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UP Fintech: Revenue Hits Record US$101M; Profit at Three-year Peak; Client Assets Doubled YoY to US$40.8 Billion

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UP Fintech (NASDAQ: TIGR) reported outstanding Q3 2024 results with record revenue of US$101.1 million, up 15.6% QoQ and 44.1% YoY. Non-GAAP net income reached US$20.1 million, increasing 286.5% QoQ. The company added 60,000 new accounts, bringing total accounts to 2.37 million. Total client assets doubled YoY to US$40.8 billion, while trading volume surged 103.1% YoY to US$163 billion. Strong performance was noted across key markets: Singapore achieved record trading volumes, Hong Kong client assets grew 30% QoQ, and the U.S. platform TradeUP showed robust growth with significant increases in trading volumes.

UP Fintech (NASDAQ: TIGR) ha riportato risultati eccezionali per il terzo trimestre del 2024, con un fatturato record di 101,1 milioni di dollari statunitensi, in aumento del 15,6% rispetto al trimestre precedente e del 44,1% rispetto all'anno precedente. L'utile netto non GAAP ha raggiunto 20,1 milioni di dollari statunitensi, con un incremento del 286,5% rispetto al trimestre precedente. L'azienda ha aggiunto 60.000 nuovi conti, portando il totale a 2,37 milioni. Le attività totali dei clienti sono raddoppiate rispetto all'anno precedente, raggiungendo 40,8 miliardi di dollari statunitensi, mentre il volume degli scambi è aumentato del 103,1% rispetto all'anno precedente, toccando i 163 miliardi di dollari. È stata notata una forte performance nei mercati chiave: Singapore ha registrato volumi di scambio record, le attività dei clienti di Hong Kong sono cresciute del 30% rispetto al trimestre precedente e la piattaforma statunitense TradeUP ha mostrato una crescita robusta con significativi aumenti nei volumi di scambio.

UP Fintech (NASDAQ: TIGR) reportó resultados sobresalientes para el tercer trimestre de 2024, con ingresos récord de 101.1 millones de dólares estadounidenses, un aumento del 15.6% en comparación con el trimestre anterior y del 44.1% en comparación con el año anterior. La utilidad neta no GAAP alcanzó 20.1 millones de dólares estadounidenses, aumentando un 286.5% en comparación con el trimestre anterior. La empresa agregó 60,000 nuevas cuentas, elevando el total a 2.37 millones. Los activos totales de los clientes se duplicaron en comparación con el año anterior, alcanzando 40.8 mil millones de dólares estadounidenses, mientras que el volumen de negociación aumentó un 103.1% en comparación con el año anterior, alcanzando los 163 mil millones de dólares. Se observó un sólido desempeño en los mercados clave: Singapur alcanzó volúmenes de negociación récord, los activos de clientes en Hong Kong crecieron un 30% en comparación con el trimestre anterior, y la plataforma estadounidense TradeUP mostró un crecimiento robusto con incrementos significativos en los volúmenes de negociación.

UP Fintech (NASDAQ: TIGR)는 2024년 3분기에 뛰어난 실적을 발표했으며, 기록적인 수익 1억 1백만 달러를 기록했습니다. 이는 전분기 대비 15.6%, 전년 대비 44.1% 증가한 수치입니다. 비 GAAP 기준 순이익은 2천 1백만 달러에 도달하여 전분기 대비 286.5% 증가했습니다. 회사는 60,000개의 신규 계좌를 추가하여 총 계좌 수를 237만 개로 늘렸습니다. 고객 자산은 전년 대비 두 배 증가하여 408억 달러에 달하며, 거래량은 전년 대비 103.1% 증가하여 1,630억 달러에 도달했습니다. 주요 시장에서 강력한 성과가 나타났습니다: 싱가포르에서는 거래량이 기록적으로 증가했으며, 홍콩의 고객 자산은 전분기 대비 30% 증가했으며, 미국 플랫폼 TradeUP은 거래량에서 중요한 성장을 보였습니다.

UP Fintech (NASDAQ: TIGR) a annoncé des résultats exceptionnels pour le troisième trimestre 2024, avec un chiffre d'affaires record de 101,1 millions de dollars américains, en augmentation de 15,6% par rapport au trimestre précédent et de 44,1% par rapport à l'année précédente. Le revenu net non-GAAP a atteint 20,1 millions de dollars américains, augmentant de 286,5% par rapport au trimestre précédent. L'entreprise a ajouté 60 000 nouveaux comptes, portant le total à 2,37 millions. Les actifs totaux des clients ont doublé d'une année sur l'autre, atteignant 40,8 milliards de dollars américains, tandis que le volume des transactions a bondi de 103,1% d'une année sur l'autre pour atteindre 163 milliards de dollars. Une forte performance a été notée sur les marchés clés : Singapour a atteint des volumes de transactions record, les actifs des clients à Hong Kong ont augmenté de 30% par rapport au trimestre précédent, et la plateforme américaine TradeUP a montré une croissance robuste avec des augmentations significatives des volumes de transactions.

UP Fintech (NASDAQ: TIGR) hat im dritten Quartal 2024 herausragende Ergebnisse mit Rekordumsätzen von 101,1 Millionen US-Dollar gemeldet, was einem Anstieg von 15,6% im Vergleich zum Vorquartal und 44,1% im Vergleich zum Vorjahr entspricht. Der Non-GAAP-Nettoertrag erreichte 20,1 Millionen US-Dollar, was einem Anstieg von 286,5% im Vergleich zum Vorquartal entspricht. Das Unternehmen hat 60.000 neue Konten hinzugefügt, wodurch die Gesamtzahl auf 2,37 Millionen gestiegen ist. Das gesamte Kundenvermögen hat sich im Jahresvergleich auf 40,8 Milliarden US-Dollar verdoppelt, während das Handelsvolumen im Jahresvergleich um 103,1% auf 163 Milliarden US-Dollar gestiegen ist. Eine starke Leistung wurde in den wichtigsten Märkten festgestellt: Singapur erreichte rekordverdächtige Handelsvolumina, die Kundenvermögen in Hongkong wuchsen um 30% im Vergleich zum Vorquartal, und die US-Plattform TradeUP zeigte robustes Wachstum mit erheblichen Steigerungen beim Handelsvolumen.

Positive
  • Record revenue of US$101.1M, up 44.1% YoY
  • Non-GAAP net income of US$20.1M, up 286.5% QoQ
  • Client assets doubled YoY to US$40.8B
  • Trading volume increased 103.1% YoY to US$163B
  • Total funded accounts grew 19.3% YoY to 1,032,800
  • Commission income rose 20.9% QoQ to US$41.2M
  • Interest-related income grew 22% YoY to US$50.8M
Negative
  • None.

Insights

UP Fintech delivered exceptional Q3 results with multiple record-breaking metrics. $101.1M revenue represents a 44.1% YoY growth, while non-GAAP net income surged 286.5% QoQ to $20.1M. The most impressive metric is client assets doubling YoY to $40.8B, indicating strong market share gains and client trust.

Key growth drivers include robust trading volumes (103.1% YoY increase), significant expansion in Singapore and Hong Kong markets and diversification of revenue streams through investment banking and ESOP services. The company's self-clearing capabilities and new product launches like Tiger Vault are improving margins and creating additional revenue streams.

The strong performance across multiple geographies and business segments suggests sustainable growth momentum, while improved profitability indicates successful scaling of operations.

The company's strategic expansion in key Asian markets is yielding impressive results. Singapore operations achieved record highs in trading volume (253% YoY growth) and commission income (72% YoY growth). Hong Kong's 30% QoQ client asset growth and successful crypto trading launch demonstrate effective market penetration.

The introduction of innovative features like virtual trade-sharing and expanded options trading capabilities is attracting sophisticated investors. The 19.3% YoY growth in funded accounts to 1.03 million shows strong user acquisition momentum. Particularly noteworthy is the rapid adoption of wealth management services, with AUM growing 101% YoY, indicating successful diversification beyond traditional brokerage services.

NEW YORK, Nov. 12, 2024 /PRNewswire/ -- UP Fintech Holding Limited (NASDAQ: TIGR) ("UP Fintech" or the "Company"), announced its unaudited financial results for the third quarter ended September 30, 2024. UP Fintech reported record revenue of US$101.1 million in the third quarter, representing a 15.6% increase quarter-over-quarter (QoQ) and a 44.1% increase year-over-year (YoY). Non-GAAP net income attributable to UP Fintech shareholders was US$20.1 million, up 286.5% QoQ and 25.6% YoY. The Company added 60,000 new accounts in Q3, bringing its total global account number to 2.37 million, a 10.2% YoY increase. New funded accounts increased by 50,500, driving total funded accounts to 1,032,800, a 19.3% YoY increase. Trading volume remained robust, with total trading volume increasing 103.1% YoY to US$163 billion. Strong net deposits propelled client assets to US$40.8 billion, a 6.7% QoQ and 115.9% YoY increase, reaching a record high.

UP Fintech's founder and CEO, Wu Tianhua, stated, "In Q3, enhanced product experience drove significant business growth for the company, with revenue surpassing US$100 million — a record high — and profit reaching a three-year peak. Total client assets doubled YoY to US$40.8 billion, and the company has already achieved its annual guidance of acquiring 150,000 newly funded accounts by now. Global trading activity remained strong, with trading volume doubling YoY."

"Tiger Brokers continued to improve client investment experiences by launching virtual trade-sharing accounts, allowing users to track the trades of prominent figures like Warren Buffett and Nancy Pelosi. In Hong Kong, Tiger introduced monthly options for Hong Kong stocks in September, boosting weekly trader engagement and order volumes. Recently, we launched weekly stock options for Hong Kong stocks, becoming one of the first brokers to offer cycle options trading in the region, enhancing trading convenience and options for local investors."

SG: Achieved record-high quarterly trading volume and commission income

HK: Client assets grew 30% QoQ

In Singapore, Tiger Brokers saw significant growth in Q3, with several key metrics hitting an all-time high. Both total trading volume and commission income reached record levels, soaring 253% and 72% YoY, respectively. Net asset inflows climbed 134% YoY. Stock trading remained strong, with US and Singapore stock trading volumes reaching record highs, up 87% and 73% YoY. US options trading also performed exceptionally well, setting new records for the number of orders, trading volume, and commission income, with increases of 108%, 187%, and 59% YoY, respectively. Futures trading also saw record trading volume and commission income, jumping 357% and 110% YoY. In addition, the Cash Boost trading account, which was linked to the Central Depository (CDP) account in August, attracted a broader investor base, driving a 43% increase in trading orders and a 53% increase in gross commission QoQ. In September, the Tiger BOSS Debit Card and Tiger Vault were integrated for T+0 automated subscriptions and redemptions, streamlining clients' daily spending, wealth management, and stock trading.

Hong Kong continued to attract high-quality clients in Q3, with client assets growing by over 30% QoQ. In Q3, Hong Kong launched stock options and short-selling to provide local investors with more comprehensive investment options. Following the introduction of monthly stock options in late September, weekly trading activity and order volume rose significantly, reflecting growing demand. Recently, Tiger also introduced weekly Hong Kong stock options, becoming one of the first brokers to support cycle options trading in the region. Since expanding virtual asset trading to retail investors on July 1, Tiger Brokers has seen a surge in the number of investors and orders. This quarter saw Hong Kong users' crypto trading orders and volume jump 1,673% and 1,293% QoQ. Tiger Vault also remained popular, with USD money market fund orders and volume up 99% and 106%, and US Treasury bond orders and volume rising 119% and 160% QoQ.

In the U.S., TradeUP demonstrated robust growth momentum in Q3. User downloads grew by 122% compared to Q2, with account openings up by 88% QoQ, reflecting strong platform appeal and market reach. U.S. client trading volume in U.S. stocks grew 179% QoQ, while options trading increased by 89%. Q3 also marked progress in self-clearing for U.S. stocks and options, enhancing trade execution, stock lending, and settlement. Stock clearing volume rose 93% YoY and options clearing volume by 185%. Night trading delivered standout performance, with after-hours U.S. stock trading volume via Tiger's self-clearing up by 240% QoQ. Additionally, leveraging diversified stock lending services, TradeUP's stock lending and margin financing volume grew 114% YoY and 52% QoQ. As of Q3, TradeUP led six IPOs of Asia-Pacific companies, securing the top industry rank.

In Australia, Tiger Brokers continued to build trust with local clients, achieving a 104% YoY increase in newly funded accounts. Net asset inflows grew 207% YoY and 82% QoQ. Gross commission income rose 122% YoY. In August, Tiger Trade received the Finder 2024 "Best Mobile App" award in Australia, earning significant industry recognition. In New Zealand, Q3 saw strong trading activity on Tiger's platform, attracting a large number of high-quality clients, with total deposits increasing 128% YoY, and trading volume surging 249% YoY. US stocks and options trading continued to perform well, with the number of orders growing 114% and 124% YoY respectively in Q3.

New subscriptions to Trade Feed grew 85% QoQ
Tiger Vault's users doubled YoY

In Q3, commission income rose 20.9% QoQ to US$41.2 million, while interest-related income grew 22% YoY to US$50.8 million. Tiger Brokers continues to enhance its one-stop global investing experience. Product enhancements include enriched options functions with the addition of implied volatility and options volatility analysis*, catering to professional users and helping them select appropriate options strategies. A new "Yield Hunting" product list on Tiger's wealth homepage provides rich historical backtesting performance and fundamental information, empowering high-net-worth individuals to optimize investment decisions and maximize returns. Key metrics such as backtested PoP(Probability of Profit) and are assignment probability have been added to the FCN notes details page. A new watchlist assistant feature* provides timely alerts on stock movements for holdings, helping investors avoid missing crucial investment opportunities. The Trade Feed feature continues to upgrade, with the significant addition of Guru Tracker* in Q3, allowing users to track the trades of prominent figures like Warren Buffett and Nancy Pelosi. Trade Feed is now supported in Australia, helping novice investors stay informed on the latest trading activity. The number of new Trade Feed feature subscriptions grew significantly, up 85% QoQ.

On the wealth management side, spurred by the Federal Reserve's rate cuts, assets under management (AUM) and users grew 101% and 92% YoY in Q3. Tiger Vault continued to gain traction, with AUM and users increasing 99% and 106% YoY. Tiger Wealth's expanded product range is driving deeper client engagement across asset classes. The AUM of US Treasury bonds held by wealth clients grew 64% QoQ. Gross merchandise value (GMV) for structured notes traded by high-net-worth clients saw a growth rate of over 112% QoQ. To help clients navigate market volatility, Tiger Wealth launched thematic content and a series of livestreams on topics such as the "US Election" and "Trading Amidst Rate Cuts" in Q3, featuring expert insights and providing timely, in-depth market analysis. Tiger Wealth's newly launched Hong Kong immigration through investment services and flexible US Treasury Discretionary Portfolio Management (DPM) services also proved popular with high net worth clients in Q3.

Since its launch, the TradingFront asset management platform (TAMP) has focused on providing flexible account structures, convenient online account opening, and multi-market, multi-asset trading services, steadily building a strong reputation among trading-oriented institutional clients. In Q3, TradingFront platform AUM grew 16% QoQ, and the number of regular investing accounts increased 20% QoQ. At the Singapore Financial Advisers Association (AFA) annual conference in August, Tiger highlighted how TradingFront empowers financial advisors to leverage fintech and AI, keeping pace with industry changes and continuously enhancing their service efficiency and capabilities.

Among the top three HK IPO underwriters
Employee stock option management SaaS platform net profit jumped over 2.7 times QoQ

In Q3, UP Fintech's other revenues, encompassing services such as investment banking and Employee Stock Ownership Plan (ESOP), reached US$9.1 million. Tiger Brokers continued to demonstrate its strong capabilities and expertise in US stock underwriting. In the reporting period, Tiger served as the lead underwriter for three US IPOs, acting as the sole lead underwriter for both NIP Group and XCharge. Leveraging its superior trade execution capabilities, Tiger also facilitated three share repurchase agreements for US-listed companies in Q3. Furthermore, Tiger underwrote nine Hong Kong IPOs in the reporting period, including those of Metasurface Technologies, Zhonggan Communication, Xi'an Kingfar Property, and Fangzhou Jianke, ranking among the top three on the Hong Kong IPO underwriting league table for Q3.

The Employee Stock Ownership Plan (ESOP) front, or UponeShare, added 18 new enterprise clients to reach 597 total clients served. Client retention improved significantly, with repeat orders exceeding new orders and growing 33.3% QoQ. Meanwhile, the Company continued to expand into new business models, signing its first software product order during the quarter. Following its milestone of achieving profitability in Q2, the employee stock option management SaaS platform maintained its positive momentum in Q3, with net profit surging by over 270% QoQ and on track for full-year profitability.

Regarding Tiger Enterprise Account, the Company added 13 new clients this quarter, including ChaPanda, Shansong, and YXT.com, bringing the total number of enterprise clients to 455. During the quarter, the Company facilitated Tuya Inc.'s Q2 earnings call, promoting effective communication with the market. "Tiger Online Show", a high-profile, in-depth interview series, partnered with Kingsoft Cloud executives in September to provide investors with insights and guidance on investment decisions in the cloud services sector. Additionally, the Tiger Enterprise Account has successfully organized an investor relations event for Eastbuy, delving into the business development of livestream e-commerce and exploring new industry trends.

*Available in certain markets

Cision View original content:https://www.prnewswire.com/news-releases/up-fintech-revenue-hits-record-us101m-profit-at-three-year-peak-client-assets-doubled-yoy-to-us40-8-billion-302302249.html

SOURCE UP Fintech Holding Limited

FAQ

What was UP Fintech's (TIGR) revenue in Q3 2024?

UP Fintech (TIGR) reported record revenue of US$101.1 million in Q3 2024, representing a 15.6% increase quarter-over-quarter and a 44.1% increase year-over-year.

How much did UP Fintech's (TIGR) client assets grow in Q3 2024?

UP Fintech's (TIGR) client assets reached US$40.8 billion in Q3 2024, representing a 6.7% increase quarter-over-quarter and a 115.9% increase year-over-year.

What was UP Fintech's (TIGR) trading volume in Q3 2024?

UP Fintech's (TIGR) total trading volume in Q3 2024 was US$163 billion, representing a 103.1% increase year-over-year.

How many new funded accounts did UP Fintech (TIGR) add in Q3 2024?

UP Fintech (TIGR) added 50,500 new funded accounts in Q3 2024, bringing the total number of funded accounts to 1,032,800, a 19.3% year-over-year increase.

UP Fintech Holding Ltd American Depositary Share representing fifteen

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