UP Fintech Holding, the parent company of Tiger
Brokers, delivered an impressive third quarter, reporting record revenue of
$101.1 million and a three-year high profit. The company’s performance was
marked by a substantial increase in client assets, which doubled year-over-year
(YoY) to $40.8 billion.
Q3 Revenue
UP Fintech’s Q3 revenue surged 44.1% YoY and 15.6%
quarter-over-quarter (QoQ), reportedly driven by increased trading activity and
client engagement. The non-GAAP net income attributable to shareholders
reached $20.1 million, marking a significant 286.5% QoQ rise and a 25.6%
increase YoY.
During the period, UP Fintech added 60,000 new
accounts, boosting its total global accounts to 2.37 million. This represents a
10.2% YoY increase. The number of funded accounts also rose significantly, with
50,500 new additions, representing a 19.3% YoY growth.
Strong net deposits played a key role in the record
surge of client assets, which increased by 6.7% QoQ and an impressive 115.9%
YoY to hit $40.8 billion.
In Singapore, Tiger Brokers, a subsidiary of UP
Fintech, reported record trading volumes and commission income, with net asset
inflows climbing 134% YoY. The integration of Cash Boost with the Central
Depository (CDP) accounts reportedly attracted investors, boosting trading
orders by 43% QoQ.
The company experienced a strong increase in client
assets in Hong Kong, which rose by over 30% QoQ. Tiger Brokers has introduced
weekly stock options to enhance user trading experience and offer cycle options
trading.
US Platform
TradeUP, UP Fintech’s US platform, demonstrated strong
growth, with user downloads rising 122% compared to Q2. The platform’s
self-clearing capabilities boosted trade execution, with after-hours trading
volume increasing by 240% QoQ.
Additionally, the company posted strong client
acquisition, with newly funded accounts up 104% YoY in Australia. In New
Zealand, trading activity surged, with deposits increasing 128% YoY and trading
volume rising 249% YoY.
On the wealth management side, the company’s assets
under management (AUM) grew 101% YoY, supported by increased client engagement
and the popularity of Tiger Vault’s money market funds.
In the IPO market, Tiger Brokers ranked among the top
three underwriters in Hong Kong, handling nine IPOs in Q3. The firm also
continued to expand its Employee Stock Ownership Plan services, adding new
enterprise clients and boosting net profit by over 270% QoQ.
UP Fintech Holding, the parent company of Tiger
Brokers, delivered an impressive third quarter, reporting record revenue of
$101.1 million and a three-year high profit. The company’s performance was
marked by a substantial increase in client assets, which doubled year-over-year
(YoY) to $40.8 billion.
Q3 Revenue
UP Fintech’s Q3 revenue surged 44.1% YoY and 15.6%
quarter-over-quarter (QoQ), reportedly driven by increased trading activity and
client engagement. The non-GAAP net income attributable to shareholders
reached $20.1 million, marking a significant 286.5% QoQ rise and a 25.6%
increase YoY.
During the period, UP Fintech added 60,000 new
accounts, boosting its total global accounts to 2.37 million. This represents a
10.2% YoY increase. The number of funded accounts also rose significantly, with
50,500 new additions, representing a 19.3% YoY growth.
Strong net deposits played a key role in the record
surge of client assets, which increased by 6.7% QoQ and an impressive 115.9%
YoY to hit $40.8 billion.
In Singapore, Tiger Brokers, a subsidiary of UP
Fintech, reported record trading volumes and commission income, with net asset
inflows climbing 134% YoY. The integration of Cash Boost with the Central
Depository (CDP) accounts reportedly attracted investors, boosting trading
orders by 43% QoQ.
The company experienced a strong increase in client
assets in Hong Kong, which rose by over 30% QoQ. Tiger Brokers has introduced
weekly stock options to enhance user trading experience and offer cycle options
trading.
US Platform
TradeUP, UP Fintech’s US platform, demonstrated strong
growth, with user downloads rising 122% compared to Q2. The platform’s
self-clearing capabilities boosted trade execution, with after-hours trading
volume increasing by 240% QoQ.
Additionally, the company posted strong client
acquisition, with newly funded accounts up 104% YoY in Australia. In New
Zealand, trading activity surged, with deposits increasing 128% YoY and trading
volume rising 249% YoY.
On the wealth management side, the company’s assets
under management (AUM) grew 101% YoY, supported by increased client engagement
and the popularity of Tiger Vault’s money market funds.
In the IPO market, Tiger Brokers ranked among the top
three underwriters in Hong Kong, handling nine IPOs in Q3. The firm also
continued to expand its Employee Stock Ownership Plan services, adding new
enterprise clients and boosting net profit by over 270% QoQ.
This post is originally published on FINANCEMAGNATES.
