Singapore and New York, May 30, 2023 — UP Fintech Holding Limited ("UP Fintech" or the "Company", Nasdaq: TIGR, and all its subsidiaries and consolidated entities), a leading 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 March 31, 2023. Thanks to a scalable global expansion strategy and an unwavering commitment to fintech innovation, the company's revenue stood at US$66.33 million during the period, up 26.0% year-over-year (YoY). The non-GAAP profit attributable to UP Fintech reached US$10.33 million, registering a 128.5% increase QoQ.
During the first quarter, 52,534 new customer accounts were added, up 39.8% QoQ, pushing the global total to 2.06 million. The number of new customers with deposits (number of funded accounts) rose by 30,392, or up 11.2% from the previous quarter, to 811,900.
The total trading volume by customers stood at US$67.0 billion on the company's platform, of which US$23.0 billion was calculated from stock trading, along with 7.89 million options and futures contracts. The total customer asset amounted to US$16.1 billion during the reporting period, up 15.2% QoQ, and the total asset funded by customers approached US$1.2 billion.
Wu Tianhua, CEO and founder of UP Fintech, said: "Amid the global market's modest recovery in the first quarter, the company's revenue and profit saw solid growth, with both our commission and interest-related income, and non-GAAP profit doubled on a quarterly basis. Worth mentioning, our non-GAAP profit marked a two-year high."
"On the fintech innovation front, we brought the industry's first AI investment assistant, TigerGPT. The text-generating AI chatbot aims to provide intelligent decision-making support for global investors. In this period, our self-clearing technologies were gradually applying to Hong Kong stock trading orders, helping nearly halve our clearing expenses on a quarterly basis."
"In our global expansion journey, we tread steadily during the past quarter. Sequential growth was seen in both the number of new customer accounts and the number of new funded accounts, and a strong rise was witnessed in the net asset inflow, indicating that we gained widespread trust for our one-stop global investing offerings from investors worldwide. Looking ahead, the company is committed to leveling up its products and services, in leverage to consolidate its leading position in various global markets, while maintaining long-term and sustainable growth momentum," he added.
