UP Fintech’s Q3 Ends with 24,604 More Customers

For another
consecutive quarter, UP Fintech, the brokerage company and operator of the
Tiger Brokers trading brand, reported an increase in revenue, along with
growing volumes and number of active users. Revenue grew by nearly 27% compared
to the previous year and net income by 13.5%.

In the
detailed financial highlights, UP Fintech’s total revenues soared by 26.6%
year-over-year to $70.1 million, while net revenues saw a 13.5% increase to
$58.0 million. The growth trajectory is evident in the net income attributed to
ordinary shareholders, which leapt by 297.1% to $13.2 million compared to last
year’s $3.3 million. An even sharper rise was observed in non-GAAP net income,
escalating by 141.1% to $16.0 million.

The
brokerage’s customer accounts saw considerable growth, with 24,604 new funded
accounts opened in Q3, pushing the total to approximately 865,500. The total
account balance surged by 45.7% from the previous year to $18.9 billion, thanks
to robust net asset inflows of over $1.5 billion.

“Notably,
in Singapore, the average net asset inflows of our newly acquired clients in
the third quarter were approximately $10,000,” Wu Tianhua, the Chairman and the
CEO of UP Fintech, commented.

Exciting News from Tiger with Q1-3 net income soaring to $42M, surpassing a two-year total!
Read more: https://t.co/YFpwnFUTaS#TigerBrokers #GlobalInvesting #FinancialSuccess pic.twitter.com/Kus3eimYyX

— Tiger Brokers Singapore (@TigerBrokersSG) November 27, 2023

The results
are not only better on an annual basis but also quarterly. UP Fintech’s revenue
for Q2 was $66.1 million, 6% lower than its current value.

Despite the
revenue growth, UP Fintech’s operating costs and expenses exhibited a moderate
3.1% increase. Marketing
Marketing

Marketing is defined as the business process of identifying, anticipating and satisfying customers’ needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have t

Marketing is defined as the business process of identifying, anticipating and satisfying customers’ needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have t
Read this Term and branding expenses declined by 30.2%, reflecting a
strategic slowdown in advertising amidst weaker global capital markets.
However, general and administrative expenses jumped by 55.1%, primarily due to
higher professional service fees.