The global stock market has had an eventful year so far. The COVID-19 pandemic saw a massive decline in stock value across the board, and the markets are just recovering from the effects. Surprisingly, some fintech firms actually seeing growth during this time.
3. Square (NASDAQ:SQ)
Square’s most popular offering is the Cash App, a mobile application for the sending and receiving of funds with ease. The application had already been popular, but the lockdown measures implemented around the world saw it rise to new heights of popularity. In April 2020, the number of direct deposits on Cash App was triple what it had been in March, and this figure can be expected to remain high in the months to come.
This is because more people and businesses are turning to digital payments in the wake of the pandemic, and tools such as CashApp have become popular for accepting donations. Rosenblatt analyst Kenneth Hill even stated in July 2020 that CashApp is expected to solidify itself as a primary spending tool in the next five years. With this sort of long-term potential, it is believed that Square is a prime stock option for investments.