Fintech is a growing area where billions are being funneled by investors amid explosive growth opportunities. The rise of cryptocurrencies has redoubled the vigor of fintech. According to a report, investments in fintech have surged from $17 billion to $38 billion in just 12 months (2014-2015). In this article we will talk about the best fintech stocks you can buy right now to reap huge profits in the future.
Envestnet is an Illinois-based fintech company whose stock is up more than 52% since the start of 2017. On Wednesday, Envestnet announced that it received 2017 Wealth Management Industry Award for best client portal. Envestnet offers Cloud-based platforms, services and consultancy to businesses in the fintech industry.
The company serves over 57,000 advisors who manage portfolios with a total worth in millions. The company estimates that its total clients are expected to increase to over 200,000. Envestnet saves time and money for wealth managers. The company is expanding into several areas through acquisitions. It recently bought Yodlee, a data and account aggregation company.
Visa Inc (NYSE:V)
Visa is one of the best fintech stocks you can buy. The company has a huge growth potential as the world continues to move towards a card-based economy. Earlier this month, Buckingham Research analyst Chris Brendler said in a report that Visa and MasterCard have the best businesses he has ever seen. However, Brendler prefers Visa over MasterCard on the basis of valuation. Visa operates in 200 countries. The company is partnering with several retail giants to expand its customer base through deals and offers.
Square Inc (NYSE:SQ)
Square is a mobile-based P2P payments processing company run by Jack Dorsey. Square is getting a lot of traction. Its payment volume is skyrocketing every quarter. The company operates in a $26 billion market where growth prospects are huge. The company recently filed for an approval to start a business lending bank. The stock is up more than 134% since the start of 2017.
Paypal Holdings Inc (NASDAQ:PYPL)
Paypal is having a tremendous year. The stock is up over 70% since the start of the year. Instinet’s Bill Carcache recently increased his price target for PayPal to $75. The analyst is bullish on the back of a digital transformation in the payments sector. PayPal is all set to announce third quarter results, and analysts are hopeful that the company will crush analysts’ forecasts. Monness, Crespi, Hardt & Co., Inc recently said that PayPal will post a strong top line and bottom line growth.