UP Fintech Holding Limited (UP Fintech, NASDAQ: TIGR) has released its financial results for the second quarter ending June 30, 2024. The Company reported a total revenue of $87.4 million, marking a significant increase from the previous quarter and year-over-year.

Trading Volume Surge

Non-GAAP net income for the quarter was $5.2 million. The total trading volume reached $105.9 billion, a substantial rise from the same period last year.

Net asset inflow for the first half of the year was $7 billion, driving the total account balance to a new high of $38.2 billion. Commission income was $34.1 million, and interest-related income was $47.1 million.

“In the second quarter, the company's business grew significantly as the market environment became more active, with revenue reaching a record high,” UP Fintech's Founder and CEO, Wu Tianhua, stated.

“As of early August, the number of funded clients worldwide has exceeded 1 million, and total client assets have continued to reach new highs for the past three consecutive quarters, fully demonstrating the long-term growth potential of Tiger Brokers,” he added.

BREAKING NEWS Earnings Snapshot: UP Fintech reports all-time high Q2 revenue, total client assets of $38.2 billion https://t.co/xwwLbViVUX pic.twitter.com/1Eu0cG9Sgd

— ZBreakingNewz (@ZBreakingNewz) August 30, 2024

Performance across Regions

In Singapore, UP Fintech introduced T+0 same-day settlement Settlement Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Read this Term for its “Tiger Vault” service, enhancing trading efficiency. The average 7-day annualized yields for USD, HKD, and SGD money market funds were 5.2%, 4.2%, and 3.6%, respectively.

The TradingFront Turnkey Asset Management Platform saw a 26.5% quarter-over-quarter increase in Assets Under Custody. The Company also partnered with Manulife to offer Variable Universal Life insurance custody services.

In Hong Kong, 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 ranked fourth among IPO underwriters, participating in IPOs for Laopu Gold, Dida, Mobvoi, and ChaPanda. The Company maintained a strong presence in the IPO market.

In Australia, the Company’s Employee Stock Ownership Plan SaaS service, UponeShare, experienced significant growth, with revenue increasing by 149.5% year-over-year and 27.9% quarter-over-quarter.

UponeShare added 22 new enterprise clients, bringing the total to 579. Additionally, the Tiger Enterprise Account service added 14 new companies, increasing its total client base to 442.