10 Things to Know Before You Hire Fintech Developers for Your Project

In today’s digital-first world, financial technology (fintech) is revolutionizing how we bank, invest, lend, and manage money. Whether you’re building a digital wallet, a lending platform, or an AI-powered trading app, hiring the right fintech developers is crucial to the success of your project.

But not all developers are created equal—especially in a highly regulated, data-sensitive industry like fintech. Here’s a comprehensive guide covering the 10 most important things to know before you hire fintech developers for your next big project.

1. Understanding the Role of a Fintech Developer

Before diving into the hiring process, it’s essential to understand who fintech developers are and what they do.

Fintech developers specialize in building financial applications with advanced technical functionality, security, and compliance. Their role goes beyond basic software development; they:

• Design and develop financial software platforms
• Ensure regulatory compliance and data security
• Implement complex algorithms for real-time transactions
• Integrate third-party financial APIs and services

Hiring a general software developer for a fintech project can result in security flaws, regulatory missteps, and scalability issues.

2. Why Domain Expertise in Finance Matters

In fintech, domain knowledge is not optional—it’s vital.

Hiring a developer who understands financial terminology, transaction workflows, and regulations such as PCI DSS or KYC/AML can:

• Reduce development errors and delays
• Ensure seamless integration with legacy financial systems
• Make your software future-proof and audit-ready

Tip: Always ask for examples of previous fintech projects or applications your candidate has worked on.

3. Technical Skills to Look For in a Fintech Developer

The fintech space demands a deep stack of technical skills. Here’s a table highlighting key skills and their relevance:

Make sure your developer has hands-on experience with at least most of the above.

4. Security and Compliance Awareness

Security isn’t just a feature in fintech—it’s the foundation.

The developer must:

• Encrypt sensitive user and financial data (e.g., AES, SSL/TLS)
• Implement strong authentication and access controls
• Follow data privacy laws (GDPR, CCPA)
• Know regulatory frameworks such as:
  • PCI DSS (for payment systems)
  • KYC (Know Your Customer)
  • AML (Anti-Money Laundering)

Ask your candidates about their approach to secure coding and past compliance audits.

5. Experience with Core Financial Systems & Integrations

Many fintech applications rely on integrating with third-party systems. The developer must be proficient in:

• Open Banking APIs
• Plaid, Yodlee, or Tink for account aggregation
• Stripe, PayPal, Square for payment processing
• SWIFT, SEPA, or ACH for international banking

Failure to integrate properly can delay launches and jeopardize user trust.

6. Onshore vs Offshore Hiring: What’s Best for You?

Choosing the right hiring model depends on your budget, timeline, and project scope. Here’s a comparison:

For complex fintech apps, offshore or agency-based models often strike the best balance between cost and quality.

7. How to Evaluate a Developer’s Portfolio or Case Studies

Looking at portfolios isn’t just about pretty UIs. You’re searching for proof of concept, such as:

• Real-world fintech projects with metrics (e.g., 10,000+ daily transactions)
• API integrations, data encryption implementations
• Challenges faced and how they were resolved
• Working demos or GitHub repositories

Red flag: Lack of any past experience in fintech development.

8. Communication, Collaboration, and Agile Methodologies

Building a fintech product isn’t a one-time effort—it’s an ongoing evolution.

A great fintech developer should:

• Be fluent in Agile/Scrum methodologies
• Communicate technical issues to non-technical stakeholders
• Use tools like JIRA, Trello, Slack, Git for transparent collaboration

Pro tip: Conduct a live problem-solving session or sprint planning exercise during the interview.

9. Budgeting and Cost Expectations

Costs can vary significantly based on location, experience, and project complexity.

Here’s a rough cost breakdown:

Also consider:

• Cost of licenses, cloud services, and APIs
• Maintenance and future upgrades
• Security and audit expenses

Avoid the cheapest option—it often results in higher long-term costs.

10. Questions to Ask Before Signing the Contract

Before making a commitment, ask these critical questions:

1. Can you share case studies or references from past fintech projects?
2. How do you handle data security and compliance?
3. What technologies do you recommend for our specific needs?
4. What’s your approach to DevOps and deployment automation?
5. How will you support the application post-launch?

These questions will help weed out generalists and identify developers who understand fintech’s unique challenges.

Final Thoughts

Hiring fintech developers is not just about finding someone who can write code. It’s about choosing a strategic partner who understands the nuances of finance, the importance of compliance, and the need for secure, scalable infrastructure.

Take your time during the hiring process. Vet candidates thoroughly, ask the right questions, and prioritize experience and domain expertise over price.

Because in fintech, the cost of a poor hire is more than just code—it’s compliance violations, security risks, and lost trust.