UP Fintech Holding Limited (NASDAQ:TIGR), the Tiger Brokers trading brand operator, recently released its unaudited financial results for the quarter and year ending 31 December 2022. Despite global macroeconomic headwinds, the online brokerage posted annual revenue of $225.4 million.

Fed Boosted Up Fintech's Revenue in 2022

According to Wednesday's press release, the non-GAAP net income attributable to UP Fintech came in at $12.68 million, marking a profit for the third consecutive year. In the fourth quarter of 2022, UP Fintech's total revenue reached $63.85 million, which is a 15.2% increase quarter-over-quarter (QoQ), with a non-GAAP net income of $4.52 million.

The Tiger Brokers operator generated $55.4 million in total revenue in the previous quarter, rising 3.6% QoQ and 8.8% year-over-year (YoY). Also, the result is significantly better than the one reported a year earlier when Q4 2021 brought a net loss despite a 32% jump in revenue.

During Q4 2022, the company added 37,600 new customer accounts globally, expanding the total number of account holders to 2 million. Furthermore, the number of newly funded accounts rose by 27,300, totaling 781,500, surpassing the company's target of 100,000 newly funded accounts in 2022. The customers' total account balance (assets) amounted to $14.0 billion by the end of the period, with net asset inflow from customers exceeding $1.4 billion, with an assets retention rate of 98%.

"In the fourth quarter, our interest-related incomes expanded on both year-over-year (YoY) and quarter-over-quarter (QoQ) basis, boosted by the Federal Reserve's interest rate hikes. Our revenue continued to grow QoQ, and the net income was up YoY," Wu Tianhua, the CEO and Founder of UP Fintech, commented.

Up Fintech's Expansion in Singapore and Hong Kong

UP Fintech's expansion in Singapore was particularly impressive, with around a third of local adult residents above 20 using Tiger Trade, the company's flagship platform.

In addition, the platform has emerged as a favored option for trading Singapore Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term (SGX) listed stocks, with 1.02 billion SGX shares traded and a total volume of $543 million (SG$727 million) in Q4, reflecting a 56% YoY increase. Moreover, the company's wealth management division made strides in Q4, with Tiger Vault's seven-day annualized rate of return reaching its peak at 4.7%.

Expanding its reach, UP Fintech ventured into Hong Kong, enabling residents to access a range of one-stop global investing services. The services include ETFs, US stocks, callable bull/bear contracts (CBBCs), warrants, Hong Kong stocks, and US stock fractional shares.

Additionally, UP Fintech collaborated with UOBAM to introduce the United Fixed Maturity Bond Fund 1, which is a fixed-term investment product with an annualized yield of up to 4.95% over the next three years. This product leverages the upward trend of interest rates to secure higher returns.

Earlier, in 2021, the company completed 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 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 Read this Term of Hong Kong-based Ocean Joy Securities Limited, which holds Type 1 and Type 2 licenses from the Hong Kong securities market regulator.

However, the latest news regarding the company was not positive. Up Fintech along with another trading company, Futu, came under the watchful eye of the China Securities Regulatory Commission (CSRC) in December. The commission said it would ban both companies from operating in mainland China due to their involvement in the unlawful securities business.