UP Fintech Posts 59.6% Yearly Revenue Gain in Q3
- The total revenue for Q3 came in at $60.8 million, which slightly improved on the previous quarter.
UP Fintech Holding Limited (NASDAQ: TIGR), which operates as TigerBrokers, has published unaudited financials for the third quarter of 2021, reporting a 59.6 percent yearly jump in its revenue.
In absolute terms, the total revenue touched $60.8 million that remained almost flat when compared to the same figure of the previous quarter. Despite the yearly upward drag, the latest number came in much lower than Q1’s figure of $81.3 million.
The broker ended Q3 with net revenue of $56.6 million, which is 60.9 percent higher than the same quarter of the previous year. Out of the total, $33.5 million in revenue came from commissions, while $2.5 million and $17.6 million were generated from financing services fees and interest incomes, respectively.
Addition of New Clients
Apart from the revenue and income, the broker added 82,900 funded accounts in Q3, thus, adding a total of 353,300 funded accounts in the three quarters of 2021. Also, the broker highlighted that 80 percent of the newly added funded accounts came from outside of China.
“I am pleased to announce that the Company delivered notable accomplishments since the second quarter,” said UP Fintech’s CEO and Director, Wu Tianhua.
Meanwhile, UP FIntech expanded its presence in the Asian markets with the acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There are many ways to acquire or to take the acquisition of property and services. How Companies Utilize AcquisitionsIn finance, the term acquisition is most often used when referring to taking control of a company. An acquisition can be either an agreed deal or a hostile takeover. Companies also may acquire units of a company, property, or other assets. An acquisition is when one business, person, or company purchases most if not of another company's shares to gain control of that company. Buying more than 50% of a target firm's stock and other assets allows the acquirer to make decisions about the newly acquired assets without the approval of the company's shareholders. In finance, there are several types of acquisitions that one speaks of when referring to Acquisitions and Mergers. A horizontal acquisition is when two companies come together with similar products/services. Conversely, a vertical acquisition means two companies join forces in the same industry, but they are at different points on the supply chain.Moreover, a conglomerate represents two companies in different industries join forces, or one takes over the other to broaden their range of services and products. Finally, a concentric acquisition occurs when companies will share customers but provide different services. Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There are many ways to acquire or to take the acquisition of property and services. How Companies Utilize AcquisitionsIn finance, the term acquisition is most often used when referring to taking control of a company. An acquisition can be either an agreed deal or a hostile takeover. Companies also may acquire units of a company, property, or other assets. An acquisition is when one business, person, or company purchases most if not of another company's shares to gain control of that company. Buying more than 50% of a target firm's stock and other assets allows the acquirer to make decisions about the newly acquired assets without the approval of the company's shareholders. In finance, there are several types of acquisitions that one speaks of when referring to Acquisitions and Mergers. A horizontal acquisition is when two companies come together with similar products/services. Conversely, a vertical acquisition means two companies join forces in the same industry, but they are at different points on the supply chain.Moreover, a conglomerate represents two companies in different industries join forces, or one takes over the other to broaden their range of services and products. Finally, a concentric acquisition occurs when companies will share customers but provide different services. Read this Term of Hong Kong-based Ocean Joy Securities in October.
“We are excited to formally launch our brand in Hong Kong and welcome local residents to invest globally in our innovative fintech platform,” Tianhua added. “Hong Kong is one of the world’s premier centers of finance and commerce, and the Company looks forward to building our local client base and contributing to the growth of its vibrant and dynamic capital market.”
UP Fintech Holding Limited (NASDAQ: TIGR), which operates as TigerBrokers, has published unaudited financials for the third quarter of 2021, reporting a 59.6 percent yearly jump in its revenue.
In absolute terms, the total revenue touched $60.8 million that remained almost flat when compared to the same figure of the previous quarter. Despite the yearly upward drag, the latest number came in much lower than Q1’s figure of $81.3 million.
The broker ended Q3 with net revenue of $56.6 million, which is 60.9 percent higher than the same quarter of the previous year. Out of the total, $33.5 million in revenue came from commissions, while $2.5 million and $17.6 million were generated from financing services fees and interest incomes, respectively.
Addition of New Clients
Apart from the revenue and income, the broker added 82,900 funded accounts in Q3, thus, adding a total of 353,300 funded accounts in the three quarters of 2021. Also, the broker highlighted that 80 percent of the newly added funded accounts came from outside of China.
“I am pleased to announce that the Company delivered notable accomplishments since the second quarter,” said UP Fintech’s CEO and Director, Wu Tianhua.
Meanwhile, UP FIntech expanded its presence in the Asian markets with the acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There are many ways to acquire or to take the acquisition of property and services. How Companies Utilize AcquisitionsIn finance, the term acquisition is most often used when referring to taking control of a company. An acquisition can be either an agreed deal or a hostile takeover. Companies also may acquire units of a company, property, or other assets. An acquisition is when one business, person, or company purchases most if not of another company's shares to gain control of that company. Buying more than 50% of a target firm's stock and other assets allows the acquirer to make decisions about the newly acquired assets without the approval of the company's shareholders. In finance, there are several types of acquisitions that one speaks of when referring to Acquisitions and Mergers. A horizontal acquisition is when two companies come together with similar products/services. Conversely, a vertical acquisition means two companies join forces in the same industry, but they are at different points on the supply chain.Moreover, a conglomerate represents two companies in different industries join forces, or one takes over the other to broaden their range of services and products. Finally, a concentric acquisition occurs when companies will share customers but provide different services. Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There are many ways to acquire or to take the acquisition of property and services. How Companies Utilize AcquisitionsIn finance, the term acquisition is most often used when referring to taking control of a company. An acquisition can be either an agreed deal or a hostile takeover. Companies also may acquire units of a company, property, or other assets. An acquisition is when one business, person, or company purchases most if not of another company's shares to gain control of that company. Buying more than 50% of a target firm's stock and other assets allows the acquirer to make decisions about the newly acquired assets without the approval of the company's shareholders. In finance, there are several types of acquisitions that one speaks of when referring to Acquisitions and Mergers. A horizontal acquisition is when two companies come together with similar products/services. Conversely, a vertical acquisition means two companies join forces in the same industry, but they are at different points on the supply chain.Moreover, a conglomerate represents two companies in different industries join forces, or one takes over the other to broaden their range of services and products. Finally, a concentric acquisition occurs when companies will share customers but provide different services. Read this Term of Hong Kong-based Ocean Joy Securities in October.
“We are excited to formally launch our brand in Hong Kong and welcome local residents to invest globally in our innovative fintech platform,” Tianhua added. “Hong Kong is one of the world’s premier centers of finance and commerce, and the Company looks forward to building our local client base and contributing to the growth of its vibrant and dynamic capital market.”