With a good number of Australia’s blue chip shares posting little by way of earnings growth this year, I believe investors could potentially get better returns if they look further down the market to small cap shares.

Right now I feel Australia is blessed with several small cap shares with potentially explosive growth prospects. I’ve picked out four that I think investors should be keeping a close eye on, they are as follows:

ChimpChange Ltd (ASX: CCA)

This ambitious California-based fintech company aims to deliver a better way to bank with an affordable, fun, and frictionless user experience for US millennials and the underbanked. As well as doing all their daily transactional banking within its app, ChimpChange users can also make payments and send instant mobile payments wherever MasterCard is accepted. In July the company launched the first of a number of products it hopes will generate significant revenue streams in the future. This particular product was a cheque cashing tool which allows its users to take a photo of a cheque to load it into their account for a small fee. I believe ChimpChange is definitely worth adding to your watch list today.

MNF Group Ltd (ASX: MNF)

MNF Group is the company behind the My Net Fone brand. Thanks to the growing demand for voice-based internet communications I believe this is a company which could grow to many times its current size over the next decade. As the copper wire network makes way for the National Broadband Network, I expect demand for its services in Australia will continue to rise. Another bonus with MNF Group is that its growth is not restricted solely to the domestic market. Currently around 29% of its sales derive from the growing international VoIP market.

Money3 Corporation Limited (ASX: MNY)

Money3 is a fast growing credit provider for personal and car loans. I was pleased to see in June that it had secured a $20 million debt facility which it plans to use to maintain the strong growth momentum of its secured automotive loan business. This strong momentum means management expects the company to deliver full year profit growth of 36% to $19 million. One other aspect I particularly like about Money3 is its growing dividend. According to CommSec analysts expect a fully franked 4% dividend this year.

Nearmap Ltd (ASX: NEA)

This growing photo mapping software-as-a-service company is another one I feel investors should be keeping a close eye on. There has been a lot of optimism around the company recently following the announcement of the successful implementation of its HyperCamera2 initiative. Management believes this new aerial mapping technology will not only vastly increase the capability of its product offering, but also reduce the costs of capturing data. I still believe the key to growth for Nearmap will be its US operations. So far I have been pleased with the progress it has made since implementing a paywall in the region and look forward to their full year results release later this month.

But before you add any of these shares to your portfolio I feel it would be more than worthwhile checking to see if you own these three rotten ASX shares. Each of them could be holding back your portfolio from reaching its true potential.

3 Rotten Shares to Sell, and 1 to Buy Today

After a double-digit rally for the ASX since 2016 lows, investors should be on high alert. You'll find a full rundown below of 3 shares we think you should avoid today plus one top pick worth buying, even if the market turns south and the RBA keeps rates at an "emergency low." Simply click here to uncover these stocks.

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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.