UP Fintech Reports $87 Million In Revenue And $106 Billion In Trading Volume For Q2
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UP Fintech Holding Limited revealed its earnings for the second quarter, which ended on June 30, 2024. The company posted total revenues of $87.4 million, indicating strong growth from the same quarter last year. This increase points to the firm’s continued financial progress and market strength.
The company’s non-GAAP net earnings for the quarter were $5.2 million. Additionally, the total trading activity amounted to $105.9 billion, representing a large growth compared to the corresponding period last year.
Up Fintech Founder, Wu Tianhua Has Noted A Significant Business Growth In Q2
The net asset for the first part of the year was estimated to be $7 billion. This made the total amount in the account increase to a significant figure of $38.2 billion. The interest-related profit was valued at $47.1 million while the Commissioned profit was $34.1 million.
The UP Fintech Founder and Chief Executive Officer Wu Tianhua said the firm’s business has increased to a tangible level in the second quarter of the year. As the market community became more active, its revenue got to reasonably high records.
He further said the total amount of funded clients all over the world has risen above 1 million as of early August. For more than three continuous quarters its total client assets have been on the high, this goes to show the long-term growth effect of Tiger Brokers.
UP Fintech launched instant settlement for its ‘Tiger Vault’ service in Singapore, improving Trading performance. The average 7-day annualized yields for money market funds were 5.2% for USD, 4.2% for HKD, and 3.6% for SGD.
Tradingfront Turnkey Asset Management Platform Has Increased To About 26.5%
The TradingFront Turnkey Platform experienced a 26.5% growth in its Assets Under Custody from the previous quarter. Additionally, the company formed a partnership with Manulife to provide custody services for Variable Universal Life insurance policies.
UP Fintech secured the fourth spot among IPO underwriters in Hong Kong. It took part in initial public offerings for companies such as Laopu Gold, ChaPanda, Dida, and Mobvoi. The company continued to maintain a solid position within the IPO market.
UP Fintech’s UponeShare, a Software-as-a-Service for Employee Stock Ownership Plans in Australia, achieved impressive growth. Its revenue climbed by 149.5% from the same time last year and grew by 27.9% compared to the last quarter.
Recently 22 new enterprise clients were added by Uponeshare, increasing the total number to 579. Also, the Tiger Enterprise Account service has added 14 new firms, growing its clients to a total of 442.
