UP Fintech's Third Quarter Ends with 24,604 More Customers

<p>For another
consecutive quarter, UP Fintech, the brokerage company and operator of the
<a href="https://www.financemagnates.com/forex/tiger-brokers-parent-hits-651b-trading-volume-in-q2-two-year-high-in-profit/" target="_blank" rel="follow">Tiger Brokers</a> 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%.</p>
<h1><span>UP Fintech Sees Revenue
and Profit Surge in Third Quarter</span></h1>
<p><span>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.</span></p>
<p><span>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. </span></p>
<p><span>“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.</span></p><blockquote><p lang="en" dir="ltr">Exciting News from Tiger with Q1-3 net income soaring to $42M, surpassing a two-year total! <br>Read more: <a href="https://t.co/YFpwnFUTaS">https://t.co/YFpwnFUTaS</a><a href="https://twitter.com/hashtag/TigerBrokers?src=hash&amp;ref_src=twsrc%5Etfw">#TigerBrokers</a> <a href="https://twitter.com/hashtag/GlobalInvesting?src=hash&amp;ref_src=twsrc%5Etfw">#GlobalInvesting</a> <a href="https://twitter.com/hashtag/FinancialSuccess?src=hash&amp;ref_src=twsrc%5Etfw">#FinancialSuccess</a> <a href="https://t.co/Kus3eimYyX">pic.twitter.com/Kus3eimYyX</a></p>— Tiger Brokers Singapore (@TigerBrokersSG) <a href="https://twitter.com/TigerBrokersSG/status/1729074150738919805?ref_src=twsrc%5Etfw">November 27, 2023</a></blockquote>
<p>The results
are not only better on an annual basis but also quarterly. <a href="https://www.financemagnates.com/forex/tiger-brokers-parent-hits-651b-trading-volume-in-q2-two-year-high-in-profit/" target="_blank" rel="follow">UP Fintech's revenue
for Q2</a> was $66.1 million, 6% lower than its current value.</p>
<p><span>Despite the
revenue growth, UP Fintech's operating costs and expenses exhibited a moderate
3.1% increase. <a href="https://www.financemagnates.com//">Marketing</a> 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.</span></p>
<h2><span>Strategic Business
Developments</span></h2>
<p><span>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. </span></p>
<p><span>“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.</span></p><p><span><span>In April,<span>&nbsp;</span></span><a data-v-60ccd017="" href="https://www.financemagnates.com/forex/tiger-brokers-launches-industrys-first-ai-investment-assistant-tigergpt/" target="_blank">the company introduced TigerGPT</a><span><span>&nbsp;</span>as the industry's first AI trading assistant, an alternative to the AI chatbot ChatGPT</span>.&nbsp;</span>As<span>&nbsp;</span><a data-v-60ccd017="" href="https://www.financemagnates.com/cryptocurrency/crypto-and-ai-contrasts-and-compatibility/" target="_blank">reported<span>&nbsp;</span></a>by<span>&nbsp;</span><em data-v-60ccd017="">Finance Magnates</em>, ChatGPT has garnered widespread praise for its performance in recent times.</p>
<p><span>The company
also announced the departure of Chief <a href="https://www.financemagnates.com//">Compliance</a> Officer Wei Wu for personal
reasons, with the CEO acknowledging her contributions to the company's
development.</span></p>
<p><span>As for the
company's financial position, cash and cash equivalents, along with term
deposits, stood at $271.1 million. </span></p>

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This article was written by Damian Chmiel at www.financemagnates.com.