Revenue for the quarter reached US$66.1 million, marking a 23.5% year-over-year (YoY) increase
Non-GAAP profit soared to US$15.3 million, up 48.4% quarter-over-quarter (QoQ), achieving a two-year record high.
The launch of TigerGPT, an AI-powered investment assistant, in Singapore, New Zealand, Australia, and Hong Kong SAR, highlights the Company's commitment to cutting-edge fintech innovation.
Singapore and New York, Aug 29, 2023 — UP Fintech Holding Limited ("UP Fintech" or the "Company", Nasdaq: TIGR, and all its subsidiaries and consolidated entities), a leading online brokerage firm committed to redefining global investing through next-generation technologies, today announced its unaudited financial results for the second quarter ended June 30, 2023. Driven by a strategic global expansion and an unwavering commitment to fintech innovation, the Company's revenue for the quarter reached US$66.1 million, marking a 23.5% year-over-year (YoY) increase. The non-GAAP profit attributable to UP Fintech soared to US$15.3 million, up 48.4% quarter-over-quarter (QoQ) and nearly 3.4 times YoY, achieving a two-year record high, surpassing the previous year's total.
During the second quarter, 58,582 new customer accounts were added to UP Fintech's global portfolio, bringing the total to 2.12 million. A total of 29,077 new customers with deposits (funded accounts) were added this quarter, elevating the total number of funded accounts to 840,931, marking a 15% increase YoY.
The total trading volume by customers on the Company's platform reached US$65.1 billion during the second quarter, with US$19.3 billion attributed to stock trading. Additionally, 7.76 million options and futures contracts were traded by clients. Customer assets saw a significant increase, amounting to US$17.3 billion during the reporting period, a rise of 16.2% YoY. Moreover, the quarterly net asset inflow approached the substantial figure of US$1.6 billion, reflecting the strong trust and engagement the Company continues to foster within its client base.
CEO highlights: strong performance, global expansion, and innovation
Wu Tianhua, CEO and founder of UP Fintech, said: "The second quarter marked a period of gradual recovery in the overall market, and UP Fintech's performance mirrored this trend. Our revenue remained stable and showed encouraging improvement, culminating in a double-digit growth year-over-year. The non-GAAP net profit's significant growth, surpassing the total of the previous year, underscores our strong financial position.
"In the realm of international expansion, we are proud to report robust growth in our global customers with deposits. With nearly 60,000 funded clients acquired in the first half, we've surpassed the halfway mark of our ambitious 100,000 new customer target for the year. Our strategic launch of diverse wealth management products in pivotal markets such as Singapore and Hong Kong has resonated well with our clientele. These initiatives offer more financial choices in an unpredictable market landscape. Separately, Australia's record growth underscores our global expansion success.
"As for product innovation, the second quarter saw the significant launch of our Hong Kong stock AIP (automatic investment plan). This positions Tiger Trade as one of the few platforms offering the AIP feature in both Hong Kong and U.S. stocks. By enabling small-amount investors to access high-priced stocks of premium companies, we have further democratized investment opportunities and broadened our reach.
"Looking to the future, our commitment to product and technological innovation remains unwavering. We will continue to fortify our leading positions in existing markets through quality financial services, streamline operations, and enhance efficiency. Our confidence in this strategic direction is steadfast, and we believe it will fuel sustainable growth, forging greater value for our customers and shareholders alike."
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