UP Fintech’s Total Revenues Jump 26% In Q1 2023
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UP Fintech Holding Limited, which is one of the leading online brokerage companies and an operator of the Tiger Brokers trading brand, has released its financial results for the first three months of 2023. The results show a significant recovery in market activities, while the profitability has also seen a significant improvement.
UP Fintech sees a 26% YoY growth
UP Fintech has also reported total revenues of $66.3 million, which represents a 3.9% increase compared to the last quarter of 2022. The company also saw a significant increase of 26% in total revenues compared to Q1 2022.
The profitability that was also reported by UP Fintech also saw a significant turnaround, with the GAAP and the non-GAAP net income posted by the company during the period coming in at $8 million and $10.3 million, respectively. The figures that were reported by the company also represent a significant quarter-over-quarter increase. The GAAP increased by 541%, while the non-GAAP net income increased by 129%.
The firm has also reported that it had 30,392 new funded accounts during the first quarter of 2023, which was an 11.2% increase compared to the previous quarter. At the end of the first quarter of 2023, the number of funded accounts came in at 811,900.
The company also reported that the net asset inflow came in at nearly $1.2 billion during the quarter, which led to the total account balance increasing by 15.2%, which came to $16.1 billion.
The other major achievement that was reported by the company was a significant drop in the average customer acquisition cost (CAC) fro, $271 in the last quarter of 2022 to $171 in the first quarter of 2023.
The company further said that “This indicates that our ongoing international expansion have been well received by local investors in various regions and ROI remains at an industry-leading level, gives us the flexibility to dynamically adjust customer acquisition strategies in the future.”
In Q1 2023, the company also reported $45.9 million in operating costs and expenses. The figure was a 16.4% drop compared to the first quarter of 2022. The execution and clearing expenses declined by 16.1% compared to Q4 2022, with the company self-clearing more equities in the Hong Kong market.
UP Fintech is still investing in R&D
UP Fintech has also stressed its commitment to research and development to boost operational efficiency and the user experience. The firm is also planning the soft launch for TigerGPT, which is a financial AI inspired by ChatGPT.
TigerGPT will allow users to access and analyze data related to investments, which will ease the investment research process and make it easy for new users to learn. The corporate businesses announced by the company also performed well in Q1 2023.
The results announced by the company during the first quarter mirror the strong performance posted in 2022. The year was the third consecutive profitable period. The online broker recorded annual revenue of $225.4 million during the 2022 financial year.
