The Motley Fool

ASX tech shares are soaring – these are my top 3 today

It has been a great day for the ASX with the S&P/ASX 200 Index (ASX: XJO) up by a staggering 4.28% at the time of writing. While all sectors have performed well, ASX tech shares, in particular, have seen strong share price gains.

Here we look at 4 companies that were among the standout performers.

Wisr Ltd (ASX: WZR)

Small-cap fintech provider, Wisr has seen its share price soar by a massive 32% so far today. It provides online loans for services including debt consolidation, car loans, home renovations, and travel.

Its strong share price rise appears to be linked to a market announcement earlier today. Wisr revealed that new loan originations grew 48% in May 2020, compared to April 2020. This was despite the company maintaining much tighter credit policies during March in response to the coronavirus outbreak.

The company was able to deliver a total of $23.1 million in new loans during the months of April and May. Overall growth during May resulted in loan originations returning to levels before the coronavirus pandemic. It also reported that customer support requests have returned to pre-COVID-19 levels.

EML Payments Ltd (ASX: EML)

EML Payments has seen its share price by 10.3% so far today. The company is an electronics technology solutions provider offering gift and reward cards, pre-paid cards and supplier payments. It manages more than 1,200 card programs across North America, Europe and Australia.

EML payments have diversified its business model via the acquisition of Prepaid Financial Services.

Its share price was hit hard in the early part of the coronavirus crisis. Prior to this period, this tech share been growing strongly for several years.

Easing national lockdown restrictions is starting to stimulate consumers to spend more. This is helping overall demand for card services get back to pre-COVID 19 levels.

The third strong ASX tech share rising today: Openpay Group Ltd (ASX: OPY)

Openpay is a small-cap buy now, pay later (BNPL) provider. Its share price has risen strongly by 13% today. This comes after a wild ride on the ASX over the past week. It suffered heavy share price falls late last week.

This tech share only recently launched on the ASX at the end of 2019. If offers payment plans that range anywhere between 2 and 24 months. Loans provided are for amounts up to the $20,000 mark.

Openpay targets the 3 key markets of automotive, healthcare and home improvement. In comparison, Afterpay Ltd (ASX: APT) targets the retail sector.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

*Returns as of June 30th

Phil Harpur owns shares of AFTERPAY T FPO. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Emerchants Limited. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Emerchants 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 Scott Phillips.

Related Articles...