UP Fintech Holding Limited, the Singapore-based online brokerage firm operating under the Tiger Brokers brand (NASDAQ: TIGR), reported strong financial results for the fourth quarter and full year 2024. The company saw its total revenue in Q4 2024 jump 77.3% year-over-year to $124.1 million.

UP Fintech Posts Record Q4 Revenue, Profit as Customer Base Expands

Net income attributable to shareholders reached $28.1 million, compared to a net loss of $1.8 million in the same quarter last year. For the full year 2024, UP Fintech's total revenue increased 43.7% to $391.5 million, while net income rose 86.5% to $60.7 million.

The firm's customer growth accelerated in Q4, with 59,200 new funded accounts added, bringing the total number of customers with deposits to 1,092,000 by year-end, a 20.7% increase from 2023.

“Both our financial and operating performance have achieved significant growth in the fourth quarter and the full year of 2024,” said Wu Tianhua, Chairman and CEO of UP Fintech. “We are pleased to see that both our annual and quarterly topline and bottom line have reached an all-time high as we keep executing internationalization strategy and building a resilient business model with healthier operating leverage Leverage In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders Read this Term.”

The company's total account balance grew 36.4% year-over-year to $41.7 billion, driven by robust asset inflows of $1.1 billion in Q4, primarily from retail investors.

Commission Revenue and Crypto Platform YAX

UP Fintech's commission revenue more than doubled in Q4, rising 154.9% to $56.0 million, fueled by increased trading activity. The company's trading volume surged to $198 billion in Q4, up from $81.8 billion in the same period last year.

The firm's corporate business also showed strong performance, with UP Fintech underwriting 14 U.S. and Hong Kong IPOs in Q4, bringing its total for the year to 44.

Looking ahead, UP Fintech is expanding its product offerings. In January, its cryptocurrency platform, YAX (Hong Kong) Limited, received approval from the Hong Kong Securities and Futures Commission to operate as a licensed virtual asset trading platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term. The company has also upgraded its AI investment assistant, TigerGPT, to TigerAI, integrating leading AI models.

Doubtful Accounts

Despite the positive results, UP Fintech faces challenges, including a significant increase in its allowance for doubtful accounts. As of December 31, 2024, the allowance balance for receivables from customers was $15.3 million, up from $1.0 million a year earlier, due to a bad debt provision related to a Hong Kong stock pledge business affected by extreme market conditions.

Last month, Tiger Brokers became the first global brokerage to integrate DeepSeek-R1 into its AI chatbot TigerGPT.