Tiger Brokers Parent, Up Fintech, Adds 24,604 Customers in Q3
<img width="250" height="188" src="https://www.leaprate.com/wp-content/uploads/2023/11/Tiger-Brokers-250×188.png" class="webfeedsFeaturedVisual wp-post-image" alt="Tiger Brokers" decoding="async" style="float: left; margin-right: 5px;" link_thumbnail="" srcset="https://www.leaprate.com/wp-content/uploads/2023/11/Tiger-Brokers-250×188.png 250w, https://www.leaprate.com/wp-content/uploads/2023/11/Tiger-Brokers-700×525.png 700w, https://www.leaprate.com/wp-content/uploads/2023/11/Tiger-Brokers-768×576.png 768w, https://www.leaprate.com/wp-content/uploads/2023/11/Tiger-Brokers-120×90.png 120w, https://www.leaprate.com/wp-content/uploads/2023/11/Tiger-Brokers-245×184.png 245w, https://www.leaprate.com/wp-content/uploads/2023/11/Tiger-Brokers-500×375.png 500w, https://www.leaprate.com/wp-content/uploads/2023/11/Tiger-Brokers.png 800w" sizes="(max-width: 250px) 100vw, 250px" /><p>The company’s impressive financial results underscore its commitment to providing innovative solutions to its growing customer base. In the latest financial highlights, UP Fintech witnessed a remarkable 26.6% year-over-year increase in total revenues, reaching an impressive $70.1 million.</p>
<p>Meanwhile, net revenues also experienced notable growth, rising by 13.5% to $58.0 million. The standout achievement, however, was seen in the net income attributed to ordinary shareholders, which witnessed an astonishing surge of 297.1%, reaching $13.2 million compared to the previous year’s $3.3 million.</p>
<p>Additionally, non-GAAP net income displayed substantial growth, soaring by 141.1% to $16.0 million. These robust financial metrics illustrate UP Fintech’s ability to generate strong returns for its shareholders.</p>
<p>UP Fintech also experienced significant growth in its customer accounts, with a remarkable 24,604 new funded accounts opened during the third quarter. This pushed the total number of accounts to approximately 865,500. Moreover, the total account balance surged by 45.7% year-over-year to an impressive $18.9 billion.</p>
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<p>One noteworthy highlight is UP Fintech’s success in Singapore, where the average net asset inflows of newly acquired clients in the third quarter amounted to approximately $10,000. This showcases the company’s ability to attract and retain clients, particularly in a dynamic and competitive market.</p>
<p>Despite the impressive revenue growth, UP Fintech managed to control its operating costs and expenses, which saw only a moderate increase of 3.1%. The decline in marketing and branding expenses by 30.2% is a strategic response to the challenging global capital markets, indicating prudent financial management.</p>
<p>However, general and administrative expenses rose by 55.1%, primarily due to higher professional service fees. On the product front, UP Fintech expanded its offerings by introducing a “Trading Sparks” feature and incorporating U.S. Treasury securities into its wealth management platform.</p>
<p>The company also continued its engagement in the corporate business sector by underwriting four IPOs, demonstrating its commitment to diversifying its product offerings.</p>
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