It seems today's market is reflecting the impact of recent positive news on the economy, while anticipating further good news from the Reserve Bank of Australia. In particular, many ASX shares in the financial technology sector, fintechs, have seen solid share price rises since the opening of trading today.
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Best performing fintech ASX shares today
Lending ASX shares
At the time of writing, Credit Corp Group Limited (ASX: CCP) is leading fintech ASX shares up with an 8.14% increase since the start of trading today. Credit Corp is predominantly a debt purchasing and collection company. However, it also provides short term, unsecured loans via a range of subsidiary brands such as Wallet Wizard.
The WISR Ltd (ASX: WZR) share price is second with a rise of 5.26% so far today. The company's Q1FY21 report showed revenue growth of 358% versus the previous corresponding period (pcp), as well as a 37% increase on the last quarter. Moreover, the company has seen its loan originations rise by 132% on the pcp, and 90+ day arrears are down by 0.43% to just over 1%. Lastly, the company is holding $32.1 million in cash as at the end of September.
Payments
Pushpay Holdings Ltd (ASX: PPH) is next with a 4.58% increase in its share price today. Pushpay is a church and not-for-profit sector donations organisation which provides technology for congregation management, as well as easy donation collection. The company holds its Q1FY21 briefing tomorrow. During the company's AGM in June, it announced revenues had increased by 32% to that point. In addition, it announced an increase in the profit margin of 5% to 65%, as well as its first profit of $21.7 million.
Buy now, pay later (BNPL)
In the BNPL space, the Openpay Group Ltd (ASX: OPY) share price has risen by 4.23% so far today. Openpay announced on 28 October that it had seen active plans grow by 235% on the pcp, with 78% of new plans generated by repeat customers. Notably the company's United Kingdom operations contributed 82% of all new active customers.
Zip Co Ltd (ASX: Z1P) continues to grow as part of the great land grab by the two largest BNPL companies. In recent months, it has executed a number of moves designed to lock in growth. For example, the company introduced Tap and Zip. This enables Zip Pay users to shop using the platform anywhere that accepts Visa Inc's (NYSE: V) cards, thus entering the everyday payments market.
Moreover, Zip recently completed the acquisition of Sydney-based tech company, The Urge. Its capabilities include expertise in search functionality, optimisation and indexation, all of which will be integrated into Zip's platform globally, beginning with the QuadPay app in the United States. At the time of writing, the Zip share price has risen by 3.89% in today's trade.
