There's no stopping Fiverr (NYSE: FVRR). At the end of last week, its share price rose by another 7% in New York, and so far this year it has zoomed by no less than 719%. Since Fiverr's IPO in June 2019, the stock has returned 816%.
Fiverr has developed a trading platform connecting freelancers in various professions with potential customers. The company, which was founded by its chairman and CEO Micha Kaufman, describes itself as "the company that is changing how the world works together", and since the way that the world works has changed rather a lot in the past few months, processes that were already underway were accelerated, and Fiverr is a beneficiary of the trend. The fact that the solution it offers fits very well with remote working and a move to digital enabled the company to switch to net profitability a long time before it was expected to, while revenue has grown handsomely.
The rise in the share price at the end of last week came after the company published an announcement about expansion to additional markets. Fiver said that it had launched its platform in Brazil and Mexico, after launching it in various European markets, among them France and Germany. Launching the platform in a particular market means, among other things, presenting it in the local language and offering the possibility of payment in the local currency. Fiverr stated in its announcement that in the past year it had seen a rise of 137% in the number of freelancers registering from Brazil and of 109% in freelancer registrations from Mexico.
"Expanding our geographic footprint continues to be a top priority for Fiverr, and we believe there is a great opportunity in the Brazilian and Mexican markets," Kaufman said.
Fiverr currently has a market cap of nearly $6.8 billion, making it the eighth most valuable Israeli company on Wall Street.
Published by Globes, Israel business news - en.globes.co.il - on November 23, 2020
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