UP Fintech registers steep development in internet earnings in Q3 2023

On-line brokerage UP Fintech Holding Restricted (NASDAQ:TIGR), also called Tiger Brokers, in the present day introduced its unaudited monetary outcomes for the third quarter ended September 30, 2023.

Within the third quarter, the corporate achieved a income of US$70.1 million, a quarter-on-quarter improve of 6.2%, and a year-on-year improve of 26.6%.

The non-GAAP internet earnings for the quarter was $16 million, representing a quarter-on-quarter development of 4.3% and a year-on-year improve of 141.1%. The non-GAAP internet earnings for the primary three quarters of 2023 reached US$42 million, surpassing the sum of the corporate’s non-GAAP internet earnings for the previous two years.

Within the third quarter, UP Fintech added 28,803 new international account holders, bringing the entire to 2.15 million. Funded accounts elevated by 24,604, reaching roughly 865,500, marking a 14.8% year-on-year development. The overall account steadiness amounted to roughly US$18.9 billion, reflecting a forty five.7% year-on-year improve, with internet asset inflows exceeding US$1.5 billion in the course of the quarter.

Mr. Wu Tianhua, Chairman and CEO of UP Fintech said:

“Within the third quarter, the corporate achieved strong enterprise development, with each income and internet revenue experiencing QoQ and YoY development. Our market share in Singapore continues to develop, marked by a continuing improve in new funded shoppers. Presently, roughly one out of each three residents in Singapore has utilised Tiger Commerce.

In the meantime, buyer retention in Singapore stays excessive and we noticed constant common internet asset inflows within the third quarter from every cohort of current shoppers acquired from earlier quarters. In different worldwide markets resembling Hong Kong and Australia, the Firm’s recognition has additional elevated, and we have now acquired a number of awards domestically.”



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