Tiger Brokers Parent, Up Fintech, Adds 24,604 Customers in Q3

The company’s impressive financial results underscore its commitment to providing innovative solutions to its growing customer base. In the latest financial highlights, UP Fintech witnessed a remarkable 26.6% year-over-year increase in total revenues, reaching an impressive $70.1 million.

Meanwhile, net revenues also experienced notable growth, rising by 13.5% to $58.0 million. The standout achievement, however, was seen in the net income attributed to ordinary shareholders, which witnessed an astonishing surge of 297.1%, reaching $13.2 million compared to the previous year’s $3.3 million.

Additionally, non-GAAP net income displayed substantial growth, soaring by 141.1% to $16.0 million. These robust financial metrics illustrate UP Fintech’s ability to generate strong returns for its shareholders.

UP Fintech also experienced significant growth in its customer accounts, with a remarkable 24,604 new funded accounts opened during the third quarter. This pushed the total number of accounts to approximately 865,500. Moreover, the total account balance surged by 45.7% year-over-year to an impressive $18.9 billion.

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One noteworthy highlight is UP Fintech’s success in Singapore, where the average net asset inflows of newly acquired clients in the third quarter amounted to approximately $10,000. This showcases the company’s ability to attract and retain clients, particularly in a dynamic and competitive market.

Despite the impressive revenue growth, UP Fintech managed to control its operating costs and expenses, which saw only a moderate increase of 3.1%. The decline in marketing and branding expenses by 30.2% is a strategic response to the challenging global capital markets, indicating prudent financial management.

However, general and administrative expenses rose by 55.1%, primarily due to higher professional service fees. On the product front, UP Fintech expanded its offerings by introducing a “Trading Sparks” feature and incorporating U.S. Treasury securities into its wealth management platform.

The company also continued its engagement in the corporate business sector by underwriting four IPOs, demonstrating its commitment to diversifying its product offerings.