Written by Rajiv Nanjapla at The Motley Fool Canada

Earlier this month, the U.S. Bureau of Labor Statistics announced that the CPI (Consumer Price Index) rose 4.9% in April, below 5% for the first time in the last two years. Although there are signs of inflation cooling down, the inflation numbers are still higher than the central bank’s guidance of 2%. So, I expect the Federal Reserve will not be in a hurry to ease its monetary-tightening initiatives, thus impacting global growth. Also, the delay in reaching a consensus over raising the U.S. debt ceiling has contributed to the volatility.

However, due to their growth initiatives and discounted stock prices, I am bullish on the following three growth stocks even in this high-interest rate environment.

Nuvei

Nuvei (TSX:NVEI) is a fintech company that facilitates businesses to accept next-gen payments, thus driving their growth. With the growth in e-commerce, the adoption of digital payment tools is rising, thus benefiting the company. Earlier this month, the company posted a solid first-quarter performance, with its revenue and adjusted EBITDA (earnings before interest tax, depreciation, and amortization) growing by 20% and 5.1%, respectively.

Meanwhile, Nuvei has continued investing in product innovation and technological advancements. Besides, it is expanding its alternative payment methods (APM) portfolio and geographical reach. Also, the contribution from the recently acquired Paya Holdings and synergy opportunities could drive its financials. Notably, the company’s management has provided upbeat 2023 guidance, with the mid-point of its revenue and adjusted EBITDA guidance representing growth of 48% and 33%, respectively.

Despite its high growth prospects, Nuvei trades at an attractive NTM (next 12 months) price-to-earnings multiple of 14.1, making it an attractive buy.

WELL Health Technologies

WELL Health Technologies (TSX:WELL) is another excellent growth stock that I am betting on due to the growing adoption of telehealthcare services, internet penetration, and technological advancements. It posted record quarterly revenue of $169.4 million in the March-ending quarter, representing 34% growth from the previous year. Strong organic growth of 21% drove its sales. Alongside topline growth, the company’s adjusted EPS (earnings per share) also increased by 50%.

Meanwhile, WELL Health continues to expand its footprint across Canada and the United States, which could drive its financials in the coming quarters. The company’s management expects its 2023 revenue to come in between $690-$710 million, with the midpoint representing 23% growth from the previous year. Also, the management projects a 10% increase in its adjusted EBITDA. So, I believe WELL Health, which is trading at an attractive NTM price-to-sales multiple of 1.5, would be an excellent buy despite the volatility.