V - Affirm and Robinhood Make It To Top FinTech Stocks for 2024 - Analyst Says It Promises Growth for Average Americans | Benzinga
Mizuho analyst Dan Dolev provided his 2024 FinTech & Payments outlook. The analyst’s top picks included Affirm Holdings, Inc (NASDAQ:AFRM), Fidelity National Information Services, Inc (NYSE:FIS), Robinhood Markets, Inc (NASDAQ:HOOD), and Block, Inc (NYSE:SQ).
Dolev noted that AFRM is more than just ‘Buy Now Pay Later’ (BNPL). In his view, AFRM is an alternative payment network competing with the likes of Visa Inc (NYSE:V), Mastercard Inc (NYSE:MA), and PayPal Holdings, Inc (NASDAQ:PYPL).
With the addition of the physical hybrid debit and credit card, Affirm has moved from a total addressable market (TAM) of primarily U.S. e-commerce (~$1 trillion) to a total TAM of U.S. retail, including brick and mortar, equating to ~$7 trillion.
Per Dolev, the Affirm Card is a revolutionary product in the payments industry.
Also, Affirm’s robust underwriting model, diverse funding channels, key enterprise partnerships, entrance into B2B BNPL, financing, and tailwinds from an improved rate outlook set it up to be an idiosyncratic winner into 2024.
Dolev’s analysis of Affirm’s new transactional account with direct deposit (still in Beta testing), in tandem with the Affirm Card, could be the key to driving a significant increase in usage and adoption ...