Financial and Business News

UP Fintech's Customer Base with Deposits Surges 21% in 2024, Surpassing 1 Million Mark

Tuesday, 18/03/2025 | 08:21 GMT by Damian Chmiel
  • The Tiger Brokers brand operator reports a 20.7% increase in customers with deposits, reaching 1,092,000 by the end of 2024.
  • The company's total account balance grew to $41.7 billion, up 36.4% from the previous year.
Tiger Brokers
Tiger Brokers

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 .”

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 . 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.

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 .”

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 . 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.

Topics
UP Fintech
2024
Tiger Brokers
About the Author: Damian Chmiel
Damian Chmiel
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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.

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