ASX fintechs have been climbing for some years now off the back of increased adoption, but growth has particularly accelerated in 2020.

One fintech executive, David Laird – currently CEO at Modul8 which provides digital services such as card issuance capability to fintechs – told Stockhead this had been for varying reasons.

These range from open banking formally commencing on July 1 – making it easier to switch providers – to consumers seeking to take their lives in another direction and requiring finance to make it happen, and even the fall in physical cash use.

“We’re seeing from a payment perspective there’s huge development going into fintech now,” he said.

“Open banking is a real enabler for allowing fintechs to play into the space and trying to take market share.

“We’re seeing massive demand for digital payments and non-cash ways of doing things and I think it’s been a massive blessing for the fintech sector.”

Among listed companies, the average gain in 2020 is 54 per cent.

Code Company Price %SixMth %Yr MktCap
IP1 Int Payment Tech Ltd 0.032 1010 138 $17.3M
SZL Sezzle Inc. 8.04 447 230 $831.1M
APT Afterpay Limited 97.11 341 177 $26.8B
OPY Openpay Group 3 329 88 $250.2M
SPT Splitit 1.52 316 153 $517.4M
DOU Douugh Limited 0.13 321 450 $32.0M
Z1P Zip Co Ltd. 7.58 240 37 $4.1B
9SP 9 Spokes Int Limited 0.036 200 89 $53.8M
CCA Change Financial Ltd 0.13 147 -40 $52.4M
QFE Quickfee Limited 0.495 106 2 $101.2M
MME Moneyme Limited 1.53 91 22 $258.4M
WZR Wisr Ltd 0.185 76 42 $197.2M
MNY Money3 Corporation 2.28 65 3 $426.2M
TYR Tyro Payments 3.92 63 42 $2.0B
FTC Fintech Chain Ltd 0.1 49 -31 $65.1M
RZI Raiz Invest Limited 0.72 47 -21 $54.3M
EML EML Payments Ltd 3.57 42 -14 $1.2B
FXL FlexiGroup Limited 1.12 35 -48 $552.2M
LBY Laybuy Group Holding 1.71 21 21 $306.2M
PLT Plenti Group Limited 1.28 -23 -23 $214.4M
CWZ Cashwerkz Limited 0.14 -3 -36 $27.8M
PGL Prospa Group 0.71 -6 -83 $114.9M

 

The top gaining ASX fintechs

The top gaining ASX fintech is Douugh (ASX:DOU) which is a wealth management platform.

It is sitting on a 450 per cent gain in 12 months having entered the ASX earlier this month through the reverse takeover of Ziptel (ASX:ZIP).

Another four stocks are sitting on gains above 100 per cent, three of which are buy now pay later stocks Afterpay (ASX:APT), Splitit (ASX:SPT) and Sezzle (ASX:SZL) .

The odd one out is Integrated Payment Technologies (ASX:IP1).

Lending stocks have also seen a solid 2020 with MoneyMe (ASX:MME) gaining 22 per cent and Wisr (ASX:WZR) gaining 42 per cent.

Both stocks and other ASX lenders fell in March with the onset of COVID-19 restrictions as investors feared the potential for a rise in bad dents and consumer spending potentially plunging.

More than six months on however, it turns out these fears were unfounded as many lending stocks reported higher lending volumes and profits.

One other top performer, B2B ASX fintech 9Spokes (ASX:9SP), has dashboard management solution to its clients and their customers.

This company has particularly surged since June when it announced a reseller agreement with Visa.