradually. A/B testing shows which changes actually help.

Features to Have in the SoFi-like App 

The success of your Fintech app, like SoFi, depends largely on the features offered. The key success factor of the SoFi app is that it is a full-fledged fintech app with a range of features. 

Below are some must-have features that you should consider, while stressing much upon “How to Create an app like SoFi?”.

1] Seamless Onboarding and KYC

A quick and seamless sign-in process plays an important role in controlling the drop-offs when a user downloads your app, and it also helps build trust. For such, you can plan for the AI-driven identity verification, as well as automated KYC checks. 

2] Core Financial and Banking Features

If you are investing in SoFi-like app development, then you can’t ignore the core financial and banking features. Such can include savings accounts, instant fund transfers, digital wallets, bill pay, and transfers, as well as a comprehensive dashboard to track every transaction and banking activity. 

3] Security and Compliance 

Focus on incorporating advanced security measures, multifactor authentication, and end-to-end encryption for your fintech app. Further, blockchain-based security layers can be added to ensure compliance with GDPR, PCI DSS, and local banking regulations.

4] Personalized Financial Insights 

Personalization is surely the key to retaining and engaging audiences on your app. Hence, when planning your roadmap to develop an app like SoFi, start by focusing on having a dashboard offering personalized financial insights to the users. 

5] Real-Time Customer Support 

Your fintech app should have real-time customer support features. Such support can be in the form of chatbots, in-app ticketing, push notifications, and other options, allowing your users to reach out to your team when required. 

6] Fraud Detection and Alerts 

A key feature to incorporate in your app is real-time fraud detection and alerts. AI-based fraud detection systems can be put in place to detect any unauthorized activities and to alert the user in real time.

7] Credit Monitoring

As a fintech app with a loan lending offering, your app should have a credit monitoring feature that can help users evaluate and understand their borrowing capacity in real time. 

8] Gamification Features 

Introduce features like rewards, achievement badges, or special interest rates for first-time users or loyal users on your platform. Such can help improve user retention and engagement statistics of your app. 

How Much Does it Cost to Develop a SoFi-like App? 

If you are planning to build a fintech app like SoFi, then a common concern that every entrepreneur has is “How much does it cost to develop an app like SoFi?”. Focusing on such a cost aspect is important, as it can help you better plan your project budget and avoid overspending. 

The average cost to create a mobile app like SoFi can range between $30,000 and $250,000. However, this cost is not standard and can vary depending on several factors, from functionalities to compliance frameworks, platforms, security features, and more. 

Challenges in Developing a SoFi-like App

Building a fintech app like SoFi can help you leverage the growth opportunities arising in the fintech space. But along with benefits, developing a comprehensive financial services app like SoFi involves significant challenges. 

Below are some of the biggest challenges businesses face.

Challenge 1: Navigating Regulatory Compliance

Fintech apps deal with highly sensitive data and must comply with strict regulations such as KYC, AML, GDPR, and PCI-DSS.  

But these compliances and regulations vary across regions, making compliance complex and time-consuming. Any oversight can result in impacting your app's reputation, as well as the users’ trust. 

Challenge 2: Achieving Scalability

Further, a key challenge that exists is to achieve scalability for your fintech app. An app doesn’t get scalability from day one; you need to understand the market scenario, user preferences, and accordingly make changes to your fintech app to achieve the desired scalability. 

However, your app, like SoFi's development strategy, should be aligned towards scalability from day one. Such includes planning for the architecture that can ensure smooth integration of new services, and can support feature scaling when required. 

Challenge 3: Privacy and Data Security

Financial apps face the most cyber threats, due to the involvement of sensitive and financial data of the users. Hence, the developers need to implement end-to-end encryption, biometric authentication, fraud detection systems, and real-time monitoring to prevent security breaches. 

However, striking a balance between mobile app security and user convenience is a key challenge if you fail to partner with a trusted AI app development company. 

Challenge 4: Tech and AI-related challenges 

Fintech apps have technology at their core. However, just like fintech apps, the tech is also transforming, and keeping pace with such transformation is again a key threat that entrepreneurs face. 

Such a technology is not just about the backend or frontend technology, but also includes a focus on modern tech upgrades, such as the use of AI, blockchain, and other tech aspects that can reshape the user’s experience. 

Challenge 5: Balancing Cost and Innovation 

Along with all, a key threat that entrepreneurs face is managing their budget while focusing on app maintenance and innovative feature offerings. 

Overspending can exhaust budgets, while underinvesting can impact the user’s experience. Hence, it is important to partner with experienced fintech app developers who can help you balance your budget and app experience.

Challenge 6: Third Party Dependency

A key challenge that fintech apps face is their dependency on third-party platforms. Such dependency is mainly due to the APIs from banks, credit bureaus, payment gateways, and trading platforms. 

Hence, any downtime or compliance issues from these third-party platforms can impact your app’s performance and user satisfaction. 

How SoFi-like Apps Make Money?

One of the most frequent questions entrepreneurs have before they invest in app development is: “How do SoFi like apps make money?”.

The answer is a strategic combination of legacy financial services, contemporary fintech monetization schemes, and user-led approaches. Let's discuss more about such app monetization models in detail:

1. Interest on Loans

SoFi began as a student loan refinancing platform, and lending is a significant contributor to revenue. Such apps make money through interest paid on personal loans, mortgages, student loans, or credit lines. The higher the users borrow, the more the app makes from repayment over time.

2. Transaction Fees

While most fintech apps offer “no hidden fees,” they do generate revenue by taking small transaction fees for services such as money transfers, credit card payments, or investment trades. They might be small per user, but collectively add up enormously with millions of users.

3. Subscription & Membership Plans

Premium levels are growing in popularity. For instance, an app like SoFi can provide special benefits, better returns on savings, fee-free trading, or financial learning, in exchange for a monthly/yearly subscription. A recurring revenue stream adds stability to the company.

4. Investment & Wealth Management Services

Robo-advisors and wealth management platforms earn revenue by offering a percentage of assets under management (AUM). Even a minor fee for a year (such as 0.25%–0.5%) becomes lucrative at scale, particularly when users have confidence in the platform for long-term investment.

5. Debit/Credit Card Interchange Fees

If your app provides a branded credit or debit card, when a customer makes a purchase, the app receives a portion of the interchange fees paid to merchants. It has turned out to be a steady income stream for fintech players and digital banks.

6. Affiliate Partnerships & Cross-Selling

SoFi and other such apps frequently partner with insurance companies, real estate websites, or other financial institutions. By selling third-party services (insurance, tax advice, etc.), the app generates commission or referral fees.

7. Margin Lending & Trading Services

For people looking to trade in stocks or cryptocurrency, apps can make money from margin lending (interest made from borrowed capital used to trade) and from spreads/fees on cryptocurrency transactions. Because of the explosion in retail investing, this business model has been more and more profitable.

8. Data-Driven Insights (Ethically Monetized)

Though sensitive, anonymized financial information can be profitably sold to institutions or businesses through market insights. This must be done under strict adherence to privacy legislation, ethical guidelines, and terms of use from users.

Trends to Leverage to Stand Out 

The fintech space is transforming rapidly, but along with such a boost, the market competition is increasing. Hence, if you want to build a SoFi-like app that stands out, then understanding the emerging fintech trends is crucial.

Here are some key trends that are shaping or are expected to shape the future of fintech apps. 

A] AI-Powered Personalization

Modern users, including both Gen Z and millennials, expect financial apps to go beyond offering generic banking and financial services. 

Hence, if you are preparing a roadmap for SoFi clone app development, then you should consider incorporating features like AI-powered personalized recommendations, robo-advisor investment plans, and predictive spending insights. 

You can partner with an experienced AI app development company to incorporate such AI features in your fintech app.

B] Gamification of the Fintech Apps

Another trend that has taken over the fintech space is the gamification of the apps to make the platform more engaging. 

The advanced apps are focusing on features like reward points, leaderboards, saving challenges, and gamified credit score improvement tools. Such helps boost user retention and make the app more engaging for all. 

C] Voice and Conversational Banking

The rise of AI-driven chatbots and voice assistants is a key trend that you can’t ignore if planning to make an app like SoFi. 

Users nowadays want to check balances, transfer funds, and get investment advice just through regular conversions. Hence, having such features in your app can boost its competitiveness. 

D] Decentralized Finance

A key trend that can be focused on is the DeFi and blockchain integration in the fintech app. 

Features like crypto wallets, peer-to-peer lending, or tokenized investments can offer your app a future-proof edge, providing you with a balance of strong compliance measures. 

E] Green & Sustainable Finance

Along with all, a key trend that can be observed to exist is the eco-consciousness in the fintech app. The users are preferring apps that follow the ESG policies, have carbon footprint calculators, and other green saving incentives that can encourage and attract users. 

How JPLoft Can Help You Develop an App like SoFi?

At JPLoft, we know it takes more than writing code to develop a fintech app like SoFi, building a safe, smart, and scalable platform that consumers trust with their finances. 

We are the top fintech app development company, using AI-driven solutions to develop fintech platforms with predictive analytics, robo-advisors, fraud prevention, and customized financial insights. By integrating these sophisticated features, we enable you to develop an app that becomes increasingly intelligent and interactive with each update.

From planning to deployment, we handle everything: ideation, UI/UX, backend architecture, third-party API integrations, and regulatory compliance with KYC, AML, PCI-DSS, and GDPR. Whether you are going small with an MVP or a well-built financial ecosystem, our agile development process ensures a quicker go-to-market with scalability and security at its center.

Through a proper balance between innovation, compliance, and AI-powered personalization, we ensure your vision gets translated into a future-proofed solution that can compete fairly with fintech giants and the arising industry competition.

Conclusion

By now, you must have got a detailed understanding of “How to create an app like SoFi?”. It can be concluded that developing a fintech app like SoFi is not just about creating a user-friendly application. 

But along with that, there is a need to pay special attention to the app security, service offering, and competitive features, all while keeping the user interface simple and clean. Hence, the recommended approach is to connect with experts who can better guide you with your project. 

So what else are you looking for? Start by defining your project plan, hiring the expert team, getting cost estimates, and trusting the experts. In such a way, you will be able to focus more on the operational aspects of a fintech app like SoFi, rather than being stuck in the technical processes. 

Let’s build a scalable and competitive fintech app together and bring your fintech app idea to reality.