Crowdfunding App Development:  what do you need to know?

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    Creation of something new is always a challenging and quite risky process as you can’t know for sure whether your idea will be successful and bring you profit and recognition. That’s how people came up with the creation of crowdfunding apps – special platforms where startupers and innovators can raise money for their projects and find first early adopters. Crowdfunding platforms are of great demand for entrepreneurs and businesses all over the world, so if you’re planning to create software – crowdfunding app may be a winning choice.

    Brief Crowdfunding App Market Statistics

    The Fintech industry is on the rise. As of Q1 2022, the number of global downloads of fintech apps exceeded 1,7 billion, including crowdfunding apps. The general market value of the crowdfunding industry is $12.27 billion and is expected to double by 2027. Speaking of the USA, the crowdfunding transactional value is one of the highest and is very likely to reach $574.3 million in 2025 (based on the data from Statista research, 2021).

    Crowdfunding App Development: Key Features 

    1. Payment Gateway – ability to raise money or make other transactions is the main intention of every crowdfunding app. Take care of your users by adding options for multiple currencies. This way you can attract more people that can invest money in the projects on your platform.
    2. Progress bar – a visual representation of progress is a great motivator, especially when it comes to financial campaigns. Add a progress bar to show the financial goal, how much money has been already raised and how much money is needed to complete the goal, how many donors invested their money, etc. So graphics with different bright colors is a must!
    3. Security features – it’s obvious that people want to conduct financial operations only when they are sure that the app is reliable and their personal info will be safe and secure. Add different types of data encryption and authentication. You can significantly strengthen your app security by using AI – it can easily detect fraudulent activities.
    4. Social Networks Integration – the main idea of crowdfunding is to find your ‘crowd’ of like-minded people and make them believe in your project’s success. The best way to make the info about a project viral is to share it on social networks. That’s why you should add all the needed features to make sharing across social networks effortless. 

    How To Make Crowdfunding App Development Cost-Efficient?

    Any software development process is quite an expensive process. However, there are still some ways to reduce your crowdfunding app development costs. 

    First of all, you can not develop the full-scale app at once but move with small steps and launch each next update to the market gradually. The best option is to start with MVP development. A Minimum Viable Product (MVP) is a basic version of your which contains core features only. MVP is often used by startupers to attract first users, gather their feedback, find more investors and get profit to continue the development process.

    Secondly, you can save a lot of time, money, and nerves by using a cross-platform approach that allows you to launch your app on multiple platforms at once. This way you don’t need to develop separate apps for iOS, Android, or other operational systems.

    And last but not least, think of crowdfunding app development outsourcing instead of hiring in-house tech teams. It will allow you to focus on more important tasks instead of spending time on project management. Moreover, if you find a tech team with an adequate price-quality ratio, you can save your budget. For example, the average hourly rate of app developers in Ukraine is 40$ (in comparison, in the US this ratio is 80$). At the same time, it is proved that Ukrainian developers are reliable, responsible, and have great tech expertise. Feel free to reach out to Perfsol – a Ukrainian crowdfunding app development team that can cover all app development needs using up-to-date technologies and a creative approach!

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