Four Fintech stocks for 2023
Naples, FL –News Direct– Fintech Payment Stocks
Financial technology, or fintech, is a broad category of companies that use technology to improve or automate financial services. Companies that develop new digital payment solutions are considered fintech, as are companies that build and operate person-to-person payment applications.
Many fintech stocks were hit hard in 2022 with the stock market downturn; However, 2023 has started strongly for the sector and analysts and investors are taking notice. On January 20, shares were sold off Block, Inc. (NYSE:SQ) jumped seven percent after Truist raised its price target for the digital payments company from $85 per share to $105 per share. Truist analyst Andrew Jeffrey lifted the price target as part of broader research coverage on fintech stocks.
The fintech market was valued at USD 112.5 billion in 2021, and the sector is forecast to grow at a CAGR of 19.8% to USD 332.5 billion by the year 2028.
With plenty of room to grow, there is plenty of long-term potential in the fintech industry, so it may be an opportune time to look for solid companies to hold on to for the long term.
Here are four fintech companies every investor should keep an eye on: AppTech Payments Corp. (NASDAQ: APCX ), Block, Inc. (NYSE: SQ ), PayPal (NASDAQ: PYPL ) and Sofi Technologies Inc. (NASDAQ: SOFI ).
AppTech Payments Corp. (NASDAQ: APCX) is an innovative fintech company whose mission is to deliver a better way for businesses to provide their customers with customizable, immersive commerce experiences.
AppTech’s brand new patent-backed fintech platform, known as Commerse, powers their “Commerce Experiences-as-a-Service”, designed to fundamentally change the way digital banking, mobile payments and merchant services are facilitated.
Commerse offers digital banking, text-to-pay, crypto payments and merchant services from a single, unified platform that drives operational efficiency and growth for businesses, while providing the financial convenience their customers demand from today’s commerce experiences.
The platform incorporates Payments as a Service, Banking as a Service, data, AI/ML, MarTech and other functions to create flexible, rich and personalized payment and banking experiences for end users.
Commerse offers seamless digital banking and digital payment acceptance, including credit card issuing of physical and virtual cards from credit cards and alternative payment processing services such as text-to-pay, to cross-border payment options, all housed in a single ecosystem.
AppTech’s Commerse fintech platform is making waves and getting noticed. APCX received a shout-out from Slatestone Wealth market strategist Kenny Polari on Fox Business regarding the stock’s potential in 2023.
One of the key features found in the Commerse platform is the ability to “text-to-pay”. Digital payments are fast displacing other payment methods; in 2020, digital payments overtook cash as the top transaction method for offline commerce and accounted for approximately 50% of global online commerce volume in 2021.
APCX is revolutionizing the industry with its ground-breaking, patented ‘Text-to-Pay’ technology for contactless transactions. Customers of AppTech have access to pre-built, API-driven features that make it easy to create and send invoices via text message and allow customers to make payments via text message, the most popular method of digital communication.
Indeed, APCX’s upward trajectory does not stop there – the company currently owns 17 different patents. In a recent interview, Luke D’Angelo, Executive Chairman, CEO & Chief Investment Officer of APCX, commented on their patents, stating, “First and foremost, our intellectual property is foreclosed. It is clear that large companies have good patent portfolios, but the key to intellectual property and patents is to be first. I can say that we have been first on many fronts. We wanted to make sure we don’t look back once we hit the market. We don’t look left or right, we just charge straight ahead. Our due diligence and investigation of the fintech market over the past seven years is essential.”
The company has a strong portfolio of intellectual property, cutting-edge technology with high adoption rates over time, and a comprehensive platform that enables small businesses. Put APCX on your radar for stocks to watch in 2023.
Block, Inc. (NYSE: SQ) is a global technology company with a focus on financial services. Consisting of Square, Cash App, Spiral, TIDAL and TBD, Block is building tools to help more people access the economy.
One of Block’s successes, the Cash App, enables users to send, spend or invest money in Bitcoin or stocks with ease. Spiral creates and funds open source bitcoin projects that are free to use. TIDAL is used by artists to help them succeed as entrepreneurs and connect more deeply with their fans. TBD is creating an open developer platform to make it easier to access Bitcoin and other blockchain technologies without going through a financial institution.
Recently, Truist analyst Andrew Jeffret adjusted his price target for the digital payments company from $85 per share to $105 per share. As part of broader research coverage on fintech stocks, the Truist analyst raised the price target.
With the stock already developing well in 2023, it is one to keep an eye on.
PayPal Holdings, Inc. (NASDAQ: PYPL) is a pioneer in the fintech area, and with 432 million active accounts it is also one of the largest players. PYPL operates a technology platform that enables digital payments on behalf of merchants and consumers worldwide.
In a conference call to discuss third-quarter 2022 financial results, PayPal CFO Gabrielle Rabinovitch discussed the company’s plans for 2023, saying, “Returning capital to our shareholders continues to be our top priority from a capital allocation standpoint, and I believe it will continue to be it.”
While PayPal isn’t the high-growth opportunity it once was, with only 7% expected year-over-year revenue growth for the current quarter, it’s still possible for PayPal to grow earnings per share by a double-digit percentage, which should be enough to outperform market in 2023 and beyond.
SoFi Technologies Inc. (NASDAQ: SOFI) operates through three segments: lending, technology platforms and financial services.
SoFi’s lending and financial services and products allow members to borrow, save, spend, invest and protect their money. It offers student loans, personal loans for debt consolidation and home improvement projects, and home loans. The company also offers cash management, investment and technology services.
While 2022 wasn’t the strongest year for the stock, the past month has proven to be different, with shares of the company rising 27.33% over the time period.
Also worth noting are the recent changes in analyst estimates for SoFi Technologies, Inc. These recent changes usually reflect how quickly short-term business trends are changing. Because of this, we can see favorable estimate revisions as a sign that the company’s business prospects are improving.
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