Why the Hub24 Ltd share price is flying

Financial services company Hub24 Ltd (ASX: HUB) shares are up to $15.10 at the time of writing, a rise of 179% from its share price of $5.40 at this time last year and a 52-week high for the stock.

So why is Hub24 doing so well?

The stock is most certainly one to watch in the emerging fintech space, buoyed by opportunities presented by the burgeoning superannuation industry, of which the Hub24 platform has a decent slice of the pie.

Hub reported its strongest third quarter net inflows last month with growth of 42% on the previous corresponding period and $7.4 billion funds under management at March 31, 2018 – growth of 58%.

Quite simply, Hub24 looks to be pulling out all stops to keep its current customers happy, which in turn is attracting new business, so it’s no surprise the company is focused on client-led development for new opportunities as this formula has certainly worked so far.

Elsewhere in the space software company Bravura Solutions Ltd (ASX: BVS) is also kicking goals, with its share price up 1.7% to $3.12 at the time of writing after 12 months of gains.

One more under the radar option to watch is $280 million small cap fintech player Praemium Ltd (ASX: PPS).

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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Bravura Solutions Ltd. 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 Scott Phillips.

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