Do you have $200 available to invest in some fabulous growth stocks? Growth stocks often come with some risk, and you should only invest money that you can afford to lose. I don't mean to be pessimistic, and these stocks could eventually earn you incredible gains over time. In fact, even if only one of them takes off and you lose every dollar you invested in the others, you'll still come out way ahead. That's why it's so important to diversify and why it makes sense to many investors to take risks.

If you have $200 to invest in growth stocks today after paying off debt and saving for an emergency, consider Nu Holdings (NU -0.18%), SoFi Technologies (SOFI -2.41%), and Lemonade (LMND -4.70%).

1. Nu: Better banking in Brazil

Nu is an all-digital bank based out of Brazil. That's its core and longest-served market, but it's recently entered Mexico and Colombia, where it's building its base and brand. All three of these markets are strong and growing. In total numbers, Brazil is still its main growth machine. It added 5.5 million total customers in the 2024 first quarter for a total of 99.3 million, and monthly add-ons in Brazil were 1.3 million. However, percentages are higher in its smaller markets. It added 1.5 million members in Mexico in the quarter for a total of 6.6 million, while it's still getting closer to 1 million total in Colombia.

Revenue increased 64% year over year in the first quarter to $2.7 billion, and although a lot of that comes from new members, a lot of it comes from satisfied customers' increasing engagement. Nu likes to measure its progress with average revenue per active customer (ARPAC), which consistently increases year over year and also consecutively. It came in at $11.40 in the first quarter, up from $8.60 last year.

Aside from all of this growth, Nu has become immensely profitable. It has reported seven straight and increasing quarters of net profits, reaching $379 million in the first quarter, up from $142 million last year.

Nu is just getting started as it disrupts banking in Brazil, and it could supercharge an individual portfolio.

2. SoFi: Better banking for Americans

SoFi is also an all-digital bank, one of several that are transforming banking across the U.S. It's not just the practical parts of being completely branchless, but the approach to finance that's shaking up how Americans manage their money. SoFi was built with the student and young professional in mind, and it offers a simple, easy-to-use platform with a range of services, low fees, and high rates.

Although its core business is the loan segment, which was its original business, it has branched out into a full set of financial services and products. There are benefits to this expansion, but it also comes with risk.

The benefits have been enormous, and the broader business has shielded SoFi from some of the worst parts of the high-interest-rate environment. The loan business is under pressure, and SoFi felt it even more deeply when student loans were paused since student loans have historically been its bread and butter.

SoFi's other segments, financial services and its technology platform, have been growing rapidly over the past few years, picking up the slack from the sagging loan business. That's expected to continue, and management has said that the loan business would be 92% to 95% of 2023 levels this year. That set off alarm bells in the market, even though the other part of the guidance was that the other segments together would increase to 50% of the total, with the tech platform up 20% and financial services up 75%.

As these other segments grow and SoFi continues to report profits, which it's done for the past two quarters, the risk will be reduced. And when interest rates do go down, it will be in an incredibly strong position.

SoFi stock is down this year, and it looks like a bargain right now.

3. Lemonade: A better way to do insurance

Lemonade, like Nu and SoFi, is leveraging technology to offer an improvement on legacy products and services. In its case, it's in the insurance industry.

Lemonade uses artificial intelligence (AI) to price policies accurately and take care of claims. It has chatbots that onboard members and approve claims in seconds, and as it gathers more and more data, it becomes more and more accurate. Its easy and digital systems appeal to a younger generation that's just starting on their insurance journies, and Lemonade is adding customers at a rapid pace. Its strategy is to hook them in with lower-priced policies like rental insurance and then grow with them as their insurance needs increase.

It finished the 2024 first quarter with nearly 2.1 million customers, a 13% increase year over year, and in-force premium, it's preferred top-line metric, increased 22%. Premium per customers was up 8%. This implies that the strategy is working -- not only is it gaining traction with building its brand, it's also converting customers to more and higher-priced policies.

It made good progress on profitability in the quarter, bringing its loss ratio down by 8 points. However, the loss ratio has been volatile, and Lemonade is still reporting net losses.

It's taking longer than investors want for Lemonade to prove that its AI systems and algorithms can achieve better results than traditional models, but it's getting closer. If and when it gets there, Lemonade could offer explosive growth opportunities for investors.