UP Fintech posts revenue of US$53.5 million in 2022 Q2

TigerBrokers
09-07

UP Fintech Holding Limited ("UP Fintech" or the "Company", Nasdaq: $(TIGR)$, and all its subsidiaries and consolidated entities), an online brokerage with a focus on redefining global investing with technologies for the next generation, announced its unaudited financial results for the three months ended June 30, 2022. During the reporting period, UP Fintech registered revenue of US$53.5 million. Non-GAAP net income was US$3.5 million, compared to a non-GAAP net loss of US$4.4 million in the same quarter of last year.

During the reporting period,the number of customer accounts increased by 38,800, totaling 1.9 million, and the number of customers with deposits increased to 731,400, up 38.2% from the same quarter last year.Over 70% of funded accounts were from markets outside China. Net asset inflow from customers exceeded US$1.5 billion during the second quarter.The company retained 99% of its customers on a quarterly basis.

"Despite market challenges in the first half of 2022, we have remained focused on our clients, bringing product and service innovations, and delivering an exceptional trading experience to everyone.With the introduction of our app's 8.0 version this quarter, users now can rearrange the in-app functions and prioritize the features that matter the most to them.Our swift product scale-up capabilities and self-developed technology architecture are the cornerstones of our global expansion strategy," said Wu Tianhua, CEO and founder of UP Fintech.

"Our competitive edge remains strong. During this quarter, our market share in Singapore continued to increase. User engagement and interactions on our Tiger Trade app were also active, boding well for our user loyalty in this region. In Australia, more investors chose us and the trading volume doubled compared to the previous quarter. Looking ahead, despite the challenging macro environment being a headwind, we will stay true to our long-term commitment to being the platform of choice for global investors of all demographics."

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