Tech stack used by fintech startups in 2023

Choosing a tech stack is not a cakewalk. Every fintech startup needs different technologies. Therefore, we have compiled a list of the top technologies that will surely be rocking in the fintech sector in the year 2023.

It is certainly necessary to examine what makes it possible for a FinTech to keep up with its growth. There is no doubt that technology is a major factor in digitizing finance, some would even argue that it is the only factor. The goal of FinTech app development is to provide people with easy access to finance through digital solutions. The technology stack required for exemplary FinTech applications must be capable of meeting all the complex requirements of each project. Examples of technology stacks include programming languages, frameworks, databases, containers, version control, and all other technical components involved in developing the application. So, we have listed some of the tech stacks used by fintech in 2023.

What is a Tech Stack?

Tech stacks refer to the combination of technologies used by a company to build and run its applications or projects. This is also known as a 'solutions stack'.There are many types of tech stacks, such as programming languages, frameworks, databases, front-end tools, back-end tools, and applications connected via Application Programming Interfaces (API). When building a FinTech product, you should consider your goals, non-functional requirements, and technologies you will use. Your product's performance and creation will be greatly impacted by these considerations.

Why is Tech Stack Important?

The tech stack is the foundation of your application. The tech stack determines an application's competitiveness and viability. The tech stack you choose will ultimately determine:
  1. Functioning of product

  2. The behavior of your product

  3. Product's scalability

  4. Application and data storage (local or cloud)

  5. The capacity of server systems

Popular Tech Stack in Fintech in 2023

Several companies are using similar technologies, but only a few have the same technology stack for FinTech app development. The technology stack will vary for every project based on its requirements. There are a few technologies that have recently become popular in FinTech due to their versatility, diversification, and features. We will highlight the technologies that are common to many FinTech app development companies.

Programming Languages

FinTech applications rely heavily on programming languages to achieve technical success. Scalability and security are essential for FinTech products. The following are the top programming languages that are becoming increasingly popular in FinTech:

1. Python

Python is the preferred language for FinTech developers because it offers more possibilities. There is also a strong supply of Python-skilled talent due to its popularity among developers. Moreover, Python is transparent, so fewer bugs can occur during the development process. When building FinTech products and ensuring a seamless experience, this is extremely important. Python's simplicity reduces the time to market as well, so writing code in Python takes less time. There is a wide collection of open-source libraries available to Python developers, so they do not have to create separate components from scratch. Additionally, it can be used when building web applications using the popular Django framework.

2. Ruby

There was a time when companies hired FinTech developers who knew only Ruby. Companies in the FinTech industry benefited from the simple, dynamic, and interactive programming language. It can be used to create asset management solutions, e-wallets, digital payments applications, and financial dashboards. Companies are offering FinTech app development services with teams of Ruby (and Ruby on Rails) developers. For FinTech products, simplicity is the biggest advantage, as it accelerates the development process.

3. Java

FinTech app developers can develop exceptional FinTech apps with Java, one of the oldest and most widely used programming languages. It is easy to create scalable and cross-platform FinTech products using the Java Virtual Machine. In terms of FinTech security, Java offers the best levels of protection. There is a powerful security manager and runtime constraints. Among its security solutions are chatbot development, fraud detection, trading & investment, and mobile wallets.


Although programming languages are important for writing code, frameworks are important for creating applications. Frameworks are the foundation for any application, whether it's a web application or a FinTech mobile app. The following are the three most popular frameworks for FinTech solutions:

1. Ruby on Rails

It is also known as "the startup framework," Ruby on Rails is the framework of choice for developing quick MVPs. Using the framework and the best software development company can reduce the development time by 25% to 40%. A technology that offers speed, flexibility, and scalability is essential for companies in FinTech, given the ever-increasing competition. There are three advantages to Ruby on Rails. Chime and Coinbase use it to power their apps.

2. Django

Powered by Python, Django is the primary framework used by FinTech firms to develop apps. It provides an amazing interface and capabilities for developing complex FinTech solutions. Django is among the technologies used by Robinhood, one of the largest commission-free stock trading apps.

The Django REST API, Sentry, and other packages simplify application development with Django. AI and ML can also be integrated into FinTech applications with the framework's numerical computation, analysis, and scientific computing features.

3. Spring

The Java-based framework is great for building FinTech applications. The system simplifies complex project requirements by offering ready-to-use components. Spring provides a robust mechanism for authentication and authorization, which is essential for FinTech products. As Spring projects revolve around the Java ecosystem, they are constantly evolving. FinTech companies benefit from the framework's scalable app development capabilities.

In the FinTech industry, Spring receives regular updates, making it a trending framework.


FinTech solutions require a database to be chosen carefully. When it comes to databases, security is a key factor, but companies also need high performance. These are the top 3 most popular databases for FinTech applications:

1. PostgreSQL

Responses to queries are rapid in the database. It is the most popular database for FinTech applications. Numerous programming languages are supported, along with amazing analytical capabilities. Several major FinTech companies use PostgreSQL, including Robinhood, Revoult, and N26. Using FinTech apps, it is possible to mask and encrypt confidential information transparently for better security.

2. MySQL

MySQL is another popular database used by companies. Cross-platform functionality is offered by this high-performance database. The database is highly secure due to its complex algorithms. The structured format simplifies the storage of data for FinTech applications. To protect company data, MySQL offers stringent security measures.

3. MongoDB

The MongoDB database is the main component of any highly scalable application. It provides amazing query responses and is fast. Its schema-less nature eliminates the need for a schema. It stores data as Binary JSON and document-based data models. The database offers faster database access, making it a suitable choice for FinTech applications.
Hundreds of technologies can indeed be used for FinTech applications, but some of them are more suitable than others.

Things To Consider When Choosing Your Tech Stack

It is the technology stack that determines what kind of product your FinTech will be able to build and how it will impact your hiring needs. In the case of a Python-based tech stack, you will need an Engineer skilled in Python.

Using the right tech stack for your product will make it much easier to build and will enable it to evolve according to the needs of customers and the market. Even though there isn't a one-size-fits-all tech stack, it is important to find one that your engineering team and company are comfortable with. The decision on the tech stack will have a major impact on both your developers and consumers, as it will influence the functionality, future scalability, and how your team will approach this project.

Tech stacks are also heavily influenced by the stage of funding your startup is currently in. Pre-Seed or Seed-funded startups that are still getting traction are naturally inclined to select low-cost tech stacks that can be switched out once they have secured funding or market interest.

After a startup has established its market size and market interest (Series A and beyond), its tech stack should maximize scalability to meet the required demand.

Wrapping Up

Some technologies are better suited to FinTech applications than others, although there are hundreds of technologies out there available for this purpose. It depends on the project requirements, however, which technology should be used. Listed above are some of the most popular technologies used by companies worldwide because we understand the necessity of discussing them.

More articles: Fintech


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