How to build MVP for Pre Seed Funding 

MVP or Minimum viable product can be any product with just enough features to be usable by early customers who can then provide feedback for future product development.

While MVP can be across all industries and domains, in this blog we will focus on MVPs for Apps and how to build one for Pre Seed Funding.

Don’t worry if you aren’t aware of these terms, this blog will make sure you take away a lot more than you came with!

What exactly is MVP Application in the IT industry?

A Minimum Viable Product (MVP) app is a basic version of a software application that includes only the core features and is used to test the viability of an idea. This is like the baby version of your dream app, with some of the important features, ready to be tested for the real world. 

Why should you invest in a Minimum Viable Product?

It validates your product idea

MVPs help validate if there’s a market for the app and if people want it. 

It helps gathering the most important proof- User Feedback

MVPs help developers learn from early adopters and get insights on how to improve the app. 

Gives you a reality check

MVPs help entrepreneurs avoid wasting time and money on features that no one wants. 

Lays foundation for full-scale development

MVPs can be the foundation for developing a more polished and feature-rich app. 

Check out our Fintech Apps with great Ui Ux and features to understand more about Market Demand around Fintech.

What is MVP in Agile Development?

Agile development is a method of development where we focus on delivering a product in small, functional increments. This works really well when it comes to software development which helps to focus on collaboration, iteration and adaptability.

Here MVP is an early version of a product that has the minimum features needed to test the product’s concept and gather user feedback.

A reminder

There have been long debates on whether MVPs are necessary and prerequisite for Pre Seed Funding.

The answer is no.

Does having a MVP help your pitch for pre-seed funding?

Yes, when the MVP is done well and enhances the overall pitch.

But it’s not essential, and a large (and growing) number of startups are able to use the pre-seed funding they attract to build the MVP. It totally depends on your startup’s needs and funding situation.

How to build an MVP App and raise Funding in 2024

Here comes the important part of the blog. Suppose you have a great idea for your Fintech App, and have researched the market need of your imagined product, which is going to rise in numbers as you grow. But while seeking Pre Seed funding, you come to know that since your idea is already for an app, having an MVP can lead to building a better pitch and build trust to your investors.

You can refer to our blog
Flutter or React Native for Fintech App Development to understand and choose better for your Fintech App Development.

Talking numbers first, on an average, building MVP for Fintech App Idea may range between $50,000- $100,000 depending on various factors like the core idea, features, legalities and other important factors.

Here’s a quick breakdown of the cost of building an MVP for your Startup’s pre seed funding.

Features: Payment processing, user accounts, data security.

Estimated Budget: $50,000 – $100,000

Development: $30,000 – $70,000

Design: $10,000

Compliance/Legal: $5,000 – $15,000

Testing: $5,000

We can help you build an MVP for your Fintech startup at a competitive market price and limited time.

Our team of experienced developers and Ux/Ui designers are always up for innovative and exciting projects. We would be happy to become a part of your Fintech Dream!

Book a meeting now and let’s figure out your way to funding with a perfect to pitch MVP.

Things to keep in mind while building an MVP

1. Market Research

2. Target Market Analysis and building User Persona

3. Key features- How is your app different from the sea of apps already present

4. Finally, build MVP by partnering with experienced and expert app developers who understand the nuances of Fintech. 

If you are starting your “Finding Investors” quest, we have got an exclusive list of Micro VCs and Pre Seed Investors, with their Emails, LinkedIn Profiles and Contact Info, just for you!

Download the FREE SpreadSheet Now from the link below!