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Highlights
- Fintech companies offer financial technology services by leveraging modern tech.
- In the June quarter of FY22, Complii reported solid growth of 336% in revenue receipts.
- Earlier this month, CCA raised capital of AU$5.72million through placement and non-renounceable entitlement offer
Fintech companies refer to technology providers for financial services and these companies seek to enhance and automate the delivery and use of financial services by making use of software and algorithms on devices like computers and smartphones. The word 'fintech' is a combination of "financial technology."
In this article, we at Kalkine Media® will discuss five fintech stocks and their performance on the ASX.
Registry Direct Ltd (ASX:RD1)
Registry Direct is an ASX-listed firm that offers software and services to maintain the registers of units, shares, and other securities. Start-ups and multinational firms both use its platform.
In the quarter ended 30 June 2022, the company's receipts from customers increased by 29%, and net cash from operating activities decreased by 26%.
Shares of RD1 have gained nearly 12.5% on a month to date (MTD) basis.
Complii Fintech Solutions Ltd (ASX:CF1)
Complii FinTech offers end-to-end software-as-a-service (SaaS)-based technology solutions for companies related to financial services. Shares of Complii re up by nearly 15.3% on a year-to-date basis and 1.2% on a MTD basis.
In the June quarter of FY22, Complii reported solid growth in revenue receipts with a 336% increment compared to the previous corresponding period (pcp). Similarly, the company's annual group revenue receipts increased by 403% compared to pcp. Cash at bank at the end of the quarter also surged by 48% compared to pcp.
FinTech Chain Ltd (ASX:FTC)
FinTech Chain provides services related to financial technology. FinTech has developed Financial Electronic Authentication (FEA) technology.
FinTech ended the June quarter with a cash balance of RMB 0.361million. The company's total cash receipts from customers during the quarter were RMB 29.7million, in which SaaS for hardware IoT (Internet of Things) contributed the highest, i.e., RMB 16.4million. In terms of expenditure, FinTech spent RMB 2.6million on research and development during the quarter.
Change Financial Ltd (ASX:CCA)
Change Financial Limited is a global fintech company, which offers payments-as-a-service (PaaS) and allow s customers to deliver digital and virtual card solutions.
Earlier this month, CCA raised capital of AU$5.72million through placement and non-renounceable entitlement offer. The company's CEO and Managing Director stated that the amount would be used in implementing the company's growth plans, particularly in enhancing the Vertexon Payments as a Service (PaaS) offering.
Beforepay Group Ltd (ASX:B4P)
Beforepay Group has a smartphone application and a browser- based application comprising budgeting tools and other processes. The company's platform provides access to users' money before the actual landing of their pay packets.
In the fourth quarter of FY22, Beforepay witnessed strong growth with a 139% increment in pay advances compared to the previous corresponding period (pcp). The company's net transaction loss dropped to 1.8%, and the net transaction margin (NTM) increased to AU$2.18million.
