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3 Fintech Stocks That Surged More Than 10% Last Week By StockNews

by Mike Robinson

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© Reuters. Three Fintech Stocks that Surged more than 10% in the Last Week

Fintech offers a simple and effective way to meet the financial requirements of individuals as well as businesses. The COVID-19 crisis has seen an increase in the need for remote financial transactions. This is helping fintech companies to thrive. Amid the growing fintech market, we think Upstart (NASDAQ:), SoFi (SOFI), and LendingClub (NYSE:), whose shares rallied more than 10% in price last week, could be worth adding to one’s watchlist. Let’s discuss.The evolution of financial technology or fintech has over the past few years made banking, investing, and financial transactions more convenient and efficient. A COVID-19 pandemic was a catalyst for digitization, bringing about a new age of fintech. JPMorgan Chase & Co. (NYSE:) strategists deemed fintech innovations the ‘real COVID-19 story,’ the emergence of which is bolstered by greater demand for digital transformation.

China created a prototype to eliminate paper currency. It is now expected that the United States will follow China’s example. A prototype of Central Bank Digital Currency is being developed by the Federal Reserve Bank of Boston in collaboration with MIT. These are positive developments for fintech businesses.

The global fintech market will grow at 13.7% annual growth rate, thanks to continued innovation and increased utility. Therefore, we think fintech stocks Upstart Holdings, Inc. (UPST), SoFi Technologies, Inc. (SOFI), and LendingClub Corporation (LC), which have surged more than 10% in price in the past week, could be worth adding to one’s watchlist now.

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