For another consecutive quarter, UP Fintech, the brokerage company and operator of the Tiger Brokers trading brand, reported an increase in revenue, along with growing volumes and number of active users. Revenue grew by nearly 27% compared to the previous year and net income by 13.5%.

UP Fintech Sees Revenue and Profit Surge in Third Quarter

In the detailed financial highlights, UP Fintech's total revenues soared by 26.6% year-over-year to $70.1 million, while net revenues saw a 13.5% increase to $58.0 million. The growth trajectory is evident in the net income attributed to ordinary shareholders, which leapt by 297.1% to $13.2 million compared to last year's $3.3 million. An even sharper rise was observed in non-GAAP net income, escalating by 141.1% to $16.0 million.

The brokerage's customer accounts saw considerable growth, with 24,604 new funded accounts opened in Q3, pushing the total to approximately 865,500. The total account balance surged by 45.7% from the previous year to $18.9 billion, thanks to robust net asset inflows of over $1.5 billion.

“Notably, in Singapore, the average net asset inflows of our newly acquired clients in the third quarter were approximately $10,000,” Wu Tianhua, the Chairman and the CEO of UP Fintech, commented.

The results are not only better on an annual basis but also quarterly. UP Fintech's revenue for Q2 was $66.1 million, 6% lower than its current value.

Despite the revenue growth, UP Fintech's operating costs and expenses exhibited a moderate 3.1% increase. Marketing and branding expenses declined by 30.2%, reflecting a strategic slowdown in advertising amidst weaker global capital markets. However, general and administrative expenses jumped by 55.1%, primarily due to higher professional service fees.

Strategic Business Developments

On the product front, UP Fintech expanded its offerings by introducing a “Trading Sparks” feature and U.S Treasury securities to its wealth management platform. The firm also continued its engagement in the corporate business sector, underwriting four IPOs.

“We continued to add new products on our platform to enhance user experience, which we believe is key to our long-term success,” added Tianhua.

In April, the company introduced TigerGPT as the industry's first AI trading assistant, an alternative to the AI chatbot ChatGPT. As reported by Finance Magnates, ChatGPT has garnered widespread praise for its performance in recent times.

The company also announced the departure of Chief Compliance Officer Wei Wu for personal reasons, with the CEO acknowledging her contributions to the company's development.

As for the company's financial position, cash and cash equivalents, along with term deposits, stood at $271.1 million.