Singapore and New York, Nov 27, 2023 — UP Fintech Holding Limited ("UP Fintech" or the "Company", Nasdaq: TIGR, and all its subsidiaries and consolidated entities), today announced its unaudited financial results for the third quarter ended September 30, 2023.
In the third quarter, the Company achieved a revenue of US$70.1 million, a QoQ increase of 6.2%, and a YoY increase of 26.6%. The non-GAAP net income for the quarter was $16 million, representing a QoQ growth of 4.3% and a YoY increase of 141.1%. The non-GAAP net income for the first three quarters of 2023 reached US$42 million, surpassing the sum of the company's non-GAAP net income for the past two years.
In the third quarter, UP Fintech added 28,803 new global account holders, bringing the total to 2.15 million. Funded accounts increased by 24,604, reaching approximately 865,500, marking a 14.8% YoY growth. The total account balance amounted to approximately US$18.9 billion, reflecting a 45.7% YoY increase, with net asset inflows exceeding US$1.5 billion during the quarter.
Mr. Wu Tianhua, Chairman and CEO of UP Fintech stated, "In the third quarter, the company achieved robust business growth, with both revenue and net profit experiencing QoQ and YoY growth. Our market share in Singapore continues to expand, marked by a continual increase in new funded clients. Presently, approximately one out of every three residents in Singapore has utilised Tiger Trade*. Meanwhile, customer retention in Sinagpore remains high and we saw consistent average net asset inflows in the third quarter from each cohort of existing clients acquired from previous quarters. In other international markets such as Hong Kong and Australia, the Company's recognition has further increased, and we have received multiple awards locally."
"As a user-centric brokerage, we consistently introduce new products and features to cater to the diverse needs of investors. For example, in this quarter, we launched the Trading Sparks feature, enabling users to share their trading activities in real-time or subscribe to track the buying and selling actions of others. This creates an environment for investors to expand their investment horizons through communication and inspiration sharing. While solidifying our strengths in stock trading services, we recently introduced the US stock multi-leg options feature, to provide a more convenient and efficient options trading experience for more advanced options investors. Our goal is to become the preferred trading platform for a broader range of options investors as well."
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