UP Fintech
Holding Limited (NASDAQ: TIGR), the Tiger Brokers trading brand operator, has announced its unaudited financial results
for Q4 and the full year 2023. The company reported total revenues of $70 million
in Q4, an increase of 9.6% year-over-year (YoY), and $272.5 million for the full
year, an uptick of 20.9% from 2022.
In addition
to high revenues, trading volumes and the number of customer accounts also
grew. Although the company did not achieve profitability in the fourth
quarter, it reported a net income of $32.6 million for the entire year of 2023,
compared to a loss of $2.2 million the year before.
“In
2023, our topline mix benefited from our strategy execution on
internationalization and the high-interest rate environment,” Wu Tianhua, the
Chairman and CEO of UP Fintech, commented.
The adjusted net income for UP Fintech’s ordinary shareholders, which removes the effects of share-based compensation and impairment losses on long-term investments, reached $42.7 million, up from $12.7 million in adjusted net income in 2022. The adjusted net income per American Depositary Share (ADS) on a diluted basis was $0.270, compared to $0.082 per ADS in 2022.
Source: UP Fintech
This confirms the company’s strong results in the third quarter of last year, when it added over 24,000 customers and had a net profit 300% higher than in Q3 2022.
Strong Growth in New
Funded Accounts and Total Account Balance
UP Fintech
added 39,034 new funded accounts in Q4, an improvement of 58.6% quarter-over-quarter
(QoQ) and 42.8% YoY. The total number of funded accounts reached 904,600 by the
end of 2023, an increase of 15.8% compared to 2022.
“In the fourth quarter, we added 39,034 new funded accounts, an increase of 58.6% quarter over quarter and 42.8% year over year, bringing our yearly total to 123,110, exceeding our yearly guidance of 100,000,” added Tianhua.
The company
also saw a record $8.2 billion net asset inflow in Q4, combined with $3.5
billion mark to market gain, leading to an elevation of 62.1% QoQ and 118.5% YoY in
total account balance to $30.6 billion.
In its
Corporate business, UP Fintech underwrote a total of 9 US. and Hong Kong IPOs
in Q4, bringing the total number of IPOs underwritten for the year to 28. The
company’s Employee Stock Option Plan (ESOP) business additionally saw growth, adding 30
new clients in Q4 and serving a total of 535 ESOP clients.
This week, Tiger Brokers announced a new collaboration with the Australian media fintech Grafa, enabling investors utilizing the Tiger Trade app to gain near-real-time insights into the companies they invest in.
UP Fintech
Holding Limited (NASDAQ: TIGR), the Tiger Brokers trading brand operator, has announced its unaudited financial results
for Q4 and the full year 2023. The company reported total revenues of $70 million
in Q4, an increase of 9.6% year-over-year (YoY), and $272.5 million for the full
year, an uptick of 20.9% from 2022.
In addition
to high revenues, trading volumes and the number of customer accounts also
grew. Although the company did not achieve profitability in the fourth
quarter, it reported a net income of $32.6 million for the entire year of 2023,
compared to a loss of $2.2 million the year before.
“In
2023, our topline mix benefited from our strategy execution on
internationalization and the high-interest rate environment,” Wu Tianhua, the
Chairman and CEO of UP Fintech, commented.
The adjusted net income for UP Fintech’s ordinary shareholders, which removes the effects of share-based compensation and impairment losses on long-term investments, reached $42.7 million, up from $12.7 million in adjusted net income in 2022. The adjusted net income per American Depositary Share (ADS) on a diluted basis was $0.270, compared to $0.082 per ADS in 2022.
Source: UP Fintech
This confirms the company’s strong results in the third quarter of last year, when it added over 24,000 customers and had a net profit 300% higher than in Q3 2022.
Strong Growth in New
Funded Accounts and Total Account Balance
UP Fintech
added 39,034 new funded accounts in Q4, an improvement of 58.6% quarter-over-quarter
(QoQ) and 42.8% YoY. The total number of funded accounts reached 904,600 by the
end of 2023, an increase of 15.8% compared to 2022.
“In the fourth quarter, we added 39,034 new funded accounts, an increase of 58.6% quarter over quarter and 42.8% year over year, bringing our yearly total to 123,110, exceeding our yearly guidance of 100,000,” added Tianhua.
The company
also saw a record $8.2 billion net asset inflow in Q4, combined with $3.5
billion mark to market gain, leading to an elevation of 62.1% QoQ and 118.5% YoY in
total account balance to $30.6 billion.
In its
Corporate business, UP Fintech underwrote a total of 9 US. and Hong Kong IPOs
in Q4, bringing the total number of IPOs underwritten for the year to 28. The
company’s Employee Stock Option Plan (ESOP) business additionally saw growth, adding 30
new clients in Q4 and serving a total of 535 ESOP clients.
This week, Tiger Brokers announced a new collaboration with the Australian media fintech Grafa, enabling investors utilizing the Tiger Trade app to gain near-real-time insights into the companies they invest in.
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- Source: https://www.financemagnates.com//fintech/up-fintech-attracts-record-net-asset-inflow-doubles-total-account-balance-in-2023/
