Some companies get a lot of attention from investors. Others quietly keep delivering strong growth without generating the same level of excitement.
To me, one S&P/ASX 200 Index (ASX: XJO) growth share that sometimes feels overlooked is Hub24 Ltd (ASX: HUB).
The wealth platform provider has been one of the fastest-growing businesses in Australia's financial services industry for years. Yet it often doesn't get the same spotlight as some of the bigger tech names on the ASX.
And when you look closely at how the business is performing, I think there's a case to be made that it could be one of the more underrated growth shares on the market right now.
Image source: Getty Images
A structural growth story
One reason I continue to like Hub24 is the structural shift happening in the wealth management industry.
Financial advisers increasingly rely on modern investment platforms to manage client portfolios, reporting, and administration. As advisers move away from older legacy systems, newer platforms have been steadily gaining market share.
Hub24 has been one of the biggest beneficiaries of this shift.
The company has built a reputation for providing advisers with flexible portfolio tools, strong reporting capabilities, and a wide range of investment options. That has helped it steadily attract advisers and client assets onto its platform.
As more funds move onto the platform, Hub24 benefits from a scalable business model where revenue grows alongside the assets managed through the system.
Strong momentum continues
The company's latest half-year results highlighted just how strong that momentum remains.
The ASX 200 growth share reported underlying EBITDA of $104.9 million for the first half of FY26, which was up 35% year on year, while underlying net profit after tax increased 60% to $68.3 million.
Platform inflows were also very strong. The company delivered record half-year platform net inflows of $10.7 billion and continued to rank first for platform net inflows in the industry.
Funds under administration across the platform climbed to more than $150 billion, highlighting how quickly the business has been scaling.
Importantly, this growth isn't just coming from market movements. Hub24 continues to win new advisers and licensee agreements, which helps support long-term growth in funds on the platform.
A long runway ahead
What excites me most about Hub24 is that the opportunity still looks far from saturated.
Australia's wealth management industry is enormous, and advisers continue to migrate away from legacy platforms. That gives newer and more innovative platforms room to keep taking share.
Hub24 is also continuing to invest in new technology and product capabilities to strengthen its offering. This includes new retirement solutions, enhancements to adviser tools, and the development of its broader technology ecosystem.
Over time, these investments could further strengthen its position with advisers and make the platform even more valuable to clients.
Foolish Takeaway
Hub24 has already delivered impressive growth over the past decade, but the structural tailwinds behind the business remain firmly in place.
With strong inflows, growing funds under administration, and a platform that continues to win market share, I think Hub24 still has plenty of growth ahead of it.
That's why I believe this ASX 200 company could be one of the more underrated growth shares on the market right now.
