The March quarter was rough for most ASX buy now, pay later (BNPL) shares, but these three managed to outperform their peers last quarter.
The BNPL space was busy with transformational happenings. These included the announcement of a merger between Zip Co Ltd (ASX: Z1P) and Sezzle Inc (ASX: SZL), the removal of former market favourite, Afterpay, and the inclusion of Block Inc (ASX: SQ2) on the ASX.
So, which ASX BNPL shares managed to outperform their peers last quarter? Let’s take a look.
The 3 best-performing ASX BNPL shares of the March quarter
A quick note before we start: This list only considers ASX BNPL shares with market capitalisations of more than $50 million.
IOUPay Ltd (ASX: IOU) – gained 6.25%
Last quarter was rocky for the IOUPay share price, but it ultimately finished it in the green.
After ending 2021 trading at 16 cents, the BNPL stock was being traded for 17 cents at the final close of the March quarter.
That’s despite the IOUPay share price dropping or trading flat on all announcements released by the company in that time.
The last time the market heard from IOUPay was a trading update for the first half of the March quarter.
Then, the company noted the uptake of its BNPL service had increased, as had its transaction volumes.
Block Inc – gained 4.93%
On joining the ASX in late January following its all-scrip takeover of Afterpay, the Block share price finished its first session of trading at $176.63.
Come the final close of the March quarter, Block was swapping hands for $185.33 apiece on the ASX.
Though, sailing wasn’t as smooth for its New York listing – Block Inc (NYSE: SQ). It slipped 16% over the three months ended 31 March.
The big news from the payment services provider last quarter was its earnings for the 12 months ended 31 December and for the three months ended 31 December.
Over the 12 months, Block’s profit soared 62% year-on-year, reaching $4.42 billion. Meanwhile, its revenue surged 86% to $17.66 billion.
Its December quarter earnings were also positive, with the company’s quarterly profit increasing 47%.
The now-ASX BNPL share saw its value surge 32.49% on the release of its results.
Humm Group Ltd (ASX: HUM) – fell 4.44%
The Humm share price outperformed most of its ASX BNPL peers last quarter even though its value declined. However, it might not be included in future lists like this one. That’s because the company recently agreed to sell its consumer finance business which houses its BNPL segment.
The segment is set to be acquired by Latitude Group Holdings Ltd (ASX: LFS) for $335 million.
Following the sale, Humm will still control its commercial business flexicommercial.
The Humm share price slipped from 90 cents to 85 cents last quarter.