Top Fintech Stocks To Consider Buying In The Stock Market Today
Fintech stocks are in the limelight as the world shifts at a steady pace from traditional financial transactions. The fear of coronavirus spreading due to the usage of banknotes has encouraged consumers to switch to digital wallets. For instance, Square’s (NYSE: SQ) stock continues to soar on strength of its Cash App, which allows users to digitally store and transfer money via smartphones. The fintech giant has been cashing in on an increasingly cashless society. At the height of the pandemic, users gained awareness about how dirty physical cash can be. As a result, the increasing adoption of digital payments has investors flocking towards top fintech stocks to buy. It seems that the momentum is likely to stay as companies continue to adopt e-commerce and digital payments.
If you are a Tesla (NASDAQ: TSLA) fan, you would also know that the company is now accepting Bitcoin as payments. This significantly boosted cryptocurrency popularity. Top fintech stocks like Visa Inc (NYSE: V) and Mastercard (NYSE: MA) have also adopted cryptocurrency transactions. Recall that in early April, JPMorgan Chase (NYSE: JPM) mentioned that the company is “facing extensive competition from Silicon Valley, both in the form of fintech and Big Tech companies”. The fact that a global bank admits the threat from fintech companies is enticing investors to look for the best fintech stocks to buy. With that in mind, here are four top fintech stocks that may shake up the industry.
Top Fintech Stocks To Buy [Or Sell] Right Now
- Paysafe Limited (NYSE: PSFE)
- Futu Holdings Limited (NASDAQ: FUTU)
- Social Capital Hedosophia Holdings Corp V (NYSE: IPOE)
- UP Fintech Holding Limited (NASDAQ: TIGR)
Paysafe Limited
First, on the list, we have Paysafe which is a leading specialized payments platform. Its core purpose is to enable businesses and consumers around the world to connect and transact seamlessly. Particularly, the company specializes in payment processing, digital wallet, and online cash solutions. At the end of March, Paysafe debuted on the New York Stock Exchange. This came after the merger between Paysafe and Foley Trasimene Acquisition Corp. II (NYSE: BFT). The new chairman is optimistic about the merger, especially on iGaming. iGaming has been seeing increasing revenues year-over-year and is beginning to open up across the United States.
Shortly after the merger, Paysafe announced the launch of NETELLER Knect on its platform. NETELLER Knect is a loyalty program that rewards customers for choosing to pay with their NETELLER digital wallet. It has launched today in over 100 countries. The launch of NETELLER Knect builds on the success of Paysafe’s Skrill Knect loyalty program and rewards customers for connecting with others.
Skrill Knect currently has over one million consumers enrolled in the program and over one billion points have been rewarded. This is an encouraging addition to its digital wallet offerings as it benefits both consumers and merchants. And this is only the first of the company’s initiatives to go live. With such exciting developments, will you be adding PSFE stock to your watchlist?
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Futu Holdings Limited
Futu Holdings is a leading tech-driven online brokerage and wealth management platform in China. Impressively, the company has strong backing from notable shareholders like Tencent (OTCMKTS: TCEHY), Matrix Holdings, and Sequoia Capital. With the backing of a company like Tencent, coupled with the trending tailwinds, the potential for Futu to cement itself as a leader in China’s mobile and online brokerage is bright indeed. With strong expectations of the company’s business performance, FUTU stock has risen by more than 200% year-to-date.
From the company’s most recent quarterly performance, revenue came in 212% higher year-over-year to $427 million. Its earnings per share were even more impressive, as it blew up 880% to $0.49, easily beating expectations by $0.08. Despite the impressive earnings beat, FUTU stock continues to be under pressure along with the top growth stocks in the market.
While that might cause some investors to shy away from growth stock like Futu, some are scooping up the stock as it continues to dip. With millennials going to play a bigger role in the investment landscape for the foreseeable future, will buying FUTU stock on its recent weakness be a great idea?
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Social Capital Hedosophia is a special purpose acquisition company (SPAC) that is backed by Chamath Palihapitiya. Any SPAC related to the former Facebook (NASDAQ:FB) exec is sure to attract investors’ attention. The merger values SoFi at over $8.6 billion and SoFi would gain $2.4 billion in cash upon completion. SoFi is a leading next-generation financial services platform. It is a member-centric, one-stop-shop for financial services including loans, mortgages, credit cards, insurance, investing, and deposit accounts. The platform currently has 1.8 million members and it anticipates reaching 3 million by the end of this year.
SoFi has been taking several initiatives in strengthening its position as a financial service provider. The company acquired Galileo last year. For those unfamiliar, Galileo is a leading provider of critical technology infrastructure services and currently has approximately 50 million accounts on its platform.
The company also announced plans to acquire California bank, Golden Pacific Bancorp (OTCMKTS: GPBI). The acquisition represents a key milestone for SoFi to obtain a national bank charter. Considering its app will soon enable users to invest in initial public offerings, it could lure new market participants to join its trading platform. With all these in mind, would you consider buying IPOE stock?
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UP Fintech Holding Limited
UP Fintech, known as “Tiger Brokers”, is a leading online brokerage firm that caters to customers on a global scale. Its proprietary mobile and online trading platform enable investors to trade in equities and other financial instruments on multiple exchanges. In its recent Q4 2020 financial results, revenues rose over 136.5% year-over-year to $47.2 million.
The company recorded $10.3 million in Non-GAAP net income in the fourth quarter. That was a significant jump from $0.3 million a year ago. All that is thanks to the increase in the total number of customers with deposits, which jumped by 128.4% to 258,700.
Despite its strong performance, UP Fintech is not resting on its laurels. The company recently issued another $90 million of convertible notes. Adding this to the $65 million convertible notes issued earlier this year would further strengthen the company’s financial position. The company has also expanded its brokerage capabilities to facilitate clients in Singapore and Australia a few months ago. With impressive financials and thriving market activities, would you invest in TIGR stock?
