Fintech is making a comeback this year. It was one of the worst casualties of the bear market last year, since it's a growth industry with a tech orientation, and those were some of the hardest-hit stocks when the market tanked. But it's now leading the market's rise in 2023.
For example, Cathie Wood's ARK Fintech Innovation exchange-traded fund (ETF) is still down more than 30% over the past three years, but it's up 64% so far this year.
Nu Holdings (NYSE: NU) is a Brazil-based fintech that's catching on and gaining members. It sells low-cost services in a digital, easy-to-use format, and its stock is on fire, up 90% so far this year.
Source Fool.com