UP Fintech posts US$55.41 million for 2022 Q3 revenue
UP Fintech Holding Limited (TIGR) announced its Q3 2022 financial results, reporting revenues of US$55.41 million and a net income of US$3.34 million. The company experienced significant growth, with 35,400 new customer accounts added, bringing the total to 1.97 million. New customers with deposits reached 754,100. Trading volume hit US$78.2 billion. The average net deposit of new clients in Singapore surpassed US$11,000. Looking forward, UP Fintech plans to launch services in Hong Kong, further expanding its global footprint.
- Revenue of US$55.41 million for Q3 2022, showing significant growth.
- Net income increased to US$3.34 million, a positive shift.
- Number of new customer accounts rose by 35,400 to 1.97 million.
- Net asset inflow exceeded US$700 million, indicating strong customer engagement.
- Average net deposit of newly acquired clients in Singapore surpassed US$11,000, up from US$9,000.
- None.
- About one-fifth of new customers with deposits are from Australia and New Zealand, indicating growing local recognition
- Average net deposit of newly acquired clients surpasses US
$11,000 in Singapore, a sign of deepening trust
SINGAPORE and NEW YORK, Nov. 23, 2022 /PRNewswire/ -- 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 September 30, 2022.
During the period, the company's revenue reached US
During the third quarter, the number of new customer accounts increased by 35,400, totaling 1.97 million globally, up
The total trading volume from customers stood at US
Wu Tianhua, CEO and founder of UP Fintech, said, "In the third quarter, the company witnessed steady sequential growth in key indicators. Our interest-related income was up by almost
"In this quarter, we brought to global investors a fractional share feature in our flagship app Tiger Trade, offering clients with limited deposits access to premium stocks at high prices, and expanding our potential user base. Nearly all US cash equity tradings were self-cleared by our proprietary infrastructure, boosting the overall clearing efficiency and lowering the costs," Wu Tianhua added.
Wu Tianhua also revealed, "Looking ahead, in the fourth quarter, we will land our services in Hong Kong, where we are committed to providing investors in this global financial center with the best possible products and services. In addition, we are dedicated to allocating our global resources effectively to serve our worldwide client base well."
In Singapore, average net deposit of newly acquired clients up for the second consecutive quarter
UP Fintech's market position in Singapore continued to consolidate with consensual trust from high-worth customers. The average net deposit of newly acquired clients has grown for the second consecutive quarter, passing the US
In terms of the products we offer, the company upgraded all Singapore-registered accounts by merging share and fund trading operations, enabling the deposit in customers' margin accounts for US stocks to be directed for fund trading to alleviate their liquidity restraint.
During the period, the company's cash management services in Singapore were strategically elevated to become Tiger Vault, where customers' in-account deposits can be directly for shares, options, and fund trading, as well as for IPO subscriptions, a move that facilitates the asset management flow. The brand-new Tiger Vault has received positive feedback in Singapore, where the asset under management (AUM) in total was up
During the third quarter, by spearheading product and technological innovations, UP Fintech bagged the "Fintech - Brokerage" award at the SBR Technology Excellence Awards 2022 from the Singapore Business Review. In the city state's "Best Customer Service 2022/23" survey conducted jointly by The Straits Times and research firm Statista, the company's excellent customer service was recognized in the trading and brokerage services sub-category, under Real Estate and Banking. As of now, in Singapore, the company keeps 21.5 hours of customer care services on a daily basis, through a combination of channels including hotline, e-mail, social media platforms, and in-app chat. The company also received "Investor's Choice Awards 2022: Best Retail Broker" from the Securities Investors Association (Singapore).
In Southeast Asia, the company announced its Official Sponsor status for the ongoing AFF Mitsubishi Electric Cup 2022, the region's biennial football tournament contested by 10 national "A" teams, a move that seeks to highlight the company's continued commitment to becoming a global local company and letting everyone in the world enjoy efficient and smart investing.
Nearly
In Australia and New Zealand, the company continued to gain momentum. In the reporting period, client acquisition sped up, with nearly
During the two quarters since the company's entry into Australia, its flagship Tiger Trade app has been trusted by more local customers. In the third quarter, the company captured the winner position in three categories including "Best for Australian investors", "People's choice", and "Best for ETFs", from the well-known investing media outlet WeMoney.
Global expansion never ceases
The company is also ready to announce its expansion into Hong Kong starting in December, bringing the best possible smart global investing experience to investors in this global financial center. UP Fintech's subsidiary in Hong Kong holds Type I, II, IV and V licenses from the Securities and Futures Commission, qualifying the company to deal in and advise on securities and futures contracts. In total, the company holds 11 licenses and qualifications in Hong Kong.
US fractional share trading function lowers investing threshold
Self-developed infrastructure bears fruit
In the third quarter, the company's gross commission income stood at US
As the company's global expansion goes deep, we remain zoomed in on investing in research and development. During the period, nearly all US cash equity tradings were self-cleared.
During the reporting period, UP Fintech launched US fractional share trading, a new feature that now supports all S&P 500 stocks, removes the 1 share minimum trading unit, and lowers the trading starting point to as little as US
In the meantime, mobile app features such as options combination analysis tools, most sought-after industries, and lists of ETFs for major markets were put on live. Among new PC/desktop features, time-weighted average price (TWAP) and volume-weighted average price (VWAP) orders were presented. With attached order and conditional order functions available, investors are able to analyze and grasp the investing trends in a timely manner.
During the period, the demand for wealth management services continued to grow steadily. The number of customers increased by
On the investor education side, UP Fintech relentlessly promoted financial knowledge in a move to help investors adjust themselves to the volatile investing environment. During the period, the company broadcast 112 live sessions, covering a wide range of content from diving into companies' earnings results, to deep analysis of various industries and companies. Over
As of September 30, in Singapore, UP Fintech held a series of joint live broadcasts online with the Singapore Exchange, and was participated by analysts from institutions such as Standard Chartered Bank and Société Générale for their market insights. These live sessions, which have become the platform's signature content, were widely accoladed by investors. In Australia, industry analysis covering the most sought-after industries including mining, pharmaceuticals, and technology was well received, helping more local investors make better informed financial decisions, and boosting the content penetration rate to
Investment banking services take the lead in US IPO underwriting
ESOP business spins off with strategic investors involved
During the reporting period, other revenues, including investment banking and employee stock ownership plan (ESOP), reached US
In the first three quarters of this year, third-party data shows that UP Fintech ranked third among all global brokerages, with 18 US IPO underwriting, and fourth by the offering size. In terms of special purpose acquisition company (SPAC) underwriting, the company ranked second globally by the offering scale of projects underwritten.
The company also honed its research capabilities by issuing 19 research reports on various sectors including e-commerce, internet, entertainment, auto-making, and cryptocurrency, indicating its in-depth analysis expertise.
UP Fintech signed 29 ESOP clients during the period, with the number of total clients added up to 393, a year-over-year increase of
In this quarter, dozens of companies including Tim Hortons, Leapmotor, AIM Vaccine, and Jenscare became part of the Tiger Community, and opened enterprise accounts.
On the corporate social responsibility front, the company collaborated with WWF-Singapore on International Tiger Day to raise awareness about wildlife conservation.
About UP Fintech
UP Fintech Holding Limited (Nasdaq: TIGR), also known as Tiger Brokers, is a leading online brokerage with a focus on redefining global investing with technology for the next generation.
Founded in 2014, we relentlessly offer a superior user experience in pursuit of becoming a world-leading online brokerage, to let everyone enjoy efficient and smart investing. Currently, we offer a multitude of quality financial products and services across brokerage, employee stock ownership plan (ESOP) management, investment banking, wealth management, investor community, and investor education.
We strive to elevate financial technology R&D to a new level. While we inherit the best traditions from the financial sector and blend them with the best minds of tech experts, we develop our own technology infrastructure—an aggregation that enables multi-currency trading of various products across markets, guaranteeing our reliable, secure, and scalable services are accessible to all with low latency.
In March 2019, UP Fintech was listed on Nasdaq under the ticker TIGR. As of now, we serve over 9 million users and about 2 million account holders worldwide on our flagship platform "Tiger Trade", own 63 licenses and qualifications in different markets, and have over 1,000 employees on the team in Singapore, New Zealand, the US, Hong Kong, Australia, and China.
For more information about UP Fintech as a company, please visit itigerup.com
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 "may," "might," "aim," "likely to," "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements or expressions. 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, including the earnings conference call. 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 cooperation with Interactive Brokers LLC and Xiaomi Corporation and its affiliates; the Company's ability to effectively implement its growth strategies; trends and competition in global financial markets; changes in the Company's revenues and certain cost or expense accounting policies; the effects of the global COVID-19 pandemic; and governmental policies and regulations affecting the Company's industry and general economic conditions in China, Singapore and other countries. Further information regarding these and other risks is included in the Company's filings with the SEC, including the Company's annual report on Form 20-F filed with the SEC on April 28, 2022. 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. Further information regarding these and other risks is included in the Company's filings with the SEC.
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SOURCE UP Fintech Holding Limited
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