It has been a good start to the day so far for shareholders of rising fintech company Class Ltd (ASX: CL1). When the market opened this morning its shares bolted higher by over 4% thanks to the release of yet another solid quarterly update.

Highlights from the quarter included:

  • Billable portfolios increased by a record 10,475. This was its ninth consecutive quarterly increase and means a record total of 112,441 billable portfolios.
  • Aided by the signing of the Findex Group, June was a record month with 5,081 portfolios added.
  • Over the year the company’s market share of the estimated 576,000 SMSFs increased from 16% to 19.2%.

This is an impressive result for the newly-listed provider of self-managed super fund software. It also goes some way to justifying the incredible rise of its share price since its IPO in December. Investors that were lucky enough to have got in on the IPO have seen the value of their holdings increase by a whopping 144%.

Within the update management also attempted to ease any market concerns over changes to superannuation at the recent Federal Budget. It explained that as the company charges its customers on a per portfolio basis (rather than the overall fund balance) the size of the fund has no impact on the fees it charges.

In addition to this it explained that should fund members with higher balances choose to invest outside of superannuation, it may result in an increase in demand for its accounting and reporting solution for non-super investment portfolios.

Despite the rise in its share price I believe Class is still a great long-term investment today and would recommend it above rival Reckon Limited (ASX: RKN) and industry peers GBST Holdings Limited (ASX: GBT) and Link Administration Holdings Ltd (ASX: LNK).

On August 16 we will get to see what this impressive performance means for the company’s top and bottom line when it releases its annual results. I’m expecting an impressive set of results.

Finally, if you are planning on adding Class to your portfolio then I would highly recommend having a look to see if you own one of these three rotten ASX shares. Each could be harming your portfolio and may be better out than in if you ask me.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia owns shares of Class Limited. 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.