Where to invest $1,000 into ASX shares this week

Here’s why I think Afterpay Ltd (ASX:APT) and these ASX shares would be great options for a $1,000 investment…

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If you have $1,000 sitting in a bank account and no immediate use for it, I would suggest you consider putting it to work in the share market.

Especially given how low interest rates have fallen and the potential for superior returns in the share market.

Three top ASX shares that I would buy with these funds are listed below. Here’s why I like them:

Afterpay Ltd (ASX: APT)

The first ASX share to buy with $1,000 is payments company Afterpay. I think it is well-placed to continue its impressive growth over the 2020s thanks to the increasing popularity of its buy now pay later platform and its global expansion plans. In respect to the latter, the company is rolling out in-store in the United States, has just launched in Canada, acquired its way onto mainland Europe, and has its eyes on the massive Asia market. In addition to this, the company has announced plans to offer savings accounts and cash flow tools in 2021 Combined, I believe the future is very bright for Afterpay.

ELMO Software Ltd (ASX: ELO)

Another option to consider is ELMO. It is a cloud-based human resources and payroll software company that provides businesses with a unified platform to streamline a range of processes. It also just announced the acquisition of UK-based Breathe for an initial payment of 18 million pounds (A$32.4 million). Breathe is a fast-growing, scalable human resources platform for small businesses. Demand for its software has been growing strongly and led to ELMO delivering stellar annualised recurring revenue (ARR) growth in FY 2020. I expect more of the same in FY 2021 and beyond, especially given the accelerating shift to cloud-based solutions following the pandemic.

Jumbo Interactive (ASX: JIN)

A final ASX share to consider buying with that $1,000 is online lottery ticket seller Jumbo. It is the operator of the Oz Lotteries website and also provides a software-as-a-service (SaaS) offering – Powered by Jumbo. It is the latter that I think makes Jumbo a buy. With most lotteries around the world still offline, Jumbo’s SaaS business appears well-placed to benefit from the inevitable shift to online playing over the next decade.

Wondering where you should 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 could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of August 16th 2021

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends Elmo Software. The Motley Fool Australia's parent company Motley Fool Holdings Inc. recommends Jumbo Interactive Limited. The Motley Fool Australia owns shares of and has recommended Jumbo Interactive Limited. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Elmo Software. 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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