The global fintech market is valued at $209.7 billion in 2024 and projected to reach $644 billion by 2029—a 25.18% CAGR driven by advancing automation technology and the surge in online and app-based financial services. Choosing the right outsourcing partner is critical.
At Boundev, we help fintech companies evaluate and select strategic development partners. This guide covers the evaluation criteria, implementation process, and security requirements that separate excellent partners from risky ones.
Fintech Market Growth
The numbers driving fintech outsourcing demand:
Common Fintech Industry Challenges
Before evaluating partners, understand the challenges they must solve:
Cyber Attack Risk
High risk due to lack of 24/7 threat detection, insecure development practices, and missing zero-trust architecture.
Regulatory Compliance
Difficulty integrating evolving frameworks like GDPR, PCI DSS, SOC 2, and regional financial regulations.
Legacy Systems
Outdated monolithic architectures that hinder innovation, slow development, and block cloud migration.
Talent Shortage
High costs and slow hiring cycles for niche skills like AI, Blockchain, and DevSecOps specialists.
Innovation Pressure
Stress to deliver fast, cheap, and secure products without compromising stability or user experience.
Critical Partner Evaluation Criteria
Security Integration
Security must be built-in from day one, not added later. Look for security-first architecture, regular penetration testing, encryption standards, and zero-trust protocols.
Red Flag: Partners who treat security as a post-development add-on rather than a foundational requirement.
Compliance-First Mindset
Expertise in regulatory mapping and automated reporting. Partners should understand GDPR, PCI DSS, SOC 2, and relevant regional frameworks.
Ask About: Previous experience with regulatory audits and compliance certifications.
Scalability Focus
Modular fintech app architecture (wallets, KYC, payments) and API-first designs. Systems should grow with transaction volume without performance degradation.
Verify: Experience building systems that handle millions of transactions without bottlenecks.
Elite Talent Access
Access to specialists in AI, Blockchain, DevSecOps, and cloud infrastructure. The fintech talent shortage makes this non-negotiable.
Request: Team profiles demonstrating relevant fintech project experience.
Agile & Post-Launch Support
Focus on rapid go-to-market with long-term optimization. Partners should offer 24/7 monitoring and continuous feature evolution.
Confirm: SLA terms for post-launch support and security monitoring.
5-Step Implementation Process
| Step | Phase | Activities |
|---|---|---|
| 1 | Discovery & Assessment | Identify gaps, risks, and strategic opportunities |
| 2 | Architecture & Planning | Finalize tech stack, security protocols, and compliance approach |
| 3 | Rapid Development | Agile sprints with built-in security layers and automated testing |
| 4 | Compliance & Go-Live | Final security testing, regulatory validation, and smooth launch |
| 5 | Continuous Monitoring | 24/7 security tracking, performance optimization, feature evolution |
Data Security Requirements
Security Risks
The consequences of inadequate security in fintech:
Partner Requirements
Non-negotiable security capabilities:
Frequently Asked Questions
What should I look for in a fintech outsourcing partner?
Key criteria include security integration from day one, compliance-first mindset (GDPR, PCI DSS), scalable architecture, access to elite talent (AI, Blockchain, DevSecOps), and strong post-launch support with 24/7 monitoring.
How big is the fintech outsourcing market?
The global fintech market is valued at $209.7 billion in 2024 and projected to reach $644 billion by 2029, growing at 25.18% CAGR. This growth is driven by automation technology and app-based financial services.
Why is security critical for fintech partners?
Fintech handles sensitive financial data. Poor security leads to regulatory penalties, customer trust erosion, fraud losses, and service disruption. Security must be built-in from day one, not added after development.
What compliance standards apply to fintech?
Key standards include GDPR for data protection, PCI DSS for payment card security, SOC 2 for service organization controls, and various regional financial regulations depending on operating geography.
What is a zero-trust security architecture?
Zero-trust assumes no user or system is inherently trusted. Every access request is verified regardless of location. For fintech, this means continuous authentication, micro-segmentation, and least-privilege access.
How long does fintech partner onboarding take?
A structured process typically includes discovery (1-2 weeks), architecture planning (2-4 weeks), then iterative development sprints. Key partners should demonstrate agile capabilities with rapid go-to-market focus.
Ready to Find the Right Fintech Partner?
Boundev helps fintech companies evaluate partners and build secure, compliant, and scalable financial technology solutions.
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