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Highlights
- Fintech is focused on simplifying financial operations and processes by leveraging specialised software and algorithms.
- Fintech also includes the development and use of cryptocurrencies, such as Bitcoin.
- As per Austrade, Australia has 733 fintech companies, and the industry is worth AU$4 billion.
Fintech refers to financial technology that seeks to simplify and systematise the delivery and use of financial services. The primary goal of fintech is to help business owners, consumers, and companies better manage their financial operations and processes by leveraging specialised software and algorithms used on computers and smartphones. Fintech also includes the development and use of cryptocurrencies, such as Bitcoin.
The Austrade website highlights that Australia has 733 fintech companies, and the industry is worth AU$4 billion. It is also ranked 6th in the world.
With this backdrop, we at Kalkine Media® will discuss some of the ASX-listed fintech stocks.
Douugh Limited (ASX:DOU)
Douugh, a consumer fintech firm, is involved in managing people's money through a financial super app. Recently, the company announced raising additional growth funding worth AU$1.94 million to fund its Australian launch and ongoing research and development of its Financial Super App. Following this, the company informed the market about completing the migration of Goodments customers to its Douugh platform.
In the upcoming weeks, the company plans to close its Beta program prior to the ramping up of growth activities and the launch of its reimagined Card & Account solution.
Shares of DOU last traded on 23 December at AU$0.013.
FinTech Chain Ltd (ASX:FTC)
FinTech Chain offers financial technology services.
© 2022 Kalkine Media®, Data source: Company update, Image source: © Okawarung | Megapixl.com
FTC reported 7.1% growth in revenue from ordinary activities in the half year ended 30 September 2022. As per the company, its hardware IoT revenue increased during that period owing to new contracts signed with bank clients.
The stock price of FTC as of 23 December is AU$0.023.
Change Financial Ltd (ASX:CCA)
Based in Australia, Change Financial is a global fintech that offers payments-as-a-service (PaaS). It is engaged in deploying scalable technology to offer customised payment solutions, card issuing and testing to banks and fintech companies.
Below are some important activities of the company for FY22:
- The company completed integration with a new issuing bank in the US
- Signed three new PaaS clients in the US that are expected to generate a minimum of US$2.4 million (AU$3.6 million) of revenue over the initial terms
- Signed an exclusive partnership with Mastercard for direct issuing in New Zealand.
Shares of CCA closed on 23 December at AU$0.050.
