UP Fintech reports an increase of 23.5% YoY in Q2 2023 revenue, reaching $66.1 million.
The company's non-GAAP profit soars to $15.3 million, marking a two-year record high.
Tiger Brokers
After solid results for Q1 2023, UP Fintech Holding Limited (NASDAQ: TIGR), a prominent online brokerage firm and the Tiger Brokers trading brand operator, presented nearly identical revenues for Q2. The results may have been influenced, among other factors, by the April launch of TigerGPT, the industry's first AI investment assistant.
UP Fintech Announces
Financial Results for Q2 2023
UP
Fintech's revenue and profit have seen substantial growth driven by global
expansion and a focus on fintech innovation. The company's revenue for the
quarter reached $66.1 million, showing an increase of 23.5% compared to the previous
year. The results coincided with the results from the previous quarter when
revenues totaled $66.3 million. Additionally, UP Fintech's non-GAAP profit
surged to $15.3 million, setting a two-year record high.
"The
second quarter marked a period of gradual recovery in the overall market, and
UP Fintech's performance mirrored this trend," Wu Tianhua, the CEO and Founder
of UP Fintech, commented. "Our revenue remained stable and showed
encouraging improvement, culminating in a double-digit growth year-over-year.
The non-GAAP net profit's significant growth, surpassing the total of the
previous year, underscores our strong financial position."
The company
added 58,582 new customer accounts during the quarter, bringing its global
portfolio to 2.12 million. Furthermore, the number of funded accounts rose 15% year-over-year (YoY), reaching 840,931.
The total
trading volume on UP Fintech's platform reached $65.1 billion, with $19.3
billion attributed to stock trading. The company also reported that clients
traded 7.76 million options and futures contracts. Customer assets increased 16.2% YoY, amounting to $17.3 billion. The quarterly net asset inflow was a
significant $1.6 billion, reflecting strong customer engagement and trust.
You can find the rest of the article under the infographic:
Source: Tiger Brokers
TigerGPT and Auto-Invest by
UP Fintech
In April,
the company introduced TigerGPT as the industry's first AI trading assistant,
an alternative to the AI chatbot ChatGPT. According to information shared by
Tiger Brokers with Finance Magnates, 11,000 traders achieved an accuracy
level of 81% four months after the service's launch during the tool's testing
phase. Now, the application is available to a broader audience.
Henry Toh,
the CFO at Tiger Brokers (Singapore), stated that the company recognizes AI's
vital role in the investment sector and developed TigerGPT to revolutionize the
investor experience on a larger scale. As reported by Finance Magnates, ChatGPT has garnered widespread praise in recent times for its performance.
In related
news, Tiger Brokers has rolled out an automatic investment plan (AIP) for Hong
Kong stocks via its main platform, Tiger Trade. This feature allows global
investors to trade weekly, bi-weekly, or monthly, starting from a minimum of
HKD 500. The new addition aims to help investors navigate market volatility and
complements the existing AIP for U.S. stocks.
"As
for product innovation, the second quarter saw the significant launch of our
Hong Kong stock AIP (automatic investment plan). This positions Tiger Trade as
one of the few platforms offering the AIP feature in both Hong Kong and U.S.
stocks. By enabling small-amount investors to access high-priced stocks of
premium companies, we have further democratized investment opportunities and
broadened our reach," Tianhua concluded.
However,
the company faced a minor setback in Q2 when the New Zealand Financial Markets
Authority fined them $900,000 for violating the Anti-Money Laundering and
Countering Financing of Terrorism (AML/CFT) Act.
After solid results for Q1 2023, UP Fintech Holding Limited (NASDAQ: TIGR), a prominent online brokerage firm and the Tiger Brokers trading brand operator, presented nearly identical revenues for Q2. The results may have been influenced, among other factors, by the April launch of TigerGPT, the industry's first AI investment assistant.
UP Fintech Announces
Financial Results for Q2 2023
UP
Fintech's revenue and profit have seen substantial growth driven by global
expansion and a focus on fintech innovation. The company's revenue for the
quarter reached $66.1 million, showing an increase of 23.5% compared to the previous
year. The results coincided with the results from the previous quarter when
revenues totaled $66.3 million. Additionally, UP Fintech's non-GAAP profit
surged to $15.3 million, setting a two-year record high.
"The
second quarter marked a period of gradual recovery in the overall market, and
UP Fintech's performance mirrored this trend," Wu Tianhua, the CEO and Founder
of UP Fintech, commented. "Our revenue remained stable and showed
encouraging improvement, culminating in a double-digit growth year-over-year.
The non-GAAP net profit's significant growth, surpassing the total of the
previous year, underscores our strong financial position."
The company
added 58,582 new customer accounts during the quarter, bringing its global
portfolio to 2.12 million. Furthermore, the number of funded accounts rose 15% year-over-year (YoY), reaching 840,931.
The total
trading volume on UP Fintech's platform reached $65.1 billion, with $19.3
billion attributed to stock trading. The company also reported that clients
traded 7.76 million options and futures contracts. Customer assets increased 16.2% YoY, amounting to $17.3 billion. The quarterly net asset inflow was a
significant $1.6 billion, reflecting strong customer engagement and trust.
You can find the rest of the article under the infographic:
Source: Tiger Brokers
TigerGPT and Auto-Invest by
UP Fintech
In April,
the company introduced TigerGPT as the industry's first AI trading assistant,
an alternative to the AI chatbot ChatGPT. According to information shared by
Tiger Brokers with Finance Magnates, 11,000 traders achieved an accuracy
level of 81% four months after the service's launch during the tool's testing
phase. Now, the application is available to a broader audience.
Henry Toh,
the CFO at Tiger Brokers (Singapore), stated that the company recognizes AI's
vital role in the investment sector and developed TigerGPT to revolutionize the
investor experience on a larger scale. As reported by Finance Magnates, ChatGPT has garnered widespread praise in recent times for its performance.
In related
news, Tiger Brokers has rolled out an automatic investment plan (AIP) for Hong
Kong stocks via its main platform, Tiger Trade. This feature allows global
investors to trade weekly, bi-weekly, or monthly, starting from a minimum of
HKD 500. The new addition aims to help investors navigate market volatility and
complements the existing AIP for U.S. stocks.
"As
for product innovation, the second quarter saw the significant launch of our
Hong Kong stock AIP (automatic investment plan). This positions Tiger Trade as
one of the few platforms offering the AIP feature in both Hong Kong and U.S.
stocks. By enabling small-amount investors to access high-priced stocks of
premium companies, we have further democratized investment opportunities and
broadened our reach," Tianhua concluded.
However,
the company faced a minor setback in Q2 when the New Zealand Financial Markets
Authority fined them $900,000 for violating the Anti-Money Laundering and
Countering Financing of Terrorism (AML/CFT) Act.
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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We break down Blueberry’s regulatory structure, including its Australian Financial Services License (AFSL), as well as its authorisation and registrations in other jurisdictions. The review also covers supported platforms such as MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blueberry.X, and web-based trading.
You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts.
We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
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🎥 TikTok: https://www.tiktok.com/tag/financemagnates
▶️ YouTube: /@financemagnates_official
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⚖ Balanced reporting
📞 Right of response
📰 Responsible journalism
#FinanceMagnates #FinancialJournalism #ResponsibleReporting #FinanceNews #EditorialStandards
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⚖ Balanced reporting
📞 Right of response
📰 Responsible journalism
#FinanceMagnates #FinancialJournalism #ResponsibleReporting #FinanceNews #EditorialStandards
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Why does trust matter in financial news? #TrustedNews #FinanceNews #CapitalMarkets
Why does trust matter in financial news? #TrustedNews #FinanceNews #CapitalMarkets
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📰 Verified reporting
🔎 Human-led scrutiny
✅ Facts over noise
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📰 Verified reporting
🔎 Human-led scrutiny
✅ Facts over noise
