5 ASX shares for investing in the fastest growing Aussie companies of 2022

Are these 5 stocks the ultimate ASX growth shares?

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Looking to invest in ASX growth shares? Well, we have good news for you.

Australia's fastest growing companies of 2022 have been identified and they include a few names Aussie investors are likely familar with.

So, which ASX shares have been posting massive growth lately? Keep reading to find out.

Fastest growing Aussie companies of 2022 crowned

It's been a big year for some notable ASX stocks – they've been included in the 2022 AFR Fast 100 list, with two coming in among the top 10 fastest growing Aussie companies of 2022.

The list is presented by the Australian Financial Review in association with Pemba Capital Partners and PwC. It encompasses 100 companies boasting a compound annual growth rate (CAGR) of as much as 330% between financial year 2020 and financial year 2022.

5 ASX shares among Australia's fastest growers

Which ASX share will give investors exposure to the fastest grower on the Aussie bourse this year? It's WISR Ltd (ASX: WZR).

The company has been crowned the fastest-growing ASX-listed entity, coming in seventh place on the AFR Fast 100 List. The fintech stock provides consumer finance products.

It posted $7 million of revenue in FY20, growing that to $59 million in FY22. Not to mention, it surpassed $1 billion in loan originations over the three months ended March 2022.

Next up is ASX digital marketplace operator Camplify Holdings Ltd (ASX: CHL). It came in as Australia's ninth fastest-growing company. The company connects owners of recreational vehicles with hirers.

Camplify's shares hit the ASX in June 2021. It boasted nearly $3 million of revenue in FY20. That figure grew to $16 million in FY22.

Another ASX newbie has joined Camplify on this year's list, with telco and internet service provider Pentanet Ltd (ASX: 5GG) taking out spot number 25. Pentanet floated on the exchange in January 2021.

The company brought in $5 million of revenue in FY20, growing that to $16.8 million in FY22.

Just two spots lower lies Credit Clear Ltd (ASX: CCR). The company is in the fintech business, providing receivables management solutions.

In FY20, the company brought in $11 million. By FY22, that had grown to $21 million.

Finally, drone detection software provider DroneShield Ltd (ASX: DRO) has been crowned Australia's 37th fastest-growing company of 2022.

It posted around $11 million of revenue for the 12 months ended 31 December 2021. That was up from $5.6 million in the prior period.

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Camplify Holdings Limited and DroneShield Ltd. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has recommended Pentanet Limited. The Motley Fool Australia has recommended DroneShield Ltd. 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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