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.
Performance across Regions
In Singapore, UP Fintech introduced T+0 same-day settlement 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 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.
