Position your portfolio with these shredded fintech stocks

Fintech stocks have been shredded this year as the technology sell-off accelerates. Today, most fintech stocks in the Nasdaq 100 index have fallen by double-digits. Still, there is a likelihood that this decline has led to excellent buying opportunities to some of the best fintech companies. Here are the best ones to buy. 

Affirm 

Affirm (NASDAQ: AFRM) is one of the biggest fintech stocks in the United States. It is a buy now, pay later (BNPL) company valued at over $14 billion. The company simply allows people to buy products in most stores and then pay on a monthly basis without paying any interest.

Affirm went public in 2021 and has done poorly. After jumping initially, it has lost about 51% of its value in the past year. This year alone, it has declined by over 30%.

This decline is mostly because of the overall sell-off in technology stocks. It is also because of the company’s close relationship with Peloton (NASDAQ: PTON), a company that is going through a difficult time. 

Still, Affirm is a good investment because of its market share in the BNPL industry. It is also seeing strong growth as more people become aware of the industry. Most importantly, it is a good acquisition target as the industry grows. Just last year, Block, formerly known as Square, announced that it would acquire AfterPay.

Remitly

Remitly (NASDAQ: RELY) is another fintech stock that has done poorly as a publicly-traded company. The Remitly stock price is trading at $13, giving it a market capitalization of over $2.1 billion. It has fallen by 70% since going public.

Still, there is a likelihood that the Remitly stock price will bounce back later this year. Besides, the company is in an industry that is seeing strong growth. It also has a popular application that is popular among migrants. 

Therefore, as the world experiences an uneven recovery, there is a likelihood that the volume of remittances will keep rising.

Block

Block (NYSE: SQ) was once a favourite fintech stock among investors. This love helped to push its total market capitalization to over $100 billion. At its peak, its market cap was slightly below that of Goldman Sachs.

In the past few months, however, block has struggled. Its stock has tumbled by 47% in the past 12 months, bringing its total market cap to about $54 billion. This year alone, the stock has crashed by over 25%.

Still, there is a likelihood that the Block stock price will bounce back. It has a strong market share and is one of the best-known firms in the financial industry. Also, it will likely benefit if cryptocurrency prices rebound.