10 Best Fintech Stocks To Buy in 2024

7. American Express Company (NYSE:AXP)

Number of Hedge Fund Holders: 68

American Express Company (NYSE:AXP) serves as a globally integrated payment company. The company started off as a freight forwarding company in 1850. It operates through multiple segments, including U.S. Consumer Services, Commercial Services, International Card Services, and Global Merchant and Network Services.

American Express has efficiently positioned itself as the world’s largest integrated payments platform. Its core business has continued to generate momentum through 2024’s first half which is evident from the recent results. This momentum is mainly driven by the loyal premium customer base which is known for its high spending and excellent credit profiles. The company reported strong second-quarter results with revenue reaching an all-time high while earnings grew 44% year-over-year. The growing scalability of the business can be seen from 24 consecutive quarters of double-digit growth in card fee revenue consistently and strong new account acquisitions.

Revenues of American Express Company (NYSE:AXP) have expanded by almost 50% as compared to 2021’s year-end while card member spending has risen by nearly 40%. Furthermore, cards in force globally have increased by around 23 million. The leadership position in providing payment products and services, strong growth momentum, and increased scale rank the firm among the 10 best fintech stocks to buy in 2024.

The number of hedge funds owning stakes in American Express Company (NYSE:AXP) was 68 in Q2 2024. Warren Buffett’s Berkshire Hathaway was the company’s leading stakeholder in Q2.