UP Fintech Holding Limited (UP Fintech, NASDAQ: TIGR) has
released its financial results for the second quarter ending June 30, 2024. The
Company reported total revenue of $87.4 million, marking a significant increase
from the previous quarter and year-over-year.
Trading Volume Surge
Non-GAAP net income for the quarter was $5.2 million. The
total trading volume reached $105.9 billion, a substantial rise from the same
period last year.
Net asset inflow for the first half of the year was $7
billion, driving the total account balance to a new high of $38.2 billion.
Commission income was $34.1 million, and interest-related income was $47.1
million.
“In the second quarter, the company’s business grew
significantly as the market environment became more active, with revenue
reaching a record high,” UP Fintech’s Founder and CEO, Wu Tianhua, stated.
“As of early August, the number of funded clients worldwide
has exceeded 1 million, and total client assets have continued to reach new
highs for the past three consecutive quarters, fully demonstrating the
long-term growth potential of Tiger Brokers.”
BREAKING NEWS Earnings Snapshot: UP Fintech reports all-time high Q2 revenue, total client assets of $38.2 billion https://t.co/xwwLbViVUX pic.twitter.com/1Eu0cG9Sgd
— ZBreakingNewz (@ZBreakingNewz) August 30, 2024
Performance across Regions
In Singapore, UP Fintech introduced T+0 same-day settlement
for its “Tiger Vault” service, enhancing trading efficiency. The
average 7-day annualized yields for USD, HKD, and SGD money market funds were
5.2%, 4.2%, and 3.6%, respectively.
The TradingFront Turnkey Asset Management
Platform saw a 26.5% quarter-over-quarter increase in Assets Under Custody. The
Company also partnered with Manulife to offer Variable Universal Life insurance
custody services.
In Hong Kong, UP Fintech ranked fourth among IPO
underwriters, participating in IPOs for Laopu Gold, Dida, Mobvoi, and ChaPanda.
The Company maintained a strong presence in the IPO market.
In Australia, the Company’s Employee Stock Ownership Plan
SaaS service, UponeShare, experienced significant growth, with revenue
increasing by 149.5% year-over-year and 27.9% quarter-over-quarter.
UponeShare
added 22 new enterprise clients, bringing the total to 579. Additionally, the
Tiger Enterprise Account service added 14 new companies, increasing its total
client base to 442.
UP Fintech Holding Limited (UP Fintech, NASDAQ: TIGR) has
released its financial results for the second quarter ending June 30, 2024. The
Company reported total revenue of $87.4 million, marking a significant increase
from the previous quarter and year-over-year.
Trading Volume Surge
Non-GAAP net income for the quarter was $5.2 million. The
total trading volume reached $105.9 billion, a substantial rise from the same
period last year.
Net asset inflow for the first half of the year was $7
billion, driving the total account balance to a new high of $38.2 billion.
Commission income was $34.1 million, and interest-related income was $47.1
million.
“In the second quarter, the company’s business grew
significantly as the market environment became more active, with revenue
reaching a record high,” UP Fintech’s Founder and CEO, Wu Tianhua, stated.
“As of early August, the number of funded clients worldwide
has exceeded 1 million, and total client assets have continued to reach new
highs for the past three consecutive quarters, fully demonstrating the
long-term growth potential of Tiger Brokers.”
BREAKING NEWS Earnings Snapshot: UP Fintech reports all-time high Q2 revenue, total client assets of $38.2 billion https://t.co/xwwLbViVUX pic.twitter.com/1Eu0cG9Sgd
— ZBreakingNewz (@ZBreakingNewz) August 30, 2024
Performance across Regions
In Singapore, UP Fintech introduced T+0 same-day settlement
for its “Tiger Vault” service, enhancing trading efficiency. The
average 7-day annualized yields for USD, HKD, and SGD money market funds were
5.2%, 4.2%, and 3.6%, respectively.
The TradingFront Turnkey Asset Management
Platform saw a 26.5% quarter-over-quarter increase in Assets Under Custody. The
Company also partnered with Manulife to offer Variable Universal Life insurance
custody services.
In Hong Kong, UP Fintech ranked fourth among IPO
underwriters, participating in IPOs for Laopu Gold, Dida, Mobvoi, and ChaPanda.
The Company maintained a strong presence in the IPO market.
In Australia, the Company’s Employee Stock Ownership Plan
SaaS service, UponeShare, experienced significant growth, with revenue
increasing by 149.5% year-over-year and 27.9% quarter-over-quarter.
UponeShare
added 22 new enterprise clients, bringing the total to 579. Additionally, the
Tiger Enterprise Account service added 14 new companies, increasing its total
client base to 442.
This post is originally published on FINANCEMAGNATES.
