UP Fintech
Holding Limited, the Singapore-based online brokerage firm operating under
Tiger Brokers brand (NASDAQ: TIGR), reported
strong financial results for the fourth quarter and full year 2024. The company
saw its total revenue in Q4 2024 jump 77.3% year-over-year to $124.1 million.
UP Fintech Posts Record Q4
Revenue, Profit as Customer Base Expands
Net income
attributable to shareholders reached $28.1 million, compared to a net loss of
$1.8 million in the same quarter last year. For the full year 2024, UP
Fintech’s total revenue increased 43.7% to $391.5 million, while net income
rose 86.5% to $60.7 million.
The firm’s
customer growth accelerated in Q4, with 59,200 new funded accounts added,
bringing the total number of customers with deposits to 1,092,000 by year-end,
a 20.7% increase from 2023.
“Both
our financial and operating performance have achieved significant growth in the
fourth quarter and the full year of 2024,” said Wu Tianhua, Chairman and
CEO of UP Fintech. “We are pleased to see that both our annual and
quarterly topline and bottom line have reached an all-time high as we keep
executing internationalization strategy and building a resilient business model
with healthier operating leverage .”
The
company’s total account balance grew 36.4% year-over-year to $41.7 billion,
driven by robust asset inflows of $1.1 billion in Q4, primarily from retail
investors.
Commision Revenue and
Crypto Platform YAX
UP
Fintech’s commission revenue more than doubled in Q4, rising 154.9% to $56.0
million, fueled by increased trading activity. The company’s trading volume
surged to $198 billion in Q4, up from $81.8 billion in the same period last
year.
The firm’s
corporate business also showed strong performance, with
UP Fintech underwriting 14 U.S. and Hong Kong IPOs in Q4, bringing its
total for the year to 44.
Looking
ahead, UP Fintech is expanding its product offerings. In January, its cryptocurrency
platform, YAX (Hong Kong) Limited, received approval from the Hong Kong
Securities and Futures Commission to operate as a licensed virtual asset
trading platform . The company has also upgraded its AI investment assistant,
TigerGPT, to TigerAI, integrating leading AI models.
Doubtful Accounts
Despite the
positive results, UP Fintech faces challenges, including a significant increase
in its allowance for doubtful accounts. As of December 31, 2024, the allowance
balance for receivables from customers was $15.3 million, up from $1.0 million
a year earlier, due to a bad debt provision related to a Hong Kong stock pledge
business affected by extreme market conditions.
Last month,
Tiger Brokers became the first global brokerage to
integrate DeepSeek-R1 into its AI chatbot TigerGPT.
UP Fintech
Holding Limited, the Singapore-based online brokerage firm operating under
Tiger Brokers brand (NASDAQ: TIGR), reported
strong financial results for the fourth quarter and full year 2024. The company
saw its total revenue in Q4 2024 jump 77.3% year-over-year to $124.1 million.
UP Fintech Posts Record Q4
Revenue, Profit as Customer Base Expands
Net income
attributable to shareholders reached $28.1 million, compared to a net loss of
$1.8 million in the same quarter last year. For the full year 2024, UP
Fintech’s total revenue increased 43.7% to $391.5 million, while net income
rose 86.5% to $60.7 million.
The firm’s
customer growth accelerated in Q4, with 59,200 new funded accounts added,
bringing the total number of customers with deposits to 1,092,000 by year-end,
a 20.7% increase from 2023.
“Both
our financial and operating performance have achieved significant growth in the
fourth quarter and the full year of 2024,” said Wu Tianhua, Chairman and
CEO of UP Fintech. “We are pleased to see that both our annual and
quarterly topline and bottom line have reached an all-time high as we keep
executing internationalization strategy and building a resilient business model
with healthier operating leverage .”
The
company’s total account balance grew 36.4% year-over-year to $41.7 billion,
driven by robust asset inflows of $1.1 billion in Q4, primarily from retail
investors.
Commision Revenue and
Crypto Platform YAX
UP
Fintech’s commission revenue more than doubled in Q4, rising 154.9% to $56.0
million, fueled by increased trading activity. The company’s trading volume
surged to $198 billion in Q4, up from $81.8 billion in the same period last
year.
The firm’s
corporate business also showed strong performance, with
UP Fintech underwriting 14 U.S. and Hong Kong IPOs in Q4, bringing its
total for the year to 44.
Looking
ahead, UP Fintech is expanding its product offerings. In January, its cryptocurrency
platform, YAX (Hong Kong) Limited, received approval from the Hong Kong
Securities and Futures Commission to operate as a licensed virtual asset
trading platform . The company has also upgraded its AI investment assistant,
TigerGPT, to TigerAI, integrating leading AI models.
Doubtful Accounts
Despite the
positive results, UP Fintech faces challenges, including a significant increase
in its allowance for doubtful accounts. As of December 31, 2024, the allowance
balance for receivables from customers was $15.3 million, up from $1.0 million
a year earlier, due to a bad debt provision related to a Hong Kong stock pledge
business affected by extreme market conditions.
Last month,
Tiger Brokers became the first global brokerage to
integrate DeepSeek-R1 into its AI chatbot TigerGPT.
This post is originally published on FINANCEMAGNATES.
