2023 is still a few years away but the fintech industry is already exploding at an unprecedented rate. In the Nasdaq, there are now numerous companies that are transforming how people view and interact with their finances. From banking to mobile payments, these businesses are making it easier for people to access and manage their money while at the same time providing innovative products and services. Here is a look at the top five Nasdaq fintech stocks of 2023 that are sure to make an impact in the upcoming years.
First on the list is the Nasdaq based money-management company, Plaid. Founded in 2013, the company provides API’s that enable users to link their bank accounts to financial services like Venmo and Square Cash. Plaid also supports money-transfer services like Venmo and PayPal, as well as payment services such as Apple Pay. In addition, the company provides user authentication tools and enhanced fraud-protection services. Plaid is expected to play an increasingly important role in the fintech world as more people transition from traditional banking options to digital-first approaches.
Second is the cloud-based banking platform Trov. The company offers traditional and digital banking solutions, with a focus on providing secure and convenient digital banking experiences. Trov also provides customer-facing features like budgeting and saving tools. This company is investing heavily in initiatives like cashless payments and artificial intelligence to drive further adoption of its banking services.
Third on the list is the popular peer-to-peer payment platform Venmo. It allows users to send money to each other, either through the company’s app or through its website. For 2023, Venmo has plans to launch a direct-deposit service that would enable users to transfer money from their Venmo account to their bank accounts. The company also recently launched an app designed to help users manage their finances and even pay their bills.
Fourth is the popular digital wallet platform Apple Pay. Apple Pay allows users to make their purchases in stores, in apps, and online without having to carry a physical wallet or enter card details. The platform has seen significant growth over the last few years, with transactions expected to reach $600 billion this year. Apple Pay is set to be the top payment processor of 2023, making it an attractive option for investors.
Rounding out the top five is the mobile transfer and money-management platform Zelle. Zelle is a platform that allows users to send money to each other without ever needing to enter their credit card information. The company has become increasingly popular due to its easy-to-use interface and its high-security measures. Zelle is expected to continue to gain traction, as it adds new financial features such as budgeting and debit cards.
These five Nasdaq fintech stocks represent a wide range of businesses making a big impact on the industry. Each company is providing its own set of innovative services and products that are helping to move the industry forward. As more people turn to digital banking, these stocks should be closely monitored in the upcoming years.