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.
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:
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:
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.
TradingView Adds Spread Betting to Its Platform via Spreadex Integration
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
See you there!
#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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1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
See you there!
#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!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
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!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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🐦 Twitter: https://twitter.com/F_M_events
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▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
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!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
FMAS:24 | Sneak Peak
FMAS:24 | Sneak Peak
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!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
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!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
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▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
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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🔔 Subscribe to our YouTube channel for more!🔔
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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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