UP Fintech Holding Limited Posts 136% Revenue Growth in 2020
UP Fintech Holding Limited (TIGR) reported a 136.5% revenue increase in Q4 2020, totaling US$47.2 million, compared to US$20.0 million in Q4 2019. The company achieved a net income of US$10.3 million for the quarter, a significant rise from US$0.3 million last year. For the full year, revenues reached US$138.5 million, with US$22.3 million in net income, recovering from a loss in 2019. Total account balances surged to US$16.0 billion, driven by a 215.9% year-over-year increase. The firm plans to expand internationally, enhancing its trading platform and product offerings.
- Fourth quarter revenue increased by 136.5% to US$47.2 million.
- Net income in Q4 reached US$10.3 million, up from US$0.3 million last year.
- Total revenues for 2020 were US$138.5 million, with US$22.3 million net income.
- Total account balance rose to US$16.0 billion, a 215.9% increase since 2019.
- Added 44,000 funded accounts in Q4, 3.9 times more than last year.
- None.
NEW YORK, March 26, 2021 /PRNewswire/ -- UP Fintech Holding Limited (the "Company", a NASDAQ-listed company under the ticker "TIGR", and all of its subsidiaries and consolidated entities), a leading online brokerage firm focusing on global investors, posted its first full-year profit and laid out plans for further international expansion over the coming years after gaining popularity in Singapore.
Fourth quarter revenue rose
Total account balance increased by US
"We again recorded significant increases in client accounts and assets, supported by strong demand for online financial services and increased trading activities in the equity market," stated Mr. Wu Tianhua, CEO of UP Fintech. "With a diverse set of licenses, our internationalization strategy continues to progress nicely and is now a new driver for our growth. During the quarter we participated in eight IPOs, of which we underwrote three. For the full year we participated in 26 U.S. IPOs of Chinese-based companies and served as an underwriter in 14 of them. Our leadership position in underwriting for Chinese ADR issuers in the U.S. continued to yield significant benefits as it led to more IPO subscriptions being available to our retail clients. We also added 35 ESOP clients in the fourth quarter for a cumulative total of 124 clients. Despite having only started our ESOP business two years ago, we have been able to gain substantial market share due to the enhanced user experience of our system."
The company's flagship trading app, Tiger Trade, has formed a closed-loop platform for trading, social networking, and financial media. By adding more investment tools and products such as grey market for Hong Kong IPOs, the firm continues to boost its brand recognition and retail client stickiness.
"We are enthusiastic about the year ahead as we will continue to leverage our technological capabilities to build an integrated trading platform for global clients with a comprehensive product offering," Wu added.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other statements, the business outlook and quotations from management in this announcement, as well as the Company's strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC") on Forms 20-F and 6-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's growth strategies; trends and competition in global financial markets; the effects of the global COVID-19 pandemic; and governmental policies relating to the Company's industry and general economic conditions in China and other countries. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.
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SOURCE UP Fintech Holding Limited
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