There are a number of investment strategies for investors to choose from. One of the most popular strategies is growth investing. It involves focusing on capital appreciation by investing in companies which exhibit above-average growth prospects.

Thankfully for Australian growth investors, I believe the Australian Stock Exchange is blessed with a great number of shares that fit this profile.

I’ve picked out 5 underfollowed growth shares which I think deserve a place on the watch list of every Australian growth investor today. Here they are:

Afterpay Holdings Ltd (ASX: AFY)

This fintech company allows consumers to buy items from a growing number of online stores from retailers such as General Pants Co, Tony Bianco, CUE, and Optus, but pay later without interest or fees. The company earns its money by taking a small percentage of the sale in return for bearing its default risk. The service appears to have been well received by consumers and retailers alike, and I believe there could be a lot of growth ahead of it.

Catapult Group International Ltd (ASX: CAT)

Operating in a market estimated to be worth $4.7 billion in a few years, this leading sports analytics company could have a very bright future ahead of it. Its award-winning technology is used by leadings sports teams such as the New York Knicks, Australian Wallabies, and Chelsea Football Club. I believe Catapult is an exciting company that could be a fantastic long-term investment.

IPH Ltd (ASX: IPH)

IPH is one of the leading intellectual property services companies in the Asia-Pacific region. It provides a range of IP services to clients ranging from large multinationals to individuals. I was impressed with its recent interim results, which showed strong growth on both the top and bottom lines. According to CommSec, analysts are expecting this to continue, with estimated earnings growth of 22% per annum through to at least FY 2018.

MNF Group Ltd (ASX: MNF)

The operator of My Net Fone has provided its shareholders with fantastic returns over the last 10 years on the back of growing demand for voice-based internet communications (VoIP). As the copper wire network gets torn out for the NBN, I expect the solid VoIP demand will be sustained for many years to come. The company’s growth is not just restricted to the Australian market either, with around 29% of sales currently deriving from a growing global VoIP market.

Praemium Ltd (ASX: PPS)

Praemium is another growing Australian fintech company. It provides software platforms for investment administration, separately managed accounts, and financial planning. Through its 900+ customers it is currently servicing over 300,000 investor accounts. If the rise of separately managed accounts is sustained, Praemium’s growth could prove to be explosive. Analysts are currently expecting its earnings to grow at an incredible pace for the next few years.

Finally, these three fantastic shares could well be just as exciting. In my opinion, each one could provide shareholders with share price gains in the months ahead, as well as a solid fully franked dividend.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. I contribute to The Motley Fool as a freelance writer and the thoughts and opinions in this post are my own, not that of The Motley Fool’s.