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4 Top Fintech Stocks To Watch Today

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Jun 15, 2021 (StockMarket.com via COMTEX) -- These 4 Fintech Stocks Are Gaining Investors' Attention This Week

Fintech stocks are slowly gaining traction among investors in the stock market today . This should not come as a surprise as society is slowly shifting towards cashless payment options. Sure, the global pandemic may have accelerated the process due to fears of virus transmission through traditional banknotes. However, we are aware that the future of financial services would revolve around cashless options with the emergence of cryptocurrencies, online wallets, and even the existing credit and debit cards.

With traditional banks such as Morgan Stanley ( NYSE: MS ) and JPMorgan Chase & Co ( NYSE: JPM ) making moves to jump into the fintech bandwagon, it is not difficult to understand why investors are looking for top fintech stocks to buy . Earlier this month, Morgan Stanley also announced a strategic partnership with Microsoft Corporation ( NASDAQ: MSFT ) to accelerate the firm's digital transformation and future innovation in the financial services industry. If anything, technology is no longer a novelty in the financial industry, but a necessity.

From here, we can see that traditional investment banks are also not resting on their laurels as they recognize the importance of technology influencing the industry. With that in mind, here is a list of some of the top fintech stocks to watch in the stock market right now.

Best Fintech Stocks To Watch Right Now

Square Inc

To kick off the list, we have the financial services company, Square. The company specializes in digital payments that enable sellers to run and grow their businesses. It combines software with hardware to enable sellers to utilize mobile devices and computing devices for payments and point-of-sale solutions. It has played a vital role in the digital economy and has empowered millions to shift to its digital payment solutions.

Late in May, the company announced a new integration with Google Merchant Center. This allows Square sellers to reach new customers through direct product listings on Google. For example, retail sellers could add their item catalog to Google's surfaces including Search, the Shopping tab, Images, Maps, and Youtube. In the long term, this would help Square's sellers to reach more customers and ultimately benefit the company as well.

Square also reported a strong first-quarter earnings report last month. The company's gross profit came in at $964 million, an increase of 79% year-over-year. Out of which, its Cash App generated a whopping $495 million, up by 171% year-over-year. Meanwhile, its net revenue was $5.06 billion for the quarter, an increase of 266% year-over-year. Given its strong financials coupled with the resilience shown by the company during the pandemic, would you consider SQ stock a top fintech stock to buy?

[Read More] 4 Artificial Intelligence Stocks To Watch Right Now

Up Fintech Holding Ltd

Next, we have one of the leading online brokerage firms that focus on global investors, Up Fintech. The company is also known as "Tiger Brokers" in Asia. Its trading platform enables investors to trade in equities and other financial instruments on multiple exchanges around the world. Furthermore, it offers its customers comprehensive brokerage and value-added services, including trade order placement and execution, margin financing, account management, and investor education.

In May, the company posted record-high financial figures for the first quarter of 2021. Total revenue came in at $81.3 million, representing a staggering 255% increase year-over-year. Also, the non-GAAP profit was $23.5 million, 22 times that of the first quarter of 2020. Its strong first quarter was most likely due to a surge in trading volumes and increasing adoption by new customers.

For a brokerage company, the number of new customers plays an important role in Up Fintech's long-term growth. Its total number of accounts was 1.4 million at the end of the quarter, up by 88% from last year. Up Fintech also continues to expand its international reach with a growing presence in Singapore. It introduced new products and services in Singapore including its Fund Mall, Daily Leveraged Certificates (DLCs), and US-listed over-the-counter (OTC) equities. Given that TIGR stock has more than tripled since the start of the year, could it keep up its momentum?

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