This week has provided some intriguing news that really should have investors in Paysafe (NYSE:PSFE) and PSFE stock excited. Indeed, the payments processing space is a high-growth area many investors have focused in on. And as a recent de-SPAC company, Paysafe’s growth potential has been on display of late.
Since running up to nearly $20 per share during the SPAC fever that hit the market earlier this year, shares of PSFE stock have since declined to approximately $11.50 at the time of writing. Today’s downward move of 2% continues a rather consistent trajectory for this stock.
That said, there’s reason to believe PSFE stock could see some momentum from growth investors at some point. Indeed, this week’s news would indicate its growth prospects are looking a lot stronger.
Accordingly, let’s dive into what the company announced.
Recent News Bullish for PSFE Stock
Despite the recent price action with PSFE stock, there’s reason to be bullish on this company’s growth prospects. Indeed, two pieces of key news ought to provide optimism among investors.
First, on Tuesday, the company announced an expanded partnership with FOX Bet. As part of the expanded partnership, Paysafe will provide digital wallet and electronic cash products for the online sports betting platform FOX Bet. This partnership will be limited to Michigan at the moment.
Indeed, various state-by-state regulations with regards to sports betting make this a difficult market to tap into. However, Paysafe’s move into the Michigan market is one that’s intriguing for long-term growth investors. It’s a foot in the door of a high-volume, high-growth segment of relatively untapped potential for digital wallet stocks. Accordingly, investors may want to consider such stocks right now.
Additionally, on Wednesday, Paysafe announced the company will also be expanding an existing partnership with Microsoft (NASDAQ:MSFT). This partnership expansion will allow for online cash transactions on Microsoft’s Xbox online store in 22 countries.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
