1 Fintech Stock to Buy Right Now
Like everywhere else, the COVID-19 pandemic has had a deep impact on the Brazilian economy. But Brazil-based digital payments and financial technologist firm StoneCo (NASDAQ: STNE) has rebounded quickly from the virus-related slowdown, and it is helping its customers adapt to the new digital era that has taken hold in the region as a result.
Still a relatively small company with lots of market space ahead of it to grow into, I remain a buyer of this fintech stock.
The total volume of payments processed on StoneCo's platform during the third quarter increased 114% from a year ago to 69.7 billion Brazilian reais ($12.4 billion using exchange rates from Sept. 30, 2020). Excluding the "coronavoucher" -- a stimulus program from the Brazilian government aimed at workers that have lost jobs during the pandemic -- payment volume increased 48% year over year to 48.1 billion reais ($8.56 billion). All told, StoneCo's revenue and adjusted income increased 39% and 43%, respectively, to 934 million reais ($166 million) and 288 million reais ($51.2 million).
Source Fool.com
