10 Best Fintech Stocks To Buy in 2024

5. Intuit Inc. (NASDAQ:INTU)

Number of Hedge Fund Holders: 82

Intuit Inc. (NASDAQ:INTU) is a global financial technology platform that allows consumers and small businesses to overcome their financial challenges. The company’s products include TurboTax, Credit Karma, QuickBooks, and Mailchimp which enable prosperity for approximately 100 million customers worldwide. While TurboTax does taxes from start to finish, Credit Karma works as an AI-powered platform assisting over 130 million members in the US in managing their financial lives. QuickBooks helps businesses with invoicing, expenses, inventory, and bank feeds. Mailchimp is an email marketing and automations platform.

As a global AI-driven expert platform powering prosperity for consumers, and small and mid-market businesses, Intuit has positioned itself well for durable long-term growth. The company mentions its investments in AI capabilities including knowledge engineering, machine learning, and GenAI, the scale of its data, and the large network of AI-powered virtual experts as its significant advantage.

The business segments of Intuit Inc. (NASDAQ:INTU) remain resilient and continue to be a strength. To better reflect the global reach of the Mailchimp and QuickBooks platform, the firm renamed the Small Business and Self-Employed Group to the Global Business Solutions Group. Intuit ended the fourth quarter and full year with robust financial performance. For the full year, total revenue was up 13% year-over-year, Consumer Group revenue was up 7%, Credit Karma revenue was up 5%, Small Business and Self-Employed Group revenue was up 19%, and Online Ecosystem revenue was up 20%. Simultaneously, the fourth quarter saw its total revenue increase by 17% to $3.2 billion.

The brand strength, robust segment-wise performance, solid financials, and AI investment which solidifies the firm’s strength in financial technology innovation make Intuit an attractive stock. Intuit Inc. (NASDAQ:INTU) is held by 82 hedge funds, as of Q2, with Fisher Asset Management as the most prominent shareholder in the company. The firm ranks 5th among the 10 best fintech stocks to buy in 2024.