UP Fintech reports 2022 revenue of $225 million and third consecutive profitable year
UP Fintech Holding Limited (NASDAQ:TIGR), Tiger Broker’s trademark operator, recently released its unaudited financial results for the quarter and year ending December 31, 2022. Despite global macroeconomic headwinds, the online brokerage had annual revenue of $225.4 million.
According to Wednesday’s press release, non-GAAP net income attributable to UP Fintech came in at $12.68 million, marking a profit for the third consecutive year. In the fourth quarter of 2022, UP Fintech’s total revenue reached $63.85 million, an increase of 15.2% quarter-on-quarter (QoQ), with non-GAAP net income of $4.52 million.
The Tiger Brokers operator generated $55.4 million in total revenue last quarter, up 3.6% QoQ and 8.8% year-over-year (YoY). The result is also significantly better than what was reported a year earlier, when Q4 2021 posted a net loss despite a 32% jump in revenue.
During the fourth quarter of 2022, the company added 37,600 new customer accounts globally, expanding the total number of account holders to 2 million. Furthermore, the number of newly funded accounts increased by 27,300, totaling 781,500, exceeding the company’s target of 100,000 newly funded accounts by 2022. Total customer account balances (assets) amounted to $14.0 billion at the end of the period, with net asset inflows from customers of over $1.4 billion, with a retention rate of 98%.
“In the fourth quarter, our interest-related income increased on both a year-over-year (YoY) and quarter-over-quarter (QoQ) basis, boosted by the Federal Reserve’s rate hikes. Our income continued to grow QoQ, and net income increased year-over-year,” commented Wu Tianhua, CEO and founder of UP Fintech.
Up Fintech’s expansion in Singapore and Hong Kong
UP Fintech’s expansion in Singapore was particularly impressive, with around a third of local adults over the age of 20 using Tiger Trade, the company’s flagship platform.
Additionally, the platform has emerged as a preferred option for trading in Singapore
Exchange (SGX) listed shares, with 1.02 billion SGX shares traded and a total volume of $543 million (SG$727 million) in Q4, reflecting an increase of 56% year-on-year. Furthermore, the company’s wealth management division made progress in Q4, with Tiger Vault’s seven-day annualized return peaking at 4.7%.
UP Fintech expanded its reach into Hong Kong, enabling its residents to access a range of global investment services. Services include ETFs, US stocks, callable bull/bear contracts (CBBC), warrants, Hong Kong stocks and US equity shares.
In addition, UP Fintech partnered with UOBAM to introduce the United Fixed Maturity Bond Fund 1, a fixed-term investment product with an annual return of up to 4.95% over the next three years. This product takes advantage of the upward trend in interest rates to ensure higher returns.
Earlier, in 2021, the company completed acquisition by Hong Kong-based Ocean Joy Securities Limited, which holds Type 1 and Type 2 licenses from Hong Kong’s securities market regulator.
However, the latest news about the company was not positive. Up Fintech along with another trading company, Futu, came under the watchful eye of the China Securities Regulatory Commission (CSRC) in December. The commission said it would ban both companies from operating in mainland China because of their involvement in the illegal securities business.
UP Fintech Holding Limited (NASDAQ:TIGR), Tiger Broker’s trademark operator, recently released its unaudited financial results for the quarter and year ending December 31, 2022. Despite global macroeconomic headwinds, the online brokerage had annual revenue of $225.4 million.
According to Wednesday’s press release, non-GAAP net income attributable to UP Fintech came in at $12.68 million, marking a profit for the third consecutive year. In the fourth quarter of 2022, UP Fintech’s total revenue reached $63.85 million, an increase of 15.2% quarter-on-quarter (QoQ), with non-GAAP net income of $4.52 million.
The Tiger Brokers operator generated $55.4 million in total revenue last quarter, up 3.6% QoQ and 8.8% year-over-year (YoY). The result is also significantly better than what was reported a year earlier, when Q4 2021 posted a net loss despite a 32% jump in revenue.
During the fourth quarter of 2022, the company added 37,600 new customer accounts globally, expanding the total number of account holders to 2 million. Furthermore, the number of newly funded accounts increased by 27,300, totaling 781,500, exceeding the company’s target of 100,000 newly funded accounts by 2022. Total customer account balances (assets) amounted to $14.0 billion at the end of the period, with net asset inflows from customers of over $1.4 billion, with a retention rate of 98%.
“In the fourth quarter, our interest-related income increased on both a year-over-year (YoY) and quarter-over-quarter (QoQ) basis, boosted by the Federal Reserve’s rate hikes. Our income continued to grow QoQ, and net income increased year-over-year,” commented Wu Tianhua, CEO and founder of UP Fintech.
Up Fintech’s expansion in Singapore and Hong Kong
UP Fintech’s expansion in Singapore was particularly impressive, with around a third of local adults over the age of 20 using Tiger Trade, the company’s flagship platform.
Additionally, the platform has emerged as a preferred option for trading in Singapore
Exchange (SGX) listed shares, with 1.02 billion SGX shares traded and a total volume of $543 million (SG$727 million) in Q4, reflecting an increase of 56% year-on-year. Furthermore, the company’s wealth management division made progress in Q4, with Tiger Vault’s seven-day annualized return peaking at 4.7%.
UP Fintech expanded its reach into Hong Kong, enabling its residents to access a range of global investment services. Services include ETFs, US stocks, callable bull/bear contracts (CBBC), warrants, Hong Kong stocks and US equity shares.
In addition, UP Fintech partnered with UOBAM to introduce the United Fixed Maturity Bond Fund 1, a fixed-term investment product with an annual return of up to 4.95% over the next three years. This product takes advantage of the upward trend in interest rates to ensure higher returns.
Earlier, in 2021, the company completed acquisition by Hong Kong-based Ocean Joy Securities Limited, which holds Type 1 and Type 2 licenses from Hong Kong’s securities market regulator.
However, the latest news about the company was not positive. Up Fintech along with another trading company, Futu, came under the watchful eye of the China Securities Regulatory Commission (CSRC) in December. The commission said it would ban both companies from operating in mainland China because of their involvement in the illegal securities business.
