Up Fintech Posts Robust Financial Results With $122.6 Million In Revenue
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Up Fintech, which runs the Tiger Brokers platform and trades under Nasdaq: TIGR, reported total revenue of US$122.6 million and a net profit of US$36 million in its latest quarterly results. According to the company, its revenue rose by 55.3% compared to the same period earlier, while net income reached a new peak with a 145% increase.
A strong jump in trading activity played a key role in the company’s financial growth. Trading volume hit US$217.5 billion, marking a 154.6% leap from earlier levels. A similar pattern was also observed in the performance of Futu, a major competitor.
Up Fintech Aims To Expand Global Reach And Attract Wealthier Clients
Tiger Brokers attracted 77,000 new accounts, reflecting a 49.8% rise. This pushed its global user base to 2.53 million. Net deposits grew by US$3.4 billion during the period, raising the platform’s total client assets to US$45.9 billion, a 39.5% increase.
Chief Executive Officer Wu Tianhua noted that Tiger is becoming more popular among high-net-worth clients in various regions. Client assets in Greater China alone rose more than 20% from the previous quarter, and new users in Hong Kong added over US$30,000 each on average in net asset inflows.
The company is especially known for helping retail investors in mainland China access US and global markets. It’s also quickly building a presence in other Asia-Pacific areas. In Singapore, client trading volume surged by 81.5%, with executed orders up 65.8%.
Stocks listed in the US and Singapore saw trading volume gains of 71.3% and 61.2%, respectively. US options trading volume shot up by 127.7%.
Up Fintech Wants To Strengthen Its Global Footprint
Options trading in Hong Kong spiked nearly tenfold compared to the earlier period. Tiger is also growing in the Southern Hemisphere. Funded accounts in Australia jumped by 37%, and deposits rose 71%. New Zealand results were also strong.
Outside the Asia-Pacific region, the platform is expanding in the US as well. Trading volume from American clients increased by 131%, while the number of newly funded accounts climbed 28.4%.
Tiger continues to enhance its platform features, according to Tianhua. Recent updates include support for crypto deposits and withdrawals, along with new tools that use artificial intelligence to improve the user experience.
UP Fintech Holding Limited is a top online brokerage that serves investors worldwide. Its custom-built mobile and web trading platform lets users buy and sell stocks and other financial products across various global exchanges.
