UP Fintech Holding Limited Reports $60 Million in Revenues for Q2 2021

UP Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term Holding Limited released its unaudited financial results for the quarter ended 30 June 2021 today. The company saw a substantial jump in total revenue as the number touched $60.2 million, which is 98.7% higher compared to the same period in 2020.

According to the results, total net revenues climbed 95% YoY to $55.4 million in Q2 of 2021. The company added 153,100 funded accounts in the latest quarter, which is 353% higher compared to the second quarter of 2020.

Despite the recent jump in overall revenues and the number of funded accounts, UP Fintech posted a net loss of $21.5 million in the recent quarter, compared to a net income of $4.4 million in the same quarter of 2020.

Commenting on the latest results, Wu Tianhua, CEO and Director of UP Fintech, said: “Market backdrop was relatively weaker compared to the first quarter, but I am happy to report that the Company still achieved substantial expansion in the second quarter. As we continue to invest in our internationalization, there was a significant increase in the number of newly funded accounts and the total account balance.”

“We added 153,100 funded accounts in the second quarter, an increase of 353.5% year over year and 30.4% quarter over quarter; of these newly acquired accounts, over 60% came from international markets. Total account balance reached US$23.9 billion despite challenging market conditions, nearly triple that of the same period last year and 11.8% increase from the first quarter of this year,” Tianhua added.

Corporate Businesses

In the official press release, UP Fintech highlighted significant growth in its corporate businesses during the second quarter of 2021. Furthermore, the company’s wealth management business and proprietary self-Clearing Clearing Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Read this Term system developed strongly in the recent quarter.

“We also participated in 17 IPOs in Hong Kong and the U.S. during the second quarter. We look forward to collaborating with our next generation clients as they grow,” the company added in the press release.