The fintech sector continues to redefine the way we manage money, conduct transactions, and invest for the future. With technological advancements driving innovation and shaping consumer behavior, investing in fintech stocks presents an exciting opportunity for investors seeking exposure to high-growth companies at the forefront of financial technology.
Below, we’ll explore 12 top fintech stocks poised for success in 2024 and beyond.
Key Highlights:
- SoFi, Coinbase, & Shopify are among the best fintech stocks to buy in 2024
- Fintech revenues are expected to grow almost 3x faster than those in traditional banking through 2028
- Fintech stocks include digital payment providers, online lenders, robo-advisors, blockchain technology firms, and more
Are Canadian Fintech Stocks A Buy Right Now?
Canadian fintech stocks can be considered a buy for investors seeking exposure to a high-growth sector with significant potential.
Fintech revenues are expected to grow almost three times faster than those in traditional banking through 2028, according to a report by McKinsey & Company.
With Canada emerging as a hub for fintech innovation, investing in Canadian fintech stocks offers exposure to companies at the forefront of revolutionizing the financial services landscape.
How To Buy The Best Fintech Stocks in Canada
In 2024, the best investing apps make it easy to buy fintech stocks and ETFs in Canada.
In just four easy steps, investors can receive free cash to invest in the best Canadian fintech stocks right now.
At Questrade, new users can simply sign up, add funds, make a trade, and receive a $50 trade commission rebate to buy the best fintech stocks in Canada.
Check out our step-by-step guide on how to buy the top fintech stocks in Canada right now.
- Click here to sign up for a Questrade account
- Fill out the required documents with accurate personal information
- Add funds to your Questrade account
- Receive a $50 trade commission rebate to invest in the best fintech stocks
Comparing The Top Fintech Stocks In 2024
| Company | Symbol | Rating | Market Cap | Dividend & Yield |
|---|---|---|---|---|
| SoFi | SOFI | ⭐⭐⭐⭐⭐ | 7.914B | N/A |
| Coinbase Inc. | COIN | ⭐⭐⭐⭐⭐ | 33.971B | N/A |
| Shopify | SHOP.TO | ⭐⭐⭐⭐⭐ | 131.579B | N/A |
| Robinhood | HOOD | ⭐⭐⭐⭐ | 11.853B | N/A |
| Block | SQ | ⭐⭐⭐⭐ | 39.591B | N/A |
| PayPal | PYPL | ⭐⭐⭐ | 61.604B | N/A |
| Visa | V | ⭐⭐⭐⭐ | 568.484B | 0.75% |
| MasterCard | MA | ⭐⭐⭐⭐ | 428.244B | 0.58% |
| American Express | AXP | ⭐⭐⭐⭐ | 152.657B | 1.14% |
| Propel Holdings | PRL.TO | ⭐⭐⭐ | 563.278M | 2.93% |
| Nu Holdings | NU | ⭐⭐⭐ | 47.977B | N/A |
| Affirm Holdings Inc | AFRM | ⭐⭐⭐ | 11.253B | N/A |
Ranking The Best Fintech Stocks To Buy in 2024
As Canada continues to solidify its position as a hub for fintech innovation, investors are presented with an array of exciting opportunities within the rapidly evolving financial technology sector. From established industry leaders to emerging disruptors, the top fintech stock offer unique value propositions, growth prospects, and potential for long-term investment returns.
Below, we’ll rank the top fintech stocks to buy in 2024.
- SOFI (SOFI)
- Coinbase Inc. (COIN)
- Shopify (SHOP.TO)
- Robinhood (HOOD)
- Block (SQ)
- PayPal (PYPL)
- Visa (V)
- Mastercard (MA)
- American Express (AXP)
- Propel Holdings (PRL.TO)
- Nu Holdings (NU)
- Affirm (AFRM)
Analyzing The Best Fintech Stocks To Buy Right Now
In today’s rapidly evolving financial landscape, the fintech sector presents investors with an array of exciting opportunities driven by innovation and technological advancement. In this comprehensive analysis, we will delve into key factors to consider when evaluating fintech stocks, including industry trends, company fundamentals, growth potential, and more.
Below, we’ll analyze the best fintech stocks to buy right now and dig deeper to uncover the advantages that make them poised for future growth.
1. SoFi (SOFI) — Best Fintech Stock To Buy & Hold In 2024
- Rating: ⭐⭐⭐⭐⭐
- 52 Week Range: 4.45 – 11.70
- Avg. Volume: 52,018,238
- Market Cap: 7.914B
- PE Ratio (TTM): N/A
- EPS (TTM): -0.36
- Earnings Date: May 03, 2024
- Forward Dividend & Yield: N/A
Following a strong earnings report in Q4, SoFi has emerged as the best fintech stock to buy in 2024 thanks to its comprehensive suite of financial solutions, which include lending, investing, banking, and insurance.
CEO Anthony Noto is determined to reach his goal of making SOFI into a top 10 financial institution and the company is well on its way. Leveraging advanced technology and data analytics, SoFi offers personalized experiences, attracting and retaining a loyal customer base, particularly among younger demographics.
With diversified revenue streams and a strong brand presence, SoFi continues to demonstrate financial strength and stability. Expansion initiatives into new sectors and strategic acquisitions like Galileo Financial Technologies position SoFi for continued growth and market leadership in the future.
As the financial services industry evolves, SoFi’s innovative approach, coupled with its solid financial foundation, makes it an attractive investment opportunity for those seeking exposure to the dynamic fintech sector.
2. Coinbase Inc. (COIN) — Best Fintech Stock For Crypto Exposure
- Rating: ⭐⭐⭐⭐⭐
- 52 Week Range: 46.43 – 187.39
- Avg. Volume: 13,302,200
- Market Cap: 33.971B
- PE Ratio (TTM): N/A
- EPS (TTM): -3.19
- Earnings Date: May 06, 2024
- Forward Dividend & Yield: N/A
Coinbase is leading cryptocurrency exchange platform with a user-friendly approach and the growing popularity of digital assets.
One of the top crypto stocks, Coinbase simplifies cryptocurrency trading and investing for both newcomers and experienced users. As crypto adoption continues to grow in Canada and the U.S., Coinbase enjoys a strong position in a rapidly expanding market.
Coinbase has diversified revenue streams, including transaction fees, custody services, and subscription-based offerings, providing stability and growth potential. Following a strong Q4 report in which the company beat analyst estimates across the board, Coinbase has become one of the best fintech stocks to buy in 2024.
3. Shopify (SHOP.TO) — Leading Online Payments Solution
- Rating: ⭐⭐⭐⭐⭐
- 52 Week Range: 53.16 – 123.20
- Avg. Volume: 3,092,803
- Market Cap: 131.579B
- PE Ratio (TTM): 785.23
- EPS (TTM): 0.13
- Earnings Date: May 06, 2024
- Forward Dividend & Yield: N/A
One of the best Canadian stocks, Shopify is the No. 1 e-commerce platform in the world. Shopify empowers businesses across the spectrum to effortlessly establish and manage their online presence by providing scalable e-commerce solutions.
What truly sets Shopify apart is its comprehensive suite of fintech services tailored to merchants’ needs, spanning payment processing, lending, and financial management tools. This holistic approach not only optimizes operational efficiency for businesses but also unlocks additional revenue streams for Shopify.
The company’s relentless pursuit of fintech innovation, exemplified by initiatives like Shopify Payments and Shopify Capital, underscores its unwavering dedication to facilitating merchants’ growth.
4. Robinhood (HOOD) — Leading the Charge in AI Innovation
- Rating: ⭐⭐⭐⭐
- 52 Week Range: 7.91 – 14.35
- Avg. Volume: 15,838,625
- Market Cap: 11.853B
- PE Ratio (TTM): N/A
- EPS (TTM): -0.61
- Earnings Date: May 10, 2024
- Forward Dividend & Yield: N/A
Robinhood emerges as a standout fintech stock option due to its disruptive approach to democratizing investing.
As a pioneer of commission-free trading, Robinhood has reshaped the investment landscape, making it accessible to a broader audience of retail investors. Through its user-friendly mobile app and intuitive interface, Robinhood simplifies the investment process, attracting a significant user base, particularly among younger demographics.
The platform’s innovative features, such as fractional shares and options trading, cater to a diverse range of investment preferences. Additionally, Robinhood’s foray into cryptocurrency trading further expands its appeal and revenue potential.
With a focus on continued innovation and expanding its product offerings, Robinhood presents an enticing investment opportunity for those bullish on the democratization of finance.
5. Block (SQ) — Leading the Charge in AI Innovation
- Rating: ⭐⭐⭐⭐
- 52 Week Range: 38.85 – 83.08
- Avg. Volume: 10,348,425
- Market Cap: 39.591B
- PE Ratio (TTM): N/A
- EPS (TTM): -0.46
- Earnings Date: Feb 22, 2024
- Forward Dividend & Yield: N/A
Block, formerly known as Square, is a leading fintech stock with a strong foothold in digital payments and financial services.
Renowned for its innovative solutions, Block has revolutionized the way businesses process transactions and manage finances. Through its flagship product, Square, the company offers a comprehensive suite of tools encompassing point-of-sale systems, payment processing, and business analytics, empowering merchants to thrive in the digital economy.
Block’s expansion into cryptocurrency services, exemplified by its Cash App, further diversifies its revenue streams and enhances its appeal to a broader audience. With a track record of consistent growth and a commitment to technological innovation, Block continues to be a frontrunner in the fintech industry.
6. PayPal (PYPL) — Leading the Charge in AI Innovation
- Rating: ⭐⭐⭐
- 52 Week Range: 50.25 – 79.26
- Avg. Volume: 19,428,925
- Market Cap: 61.604B
- PE Ratio (TTM): 14.97
- EPS (TTM): 3.84
- Earnings Date: May 06, 2024
- Forward Dividend & Yield: N/A
PayPal is a standout fintech stock due to its pioneering role in revolutionizing digital payments and financial services.
As a leading online payment platform, PayPal facilitates transactions between consumers and businesses worldwide, providing a secure and convenient alternative to traditional payment methods. With its user-friendly interface and robust security measures, PayPal has garnered a loyal user base and solidified its position as a trusted financial partner.
Beyond its core payment processing services, PayPal has expanded its offerings to include peer-to-peer payments, e-commerce solutions, and even cryptocurrency transactions, demonstrating its adaptability to evolving market trends.
7. Visa (V) — Leading the Charge in AI Innovation
- Rating: ⭐⭐⭐⭐
- 52 Week Range: 208.76 – 281.12
- Avg. Volume: 5,458,389
- Market Cap: 568.484B
- PE Ratio (TTM): 31.85
- EPS (TTM): 8.69
- Earnings Date: Apr 29, 2024
- Forward Dividend & Yield: 2.08 (0.75%)
An industry leader in the fintech sector, Visa has positioned itself for global dominance in the payments industry. As one of the largest payment technology companies, Visa facilitates electronic funds transfers worldwide, enabling seamless transactions between consumers, merchants, and financial institutions.
With a ubiquitous network and advanced technology infrastructure, Visa processes billions of transactions annually, driving revenue through transaction fees and other financial services. Additionally, Visa’s strategic partnerships and innovative initiatives, such as its foray into digital payments and cybersecurity solutions, position the company at the forefront of fintech innovation.
Investing in Visa is similar to investing in one of the best Canadian bank stocks in that it offers stability and an attractive dividend payment. With a track record of consistent growth, strong financial performance, and a resilient business model, Visa remains a top pick for investors seeking exposure to the rapidly evolving payments ecosystem.
8. MasterCard (MA) — Leading the Charge in AI Innovation
- Rating: ⭐⭐⭐⭐
- 52 Week Range: 340.21 – 474.17
- Avg. Volume: 2,531,266
- Market Cap: 428.244B
- PE Ratio (TTM): 38.77
- EPS (TTM): 11.84
- Earnings Date: Apr 25, 2024
- Forward Dividend & Yield: 2.64 (0.58%)
Another global leader in the payments industry, MasterCard is a low-risk fintech stock that pays a dividend without sacrificing potential future growth. As one of the world’s largest payment networks, Mastercard facilitates electronic transactions between consumers, merchants, and banks, offering secure and efficient payment solutions.
With its extensive network and cutting-edge technology, Mastercard processes billions of transactions annually, generating revenue through transaction fees and various financial services.
One of the top blue-chip stocks to buy right now, Mastercard’s continuous innovation in areas such as contactless payments, mobile wallets, and biometric authentication reinforces its position as a frontrunner in the fintech space.
9. American Express (AXP) — Leading the Charge in AI Innovation
- Rating: ⭐⭐⭐⭐
- 52 Week Range: 140.91 – 214.29
- Avg. Volume: 3,385,035
- Market Cap: 152.657B
- PE Ratio (TTM): 18.8
- EPS (TTM): 11.22
- Earnings Date: Apr 22, 2024
- Forward Dividend & Yield: 2.40 (1.14%)
One of the best dividend stocks in the fintech space, American Express combines a healthy dividend with explosive gains for investors. American Express offers a 1.13% dividend yield at the current stock price, which has more than doubled over the past decade.
American Express provides a range of payment solutions, credit cards, and travel-related services to consumers, businesses, and merchants worldwide. With a focus on catering to affluent customers and offering unique benefits, American Express has cultivated a loyal customer base and differentiated itself in the competitive payments industry.
Additionally, American Express’s strategic investments in digital technology and partnerships with fintech companies have enabled it to stay ahead of evolving consumer preferences and market trends.
10. Propel Holdings (PRL.TO) — Leading the Charge in AI Innovation
- Rating: ⭐⭐⭐
- 52 Week Range: 6.50 – 17.61
- Avg. Volume: 29,210
- Market Cap: 563.278M
- PE Ratio (TTM): 18.23
- EPS (TTM): 0.90
- Earnings Date: Mar 13, 2024
- Forward Dividend & Yield: 0.48 (2.93%)
One of the top penny stocks in Canada, Propel Holdings has taken an innovative approach to consumer financial services.
As a provider of personalized financial solutions, Propel offers a range of products and services tailored to meet the unique needs of its customers.
Through its advanced technology platform and data-driven insights, Propel empowers individuals to make informed financial decisions, whether it’s managing expenses, building credit, or investing for the future.
With a focus on financial inclusion and accessibility, Propel aims to democratize access to financial services and improve the financial well-being of its users.
11. Nu Holdings (NU) — Leading the Charge in AI Innovation
- Rating: ⭐⭐⭐
- 52 Week Range: 4.13 – 10.49
- Avg. Volume: 28,578,823
- Market Cap: 47.977B
- PE Ratio (TTM): 144.14
- EPS (TTM): 0.07
- Earnings Date: Feb 22, 2024
- Forward Dividend & Yield: N/A
Specializing in providing digital banking solutions, Nu Holdings offers a comprehensive suite of products aimed at simplifying banking and enhancing financial wellness.
Through its user-friendly mobile app and intuitive interface, Nu Holdings empowers individuals to manage their finances seamlessly, from budgeting and saving to investing and borrowing.
What sets Nu Holdings apart is its commitment to financial inclusion, serving underserved populations and promoting financial literacy through educational resources and tools.
12. Affirm Holdings Inc (AFRM) — Leading the Charge in AI Innovation
- Rating: ⭐⭐⭐
- 52 Week Range: 8.80 – 52.48
- Avg. Volume: 19,813,538
- Market Cap: 11.253B
- PE Ratio (TTM): N/A
- EPS (TTM): -2.49
- Earnings Date: May 13 2024
- Forward Dividend & Yield: N/A
A leading provider of point-of-sale financing solutions, Affirm offers consumers transparent and flexible payment options for online purchases. Affirm’s “buy now, pay later” model has gained widespread adoption, particularly among younger consumers seeking alternatives to traditional credit cards. With its user-friendly platform and straightforward terms, Affirm has transformed the traditional credit model, empowering shoppers to make purchases without the burden of hidden fees or compounding interest.
What Are Fintech Stocks?
Fintech stocks are shares of companies operating in the financial technology sector.
Fintech, short for financial technology, refers to the use of technology to deliver financial services in innovative ways. These companies leverage advanced software, data analytics, and digital platforms to streamline financial processes, improve accessibility, and enhance the overall customer experience.
Fintech stocks encompass a wide range of businesses, including digital payment providers, online lenders, robo-advisors, blockchain technology firms, and more.
As technology continues to reshape the financial services industry, fintech stocks have become increasingly popular among investors seeking exposure to innovation-driven sectors with significant growth potential.
Example of Fintech Stocks in Canada
- Shopify Inc. (TSX: SHOP.TO): While primarily known as an e-commerce platform, Shopify also offers fintech solutions for merchants, including payment processing, capital loans, and point-of-sale systems.
- Lightspeed POS Inc. (TSX: LSPD.TO): Lightspeed is a leading provider of cloud-based point-of-sale and e-commerce software solutions for small and medium-sized businesses.
- Nuvei Corporation (TSX: NVEI.TO): Nuvei is a payment technology company that provides a platform for businesses to accept payments globally, both online and in-person.
Can You Invest In Canadian Fintech ETFs?
Yes, you can invest in Canadian fintech ETFs. While there may not be as many options as in the United States, there are still several Canadian ETFs that focus on fintech and related sectors. These ETFs provide exposure to a diversified portfolio of Canadian fintech companies, as well as international companies involved in the fintech industry. Some popular Canadian fintech ETFs include:
Examples of Fintech ETFs
- Evolve Innovation Index ETF (EDGE): This ETF focuses on companies involved in disruptive technologies, including fintech, artificial intelligence, and blockchain.
- Harvest Tech Achievers Growth & Income ETF (HTA): While not exclusively focused on fintech, this ETF invests in technology companies with strong growth potential, which may include fintech firms.
- iShares S&P/TSX Capped Information Technology Index ETF (XIT): This ETF tracks the performance of Canadian information technology companies, which may include fintech companies.
- BMO Global Fintech ETF (ZFIN): Although not specifically Canadian, this ETF provides exposure to global fintech companies, including some Canadian firms.
Best Stock Trading Apps To Buy Fintech Stocks In Canada
Ultimately, the best stock trading apps for buying fintech stocks in Canada will depend on your individual preferences, investment goals, and level of experience. It’s essential to compare the features, fees, and offerings of each platform before making a decision to ensure it aligns with your needs. Below, we’ll uncover some of the top stock trading apps for buying fintech stocks and ETFs in Canada.
1. Questrade
Questrade is a popular choice among Canadian investors due to its low fees and wide range of investment options. It offers commission-free ETF purchases, which can be beneficial for those looking to invest in fintech ETFs. Questrade also provides access to a variety of research tools and educational resources to help investors make informed decisions.
2. Wealthsimple
Wealthsimple is known for its simplicity and user-friendly interface. While it may not offer as many advanced features as Questrade, Wealthsimple Trade allows commission-free trading of stocks and ETFs, making it an attractive option for investors looking to minimize costs. Additionally, Wealthsimple Trade offers fractional shares, which can be beneficial for investors with smaller portfolios.
3. Qtrade
Qtrade Investor is a comprehensive online brokerage platform that offers a wide range of investment products, including stocks, ETFs, mutual funds, and more. While it may not offer commission-free trading like Wealthsimple Trade, Qtrade Investor provides access to advanced research tools, customizable trading platforms, and personalized investment advice, making it suitable for both novice and experienced investors.
Why Buy Canadian Fintech Stocks In 2024
Investing in Canadian fintech stocks in 2024 offers a promising opportunity fueled by the sector’s robust growth and innovation.
With Canada emerging as a global hub for fintech development, companies are poised to capitalize on the increasing demand for digital financial solutions. Supported by favorable regulatory environments and a culture of innovation, Canadian fintech firms are positioned to drive significant value for investors.
What Is The Best Fintech Stock To Buy Right Now?
SoFi is our pick for the top fintech stock to buy in 2024. The company has shown impressive growth and continued innovation, expanding its customer base and diversifying its revenue streams.
One of the key reasons SoFi stands out as a compelling fintech stock is its comprehensive approach to addressing various aspects of personal finance. From student loan refinancing to mortgage lending and wealth management through SoFi Invest, the company offers a suite of services that cater to the evolving needs of consumers.
SoFi’s strong brand presence, emphasis on customer experience, and focus on financial inclusion contribute to its appeal as a fintech investment.