UP Fintech Reports More Than 60% of Newly Funded Accounts Acquired From International Markets

Rhea-AI Summary

UP Fintech Holding Limited (Nasdaq: TIGR) reported US$60.2 million in revenues for Q2 2021, up from US$30.3 million in Q2 2020. The number of funded accounts reached 529,100, with over 60% from international markets. The total account balance surged 188.9% year-over-year to US$23.9 billion. The company also gained approval to be a member of Singapore Exchange and continued to grow its ESOP business, adding 51 new clients. CEO Wu Tianhua highlighted a strong outlook driven by technological advancements and client retention.

Positive

• Revenue increased 98.3% year-over-year to US$60.2 million.
• Total funded accounts rose to 529,100, surpassing any previous six-month total.
• Total account balance grew 188.9% year-over-year to US$23.9 billion.
• More than 60% of new accounts were from international markets.
• Received approval to join Singapore Exchange, enhancing market presence.
• ESOP business showed healthy growth, adding 51 new clients.

Negative

• None.

NEW YORK, Sept. 10, 2021 /PRNewswire/ -- Leading online brokerage firm, UP Fintech Holding Limited (Nasdaq: TIGR) ("UP Fintech" or the "Company"), today reported revenues of US$60.2 million for the second quarter ended June 30, 2021 compared to revenue of US$30.3 million in the second quarter of 2020. Notably, more than 60% of the Company's newly funded accounts were derived from international markets in the quarter. Growth was driven by enhanced platform capabilities and rising demand for convenient access to global brokerage services.

"We maintained our solid business momentum with a high client retention rate and increased operational synergies, "commented Mr. Wu Tianhua, founder and CEO of UP Fintech. "I am confident in the positive outlook for our Company and our industry. Our singular focus is to employ technology to make investing more efficient and we are committed to increasing the breadth and diversity of our product offerings, as well as leveraging our leading position in underwriting and ESOP (Employee Share Ownership Plans) to attract new clients."

During the second quarter, the total number of funded accounts increased to 529,100. The Company added more funded accounts in the first six months of 2021 than it did in its entire cumulative operating history. The total account balance increased 188.9% year-over-year to US$23.9 billion as the Company continued to attract new clients from multiple international markets. In Singapore, UP Fintech's local subsidiary, Tiger Brokers (Singapore) Pte. Ltd., launched new products and in-APP functions such as an industry heatmap, Mini USD/CNH futures, and OSE futures, supplementing the wide range of analytical tools and securities trading functions available on the Company's platform.

The Company also recently announced that it has received approval-in-principle to be admitted as a Clearing Member of The Central Depository (Pte) Limited (CDP), and a trading member of Singapore Exchange Securities Trading Limited (SGX) and Singapore Exchange Derivatives Trading Limited. These partnerships aim to improve the user experience and further strengthen the Company's presence in the Singaporean market.

The Company's ESOP business continued to exhibit healthy growth with 51 new clients, up from 41 new clients in the previous quarter; ESOP adoption is accelerating and in the first six months of 2021 the Company added more new clients than it did in all of 2020. The Company is a leader in providing extensive expertise and guidance for start-ups at every stage of their ESOP from initial establishment through to execution and reporting. In addition, the Company is now offering its ESOP service to A-Share companies, further expanding its prospective client base.

The Company served as an underwriter or member of the selling group in 17 IPOs, and in total provided subscriptions to 29 IPOs, including several high profile Hong Kong IPOs such as those of Angelalign (HK:6699) and Nayuki (HK:2150). In addition, The Company completed its own follow-on offering of 6.5 million American Depository Shares in the second quarter and even offered retail investors the opportunity to subscribe through its flagship mobile trading APP, Tiger Trade.

"While the market will have its ups and downs and competition will remain intense, our innovative platform and technology have been built to create long term value for our clients," Wu stated. "User experience has always been our top priority and we see significant room for growth as we continue to broaden our global footprint in the near-term."

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

FAQ

What were UP Fintech's revenues for Q2 2021?

UP Fintech reported revenues of US$60.2 million for Q2 2021.

How many funded accounts did UP Fintech have as of Q2 2021?

As of Q2 2021, UP Fintech had 529,100 funded accounts.

What percentage of new accounts were from international markets?

More than 60% of newly funded accounts in Q2 2021 were from international markets.

What was the year-over-year growth of UP Fintech's total account balance?

The total account balance increased by 188.9% year-over-year to US$23.9 billion.

What recent approval did UP Fintech receive regarding exchanges?

UP Fintech received approval to become a Clearing Member of The Central Depository and a trading member of Singapore Exchange.