3 Fintech Stocks For Your March 2022 Watchlist
Fintech stocks are among the most popular stocks in the stock market over the past few years. However, they have been flying under the radar lately as most of the focus has been on the Russian invasion and the industries affected by it. Moreover, sentiment around fintech stocks has also been relatively bearish as pandemic-driven growth begins to slow down. Despite that, smart investors are still paying close attention to the industry. After all, financial technology is often considered the future of finance.
Similar to most tech-related industries, fintech companies are also always on the move to improve their products and services. Earlier this week, Mastercard (NYSE: MA) announced a partnership with Aplazo, the first omnichannel buy now, pay later platform in Mexico. This collaboration aims to bring the first-of-its-kind virtual card solution to Latin America. The virtual card brings secure digital payments to the region while providing a seamless payment journey to customers.
On top of that, Visa (NYSE: V) recently announced the acquisition of Tink. For the uninitiated, Tink is an open banking platform that allows financial institutions and fintechs to build financial products and services. As of now, Tink is integrated with more than 3,400 banks and financial institutions. With the advancements in the industry, it is likely that fintech will continue to have a place in our future. With that said, here are some of the top fintech stocks in the stock market today.
Fintech Stocks To Watch Right Now
- IDT Corporation (NYSE: IDT)
- Upstart Holdings Inc (NASDAQ: UPST)
- Block Inc (NYSE: SQ)
IDT
IDT is a company that provides fintech, unified cloud communications, and traditional communication services. The company’s Fintech segment consists of BOSS Revolution Money Transfer and National Retail Solutions (NRS). Its BOSS Revolution Money Transfer is a provider of money remittance and related payment transfer services. Meanwhile, NRS is an operator of a nationwide point of sale (POS) retail network that facilitates digital advertising and payment processing. Despite the volatility faced by IDT stock over the past year, it has still risen more than 40% within the period.
Earlier this week, IDT announced the acquisition of Leaf Global Fintech Corporation. This is a provider of digital wallet services in emerging markets currently serving unbanked customers in countries such as Rwanda, Uganda, and Kenya. Its innovative mobile platform is available on smartphones, feature phones, and other mobile devices through the Leaf Wallet apps. So, consumers using the application can store, send, receive, and even exchange currencies on their phones domestically and across borders.
In addition, IDT also announced its second-quarter financials last week. The quarter was highlighted by improvements in gross profit, income from operations, and Adjusted EBITDA. These are largely driven by the continued expansion of its growth-focused businesses. Besides that, its NRS also saw increasing adoption as it added nearly 1,400 net POS activations and 1,200 NRS Pay accounts. As such, NRS revenue more than doubled from the year-ago quarter to $10.6 million. Given these exciting developments, would IDT stock be a top fintech stock to watch right now?
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Upstart
Following that, we will be taking a look at Upstart. For those unaware, this is a cloud-based artificial intelligence that specializes in the financial services space. Its lending platform aggregates consumer demand for loans and connects it to its network of Upstart AI-enabled bank partners. By leveraging machine learning models, it could accurately identify risk and approve more applicants than other traditional credit-score means. Also, its bank partners can define its own credit policy and determine the significant parameters of its lending program.
Last week, the company announced its new mobile-first Upstart Auto Retail online platform. The platform aims to deliver an improved user experience alongside some other new features. According to Upstart, dealers on its online platform see 66% of its traffic from mobile devices. Hence, to match the expectations of modern car buyers in today’s world, car dealers would also need to provide a world-class mobile experience. In fact, Volkswagen has chosen Upstart Auto Retail as one of its preferred digital retail providers.
Upstart will help to modernize dealerships through an omnichannel car buying experience. It will provide a seamless transition from online to in-store experience as the platform keeps the customer experience consistent from start to finish. This way, salespeople will also have more insight when a buyer walks into the shop and ultimately provide a more satisfying customer experience. To say the least, being chosen by one of the largest automotive manufacturers in the world is a testament to Upstart’s ability to deliver top-class digital retail solutions. Thus, should you be keeping close tabs on UPST stock?
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Block
Another fintech company that may be trading at a bargain right now would be Block. Formerly known as Square, Block is a technology company that focuses on financial services. Its building blocks are made up of Square, Cash App, Spiral, and TIDAL. Consumers can use its Cash App to send, spend, or even invest their money in stocks or cryptocurrencies. Meanwhile, business owners could utilize Square to run and grow their businesses with an integrated ecosystem of commerce solutions, software, and banking services. So, it should not come as a surprise that investors are constantly on the lookout for buying opportunities with SQ stock.
As Block strives to be a leader in financial technology, the company has been forging partnerships around the world. Today, Square and CodeBase announced a collaboration to provide entrepreneurs with access to Square’s payment ecosystem and application programming interfaces (API). Square’s rich set of APIs and software would likely nurture new opportunities for developers in the U.K. In fact, this would be the first-of-its-kind partnership in the U.K.
Not to mention, Square also recently announced two new products in Ireland. Namely, Square Marketing and Square Loyalty will be available in separate subscriptions for Irish businesses. These products aim to help businesses grow their sales and better engage their customers with just a few clicks. Square Marketing allows businesses to send and track email marketing campaigns in minutes. Thus, allowing sellers to gain key business insights with analytics with ease. Meanwhile, Square Loyalty is a tool that helps turn one-time visitors into regulars and increase repeat visits. All in all, Block appears to be firing on all cylinders. As such, do you believe SQ stock would follow suit?
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