The increased consumer spending activities are benefiting fintech and payment processing enterprises. In the last three months, cash app and fintech stocks have risen 16 percent, 15 percent, and 11 percent, respectively. In 2018, the fintech industry was worth $128 billion, and it is predicted to grow to $310 billion by 2022. Financial products and services are being launched by tech heavyweights such as Alphabet Inc. and Apple. Square, Inc. stock is up 7.1 percent in the last five days. Afterpay, an Australian Buy Now, Pay Later (BNPL) startup, was acquired for $29 billion by the fintech company. Canaccord has raised its target price to $310 per share, up from $280 previously.
Here is Insider Monkey’s list of the 10 best cash app stocks to invest in. After the New York Fed released its Survey of Consumer Expectations on July 13, Fiserv, Inc. saw its shares rise 1.5 percent. Digital commerce, digital banking, and credit and debit card processing are all services provided by the company. Shopify Inc. is ranked ninth. The Canadian e-commerce platform has morphed into a payment service provider. In the second quarter, Shopify’s revenue increased by 57% year over year to $1.12 billion. Square, Inc., a supplier of digital payment solutions, is ranked eighth among the top ten cash app stocks to buy. The e-commerce and banking financial solutions provider is located in San Francisco. Cash App made a $546 million profit, up 98 percent from the previous year. Sea Limited, a Singapore-based IT company, operates SeaMoney, a digital financial solution. The company’s first-quarter revenue was $1.8 billion, up 146.7 percent over the previous year. Sea Limited’s stock has increased by 6% in the last month. Apple Inc. is ranked sixth. In the United States, Apple Pay is accepted as a digital payment option at 90% of retail shops. The company’s revenue in the third quarter was $81.43 billion, up 36% year over year. For more details, click 10 Best Cash App Stocks to Invest In.
