Apr 13, 2021 (StockMarket.com via COMTEX) -- 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 )
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?
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?