Are These 3 Stocks Leading the Fintech Movement?

Are These 3 Stocks Leading the Fintech Movement?

Posted On May 3, 2023 11:25 am

Financial Technology, or Fintech, refers to using technology to enhance or automate financial services. Fintech has grown rapidly since the pandemic, as it has made our lives easier by making financial services more accessible, efficient, and affordable.

Conventional financial companies Visa Inc. (V – Get Rating) and Mastercard Incorporated (MA – Get Rating) are now leading the charge by bringing exciting innovations in fintech. However, not all financial companies have been able to capitalize on the industry’s growth. SoFi Technologies, Inc. (SOFI – Get Rating) failed to keep up and is struggling to stay afloat. So, while investing in V and MA could be wise, I am extremely bearish on SOFI.

Before diving deeper into the fundamentals of the stocks, let’s discuss what’s happening in the fintech space.

Fintech companies provide a wide range of services, including mobile payments, online lending, digital banking, digital wallets, and wealth management. Traditional financial companies are lagging behind their innovative fintech counterparts as they are offering faster, more affordable digital financial services.

With the proliferation of smartphones and the internet, the number of people adopting digital financial services is rising rapidly. Fintech companies also use cutting-edge technologies like artificial intelligence (AI), blockchain, and machine learning to improve their services.

The global fintech market is expected to grow at a CAGR of 19.5% to reach $556.58 billion by 2030. Investors’ interest in fintech stocks is evident from the…

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