UP Fintech Posts 59.6% Yearly Revenue Gain in Q3

UP Fintech Holding Limited (NASDAQ: TIGR), which operates as TigerBrokers, has published unaudited financials for the third quarter of 2021, reporting a 59.6 percent yearly jump in its revenue.

In absolute terms, the total revenue touched $60.8 million that remained almost flat when compared to the same figure of the previous quarter. Despite the yearly upward drag, the latest number came in much lower than Q1’s figure of $81.3 million.

The broker ended Q3 with net revenue of $56.6 million, which is 60.9 percent higher than the same quarter of the previous year. Out of the total, $33.5 million in revenue came from commissions, while $2.5 million and $17.6 million were generated from financing services fees and interest incomes, respectively.

In addition, the net income of the broker jumped to $20.5 million from $5.8 million. Moreover, the net income attributed to 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 came in at $20.5 million, compared to last year’s $4.8 million.

Addition of New Clients

Apart from the revenue and income, the broker added 82,900 funded accounts in Q3, thus, adding a total of 353,300 funded accounts in the three quarters of 2021. Also, the broker highlighted that 80 percent of the newly added funded accounts came from outside of China.

“I am pleased to announce that the Company delivered notable accomplishments since the second quarter,” said UP Fintech’s CEO and Director, Wu Tianhua.

Meanwhile, UP FIntech expanded its presence in the Asian markets with the acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term of Hong Kong-based Ocean Joy Securities in October.

“We are excited to formally launch our brand in Hong Kong and welcome local residents to invest globally in our innovative fintech platform,” Tianhua added. “Hong Kong is one of the world’s premier centers of finance and commerce, and the Company looks forward to building our local client base and contributing to the growth of its vibrant and dynamic capital market.”