With continuing digitization worldwide, fintech has gained significant importance over the past year. Analysts see immense growth prospects for the industry. That is why Wall Street analysts expect fintech stocks priced at less than $10—UP Fintech (TIGR), Mogo Inc. (MOGO), and Elevate Credit (NYSE:ELVT)—to rally by more than 55% in the near term. Read on.Financial technology, or fintech, has ushered in a new era in banking and finance, exploiting artificial intelligence (AI), blockchain, and many other advanced technologies. Fintech has issued a challenge to traditional banks by focusing on technology and customer experience. It has endless applications in areas such as cryptocurrency, mobile banking, and investment platforms.
In addition, fintec has the potential of tapping into unbanked and underbanked communities in rural areas, where traditional banking facilities are hard to establish. In the United States, mobile payments are set to reach $125 billion in 2025. The global fintech market is expected to grow at a 23.4% CAGR to a $324 billion market value by 2026.
Given the industry’s growth prospects, Wall Street analysts expect fintech stocks UP Fintech Holding Limited (TIGR), Mogo Inc. (MOGO), and Elevate Credit, Inc. (ELVT), which are currently trading at less than $10, to rally more than 55% in price in the near term.