UP Fintech Holding, the parent company of Tiger Brokers, has reported robust growth in its third quarter performance, with revenue reaching a record $101.1 million and a three year high in profits. A significant driver of this success was a 115% year over year (YoY) increase in client assets, totaling $40.8 billion.
Rising Trading Activity Boosts Revenue
UP Fintech’s Q3 revenue saw a notable 44.1% increase YoY and a 15.6% rise quarter over quarter (QoQ), fueled by elevated trading activity and strong client engagement. Non-GAAP net income for shareholders climbed to $20.1 million, marking a remarkable 286.5% QoQ increase and a 25.6% rise YoY.
The company also added 60,000 new accounts in Q3, bringing its total global accounts to 2.37 million, a 10.2% YoY growth. The number of funded accounts also expanded, with 50,500 new accounts representing a 19.3% YoY growth. Strong net deposits helped push client assets to a record level, with a 6.7% QoQ increase and an impressive 115.9% YoY rise.
Singapore’s Record Trading Volumes
In Singapore, Tiger Brokers, a UP Fintech subsidiary, reported record trading volumes and commission income. Net asset inflows surged 134% YoY, supported by the integration of Cash Boost with Central Depository (CDP) accounts, which led to a 43% QoQ increase in trading orders.
The company also reported growth in Hong Kong, with client assets increasing over 30% QoQ. Tiger Brokers introduced weekly stock options to enhance the trading experience, adding new opportunities for clients.
Expansion in the US and Australia
UP Fintech’s U.S. platform, TradeUP, saw user downloads rise by 122% from Q2, and self-clearing capabilities boosted trade execution, with after-hours trading volumes up by 240% QoQ.
In Australia, newly funded accounts increased by 104% YoY, while New Zealand experienced a surge in trading activity, with deposits up 128% YoY and trading volumes rising by 249% YoY.
Growth in Wealth Management and IPO Activity
UP Fintech’s assets under management in wealth management rose 101% YoY, with Tiger Vault’s money market funds driving increased client engagement. In the IPO market, Tiger Brokers ranked among the top three underwriters in Hong Kong, managing nine IPOs in Q3. The company also expanded its Employee Stock Ownership Plan services, adding new clients and boosting net profit by over 270% QoQ.
With these strong results, UP Fintech continues to solidify its position as a key player in global financial services and trading innovation.
