The 3 Best Financial Services Stocks to Buy in May 2024 | Markets

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Financial services companies offer many essential products and services that help people stay on top of their budgets, acquire assets and achieve long-term goals. The demand for these services won’t go away, and research from Fortune Business Insights suggests high growth is here to stay.

According to the research, the global fintech market is expected to achieve a 16.5% compounded annual growth rate until 2032. Some companies in the industry will grow faster than others, and these variances present opportunities for investors. These three of the best financial services stocks to buy demonstrate plenty of promise in May 2024 and beyond.

Nu Holdings (NU)

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Nu Holdings (NYSE:NU) is a Brazilian digital bank rapidly expanding in Latin America. After a slow start during its IPO, the stock has roared back and is up by 103% over the past year. Nu Holdings stock trades at a 56.5 P/E ratio, higher than most bank stocks. However, it’s also growing faster than most banks.

Nu Holdings grew its customer base by 26% year-over-year in Q4 2023. The digital bank has 93.9 million customers, translating into plenty of profits. Revenue almost doubled year-over-year while net income soared by a tremendous 221% year-over-year.

The fintech company offers loans, credit cards, bank accounts, investment accounts and other financial services. It…

Source investorplace.com

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