- Non-GAAP profit doubled quarter-over-quarter (QoQ) to
US$10.33 million, a two-year
- Number of new customer accounts up 40% QoQ, thanks to
relentless global expansion efforts
SINGAPORE and NEW
YORK, May 30, 2023 /PRNewswire/ -- UP Fintech
Holding Limited ("UP Fintech" or the "Company", Nasdaq:
TIGR, and all its subsidiaries and consolidated entities), a
leading online brokerage with a focus on redefining global
investing with technologies for the next generation, announced its
unaudited financial results for the three months ended March 31, 2023. Thanks to a scalable global
expansion strategy and an unwavering commitment to fintech
innovation, the company's revenue stood at US$66.33 million during the period, up 26.0%
year-over-year (YoY). The non-GAAP profit attributable to UP
Fintech reached US$10.33 million,
registering a 128.5% increase QoQ.
During the first quarter, 52,534 new customer accounts were
added, up 39.8% QoQ, pushing the global total to 2.06 million. The
number of new customers with deposits (number of funded accounts)
rose by 30,392, or up 11.2% from the previous quarter, to
The total trading volume by customers stood at US$67.0 billion on the company's platform, of
which US$23.0 billion was calculated
from stock trading, along with 7.89 million options and futures
contracts. The total customer asset amounted to US$16.1 billion during the reporting period, up
15.2% QoQ, and the total asset funded by customers approached
Wu Tianhua, CEO and founder of UP Fintech, said: "Amid the
global market's modest recovery in the first quarter, the company's
revenue and profit saw solid growth, with both our commission and
interest-related income, and non-GAAP profit doubled on a quarterly
basis. Worth mentioning, our non-GAAP profit marked a two-year
"On the fintech innovation front, we brought the industry's
first AI investment assistant, TigerGPT. The text-generating AI
chatbot aims to provide intelligent decision-making support for
global investors. In this period, our self-clearing technologies
were gradually applying to Hong
Kong stock trading orders, helping nearly halve our clearing
expenses on a quarterly basis."
"In our global expansion journey, we tread steadily during the
past quarter. Sequential growth was seen in both the number of new
customer accounts and the number of new funded accounts, and a
strong rise was witnessed in the net asset inflow, indicating that
we gained widespread trust for our one-stop global investing
offerings from investors worldwide. Looking ahead, the company is
committed to leveling up its products and services, in leverage to
consolidate its leading position in various global markets, while
maintaining long-term and sustainable growth momentum," he
Number of new customer accounts up 40% QoQ
In Singapore, a wealth
management license on its way
In the reporting period, the company's unparalleled product
offerings helped expand its global customer base. A steady increase
was seen in two key customer acquisition indicators. The number of
customer accounts was up 52,534, or 39.8% sequentially, and 30,392
new customers with deposits (number of funded accounts) were added,
or up 11.2% on a quarterly basis.
In Singapore, the company's
leading position was further cemented, with a stable and high-worth
local customer base retained and served well. By the end of the
reporting period, in Singapore,
the average asset balance marked a continuous increase to approach
US$15,000 per account. Also during
the period, trading proactivity and willingness were seen in all
local customer age groups, particularly among users aged below 30,
where the company's flagship platform Tiger Trade received
stepped-up recognition with the trading frequency up 17.8% on a
On the business expansion side, the breadth went deeper. The
Monetary Authority of Singapore
approved in principle a CMS (Capital Markets Services) Fund
Management license, initially qualifying the company to manage
funds for local customers.
In Hong Kong, US options
feature went live. With long and short options available and margin
discounts for combination strategies introduced, the company is
dedicated to offering local investors inclusive and
bang-for-the-buck options trading services. In an effort to lower
the investment threshold and help investors spread risks, the
company also became one of the few brokerage firms that support US
stock AIP (automatic investment plan) and ETF AIP, with a starting
amount of US$1. This renders
investors leeway to tailor investment strategy on a daily, weekly,
biweekly, or monthly basis.
In Hong Kong, local operations
are implemented in a learning manner to set up a mutual
communication channel with local users, with an active "Tiger think
tank" program for more feedback. The company's accessible products
and premium services also brought industry awards, including the
"Outstanding Online Broker" award by Finet Group, and the
"Excellent Stock Trading Platform" award by the Sky Post.
Tiger Vault was also unveiled in Hong
Kong. As a wealth management service that helps users better
manage their idle cash, it is featured by its US$1 investment starting point, zero commission,
and high liquidity.
In Australia, the number of new
funded accounts doubled in the period, while the number of new
trading customers jumped 69.7% on a quarterly basis. The US stock
AIP feature introduced earlier has been widely lauded for its equal
accessibility. During the reporting period, a 106.1% sequential
growth was seen in the number of local customers who started AIP
for the first time. For the second consecutive year, the company
received the "Best for ETFs" award from local media WeMoney, and
was also a finalist for the "Best for International Investments"
TigerGPT, the industry's first investment assistant,
Options trading experience enhanced with feature
On the product side, the company has been placing investors'
experience at the center of everything it does.
On Tiger Trade's mobile app, new features were presented,
including updated display customization of the earnings calendar,
dividend distribution, and macroeconomic data, as well as a new
lite version for stock positions, and insights on anomalous
movements. On the desktop platform, new functions such as one-click
trading tool for all investment products, and at-auction orders for
Hong Kong stocks were added.
An enhancement was also made to the options trading experience.
An options screener was added on the Home/Discover page in Tiger
Trade app so as to help investors better shape up their strategies.
In another gesture to lower the costs of frequent options trades, a
pricing ladder on the US options trading commission was launched to
let investors select the periodical pricing plan in a flexible
Forty-five pieces of investor education materials were made in
the period, covering topics from ETFs basics and hands-on, analysis
of US stocks' financial results, encyclopedia of financial terms,
and understanding of stocks' trendlines and technical indicators.
By the end of the reporting period, this systematic education
program had consisted of over 800 pieces of materials spanning from
"basics learning" to "case studies" and to "technical manuals".
Thanks to the ever-improving user experience, during the period,
the stock trading volume reached US$23.0
billion on the company's platform, up 12.4% QoQ. In
addition, 7.89 million options and futures contracts were made, up
In the first quarter, the company's income from commission stood
at US$25.44 million, and the
interest-related income was US$37.44
million, up 119.9% YoY. In the meantime, the clearing costs
in the period dropped by 46.1% YoY, signaling a boost in
Tiger Vault AUM up 77% sequentially
A fifth of new customers try wealth management services in
In the first quarter, the company's wealth management business
continued its growth in tandem with the widened global expansion.
The asset under management (AUM) rose 79.1% on a sequential basis,
with the number of wealth management-activated accounts up 34.0%
Tiger Vault's seven-day annualized rate of return reached 4.8%*
at its peak — a stable yield that had earned it more investors'
recognition worldwide. During the period worldwide, Tiger Vault's
AUM rose 77.4% on a sequential basis, with the number of Tiger
Vault-activated accounts up 50.7% QoQ.
In Singapore, amid the buoying
demand for a more diversified product portfolio and a growing
interest in countering market volatility, nearly 20% of new funded
accounts had tried wealth management services offered by the
company. In the market, Tiger Vault's AUM rose 46.6% on a
sequential basis, with the number of Tiger Vault-activated accounts
up 30.5% QoQ.
Within wealth management services, new fund rankings were
introduced to include different themed lists, including "most
consistent performers", "top traded funds", and "best performing
funds". Different levels of risk preference are covered with
improved efficiency in fund selection. In Singapore, during the period, the Fund Mall
further supported AIP and facilitated the investment process, where
local customers can invest in Singapore dollar-denominated funds with the
fund from their bank accounts.
Investment banking growth momentum continues
ESOP ARR doubled YoY
During the reporting period, other revenues from to-business
corporate services, including investment banking and employee stock
ownership plan (ESOP), reached US$3.45
The company underwrote 7 Hong Kong IPOs, placing the company in
third position worldwide among all investment bank institutions,
according to third-party data provider Wind.
On the ESOP side, during the period, UponeShare signed 29 ESOP
clients, bringing the total number of clients to 448, up 32.5%
Thanks to its closed-loop services which span all stock
options-related scenarios, UponeShare's general client stickiness
remained at a high level. During the period, the value of signed
contracts rose 50.5% YoY, with the annual recurring revenue (ARR)
up 103.8% YoY.
*4.8% was the seven-day annualized yield rate marked on
March 30, 2023 for Tiger Vault's fund
SGXZ99103178. Please note that this historical rate does not
guarantee the fund's future yields.
About UP Fintech
UP Fintech Holding Limited (Nasdaq: TIGR), also known as Tiger
Brokers, is a leading online brokerage firm with a focus on
redefining global investing with technologies for the next
Founded in 2014, the company relentlessly offers superior user
experience in pursuit of becoming a world-leading online brokerage,
to let everyone enjoy efficient and smart investing. Currently, we
offer a multitude of quality financial products and services across
brokerage, employee stock ownership plan (ESOP) management,
investment banking, wealth management, investor community, and
UP Fintech strives to elevate financial technology R&D to a new
level. While we inherit the best traditions from the financial
sector and blend them with the best minds of tech experts, we
develop our own technology infrastructure—an aggregation that
enables multi-currency trading of various products across markets,
guaranteeing our reliable, secure, and scalable services are
accessible to all with low latency.
In March 2019, UP Fintech was listed on Nasdaq under the
ticker TIGR. As of now, we serve over 9 million users and more than
2 million account holders worldwide on our flagship platform "Tiger
Trade", own 69 licenses and qualifications in different markets,
and have over 1,000 employees on the team in Singapore, New
Zealand, the US, Hong Kong,
Australia, and Mainland China.
For more information about UP Fintech as a company, please visit
For media inquiries, please contact firstname.lastname@example.org
Safe Harbor Statement
This announcement contains forward−looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward−looking statements can be identified by terminology such as
"may," "might," "aim," "likely to," "will," "expects,"
"anticipates," "future," "intends," "plans," "believes,"
"estimates" and similar statements or expressions. Among other
statements, the business outlook and quotations from management in
this announcement, as well as the Company's strategic and
operational plans, contain forward−looking statements. The Company
may also make written or oral forward−looking statements in its
periodic reports to the U.S. Securities and Exchange Commission
("SEC") on Forms 20−F and 6−K, in its annual report to
shareholders, in press releases and other written materials and in
oral statements made by its officers, directors or employees to
third parties, including the earnings conference call. Statements
that are not historical facts, including statements about the
Company's beliefs and expectations, are forward−looking statements.
Forward−looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward−looking
statement, including but not limited to the following: the
cooperation with Interactive Brokers LLC and Xiaomi Corporation and
its affiliates; the Company's ability to effectively implement its
growth strategies; trends and competition in global financial
markets; changes in the Company's revenues and certain cost or
expense accounting policies; the effects of the global COVID-19
pandemic; and governmental policies and regulations affecting the
Company's industry and general economic conditions in China, Singapore and other countries. Further
information regarding these and other risks is included in the
Company's filings with the SEC, including the Company's annual
report on Form 20-F filed with the SEC on April 26, 2023. All information provided in this
press release and in the attachments is as of the date of this
press release, and the Company undertakes no obligation to update
any forward-looking statement, except as required under applicable
law. Further information regarding these and other risks is
included in the Company's filings with the SEC.
SOURCE UP Fintech (Tiger Brokers)