Bought a stock in the Financial/Technology space for this portfolio. The stock is zipMoney Ltd (ZML) and I've been watching it for a few weeks since it gapped up on huge volume on 7th of August. Turns out that it was due to a big news announcement where one of the big four banks, Westpac has bought a stake in the company. So rather than jumping in to buy the stock I've been watching it to see how it reacts after the initial price surge.
zipMoney operates in the online retail lending space and this area is expected to grow as it offers convenience for online purchases with credit. With the investment in zipMoney, it looks like Westpac also thinks the company has good fortunes going forward...
