The company reports strong 2023 results driven by expansion and product innovation.
Revenues increased 10% on a quarterly and 21% on a yearly basis.
UP Fintech
Holding Limited (NASDAQ: TIGR), the Tiger Brokers trading brand operator, has announced its unaudited financial results
for Q4 and the full year 2023. The company reported total revenues of $70 million
in Q4, an increase of 9.6% year-over-year (YoY), and $272.5 million for the full
year, an uptick of 20.9% from 2022.
UP Fintech Reports Q4 and
Full Year 2023 Results
In addition
to high revenues, trading volumes and the number of customer accounts also
grew. Although the company did not achieve profitability in the fourth
quarter, it reported a net income of $32.6 million for the entire year of 2023,
compared to a loss of $2.2 million the year before.
"In
2023, our topline mix benefited from our strategy execution on
internationalization and the high-interest rate environment," Wu Tianhua, the
Chairman and CEO of UP Fintech, commented.
The adjusted net income for UP Fintech's ordinary shareholders, which removes the effects of share-based compensation and impairment losses on long-term investments, reached $42.7 million, up from $12.7 million in adjusted net income in 2022. The adjusted net income per American Depositary Share (ADS) on a diluted basis was $0.270, compared to $0.082 per ADS in 2022.
This confirms the company's strong results in the third quarter of last year, when it added over 24,000 customers and had a net profit 300% higher than in Q3 2022.
Strong Growth in New
Funded Accounts and Total Account Balance
UP Fintech
added 39,034 new funded accounts in Q4, an improvement of 58.6% quarter-over-quarter
(QoQ) and 42.8% YoY. The total number of funded accounts reached 904,600 by the
end of 2023, an increase of 15.8% compared to 2022.
"In the fourth quarter, we added 39,034 new funded accounts, an increase of 58.6% quarter over quarter and 42.8% year over year, bringing our yearly total to 123,110, exceeding our yearly guidance of 100,000," added Tianhua.
The company
also saw a record $8.2 billion net asset inflow in Q4, combined with $3.5
billion mark to market gain, leading to an elevation of 62.1% QoQ and 118.5% YoY in
total account balance to $30.6 billion.
In its
Corporate business, UP Fintech underwrote a total of 9 US. and Hong Kong IPOs
in Q4, bringing the total number of IPOs underwritten for the year to 28. The
company's Employee Stock Option Plan (ESOP) business additionally saw growth, adding 30
new clients in Q4 and serving a total of 535 ESOP clients.
This week, Tiger Brokers announced a new collaboration with the Australian media fintech Grafa, enabling investors utilizing the Tiger Trade app to gain near-real-time insights into the companies they invest in.
UP Fintech
Holding Limited (NASDAQ: TIGR), the Tiger Brokers trading brand operator, has announced its unaudited financial results
for Q4 and the full year 2023. The company reported total revenues of $70 million
in Q4, an increase of 9.6% year-over-year (YoY), and $272.5 million for the full
year, an uptick of 20.9% from 2022.
UP Fintech Reports Q4 and
Full Year 2023 Results
In addition
to high revenues, trading volumes and the number of customer accounts also
grew. Although the company did not achieve profitability in the fourth
quarter, it reported a net income of $32.6 million for the entire year of 2023,
compared to a loss of $2.2 million the year before.
"In
2023, our topline mix benefited from our strategy execution on
internationalization and the high-interest rate environment," Wu Tianhua, the
Chairman and CEO of UP Fintech, commented.
The adjusted net income for UP Fintech's ordinary shareholders, which removes the effects of share-based compensation and impairment losses on long-term investments, reached $42.7 million, up from $12.7 million in adjusted net income in 2022. The adjusted net income per American Depositary Share (ADS) on a diluted basis was $0.270, compared to $0.082 per ADS in 2022.
This confirms the company's strong results in the third quarter of last year, when it added over 24,000 customers and had a net profit 300% higher than in Q3 2022.
Strong Growth in New
Funded Accounts and Total Account Balance
UP Fintech
added 39,034 new funded accounts in Q4, an improvement of 58.6% quarter-over-quarter
(QoQ) and 42.8% YoY. The total number of funded accounts reached 904,600 by the
end of 2023, an increase of 15.8% compared to 2022.
"In the fourth quarter, we added 39,034 new funded accounts, an increase of 58.6% quarter over quarter and 42.8% year over year, bringing our yearly total to 123,110, exceeding our yearly guidance of 100,000," added Tianhua.
The company
also saw a record $8.2 billion net asset inflow in Q4, combined with $3.5
billion mark to market gain, leading to an elevation of 62.1% QoQ and 118.5% YoY in
total account balance to $30.6 billion.
In its
Corporate business, UP Fintech underwrote a total of 9 US. and Hong Kong IPOs
in Q4, bringing the total number of IPOs underwritten for the year to 28. The
company's Employee Stock Option Plan (ESOP) business additionally saw growth, adding 30
new clients in Q4 and serving a total of 535 ESOP clients.
This week, Tiger Brokers announced a new collaboration with the Australian media fintech Grafa, enabling investors utilizing the Tiger Trade app to gain near-real-time insights into the companies they invest in.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Google Wallet Goes Live in India in Partnership with Local Service Providers
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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