Fintech
UP Fintech reports 19% revenue increase in first quarter, net profit doubles
UP Fintech Holding Limited (NASDAQ:TIGR) has released unaudited financial results for the first quarter of 2024, ended March 31. Wu Tianhua, President and CEO, reported a 19.0% year-over-year increase in total revenue to $78.9 million.
Dedicated Forex cloud solutions with stable and fast cross-border connections capable of high-demand scenarios. Alibaba Cloud helps Forex traders trade securely and globally. Click to learn more!
Notably, net income attributable to UP Fintech’s common shareholders rose to $12.3 million, indicating solid performance in the first quarter. Additionally, the company’s non-GAAP net income reached $14.7 million, underscoring its strong financial position and operational efficiency.
During the UP quarter Fintech added 28,800 new funded accounts, for a total of 933,400 funded accounts by the end of the quarter, reflecting a 15% year-over-year increase. Additionally, asset inflow stood at $5.3 billion, contributing to a notable 103.8% year-over-year increase in the total account balance of $32.9 billion.
Previously, UP Fintech Holding Limited, operator of online brokerage Tiger Trade, has obtained the approval of the Securities and Futures Commission of Hong Kong to expand its license for virtual asset trading, as reported by Financial magnates.
One of the first in Hong Kong, UP Fintech now offers cryptocurrency trading services, including Bitcoin and Ethereum, to qualified investors. This move is in line with UP Fintech’s aim to provide a comprehensive trading experience, integrating cryptocurrencies with stocks, options, futures and funds on its Tiger Trade platform.
Increase in operating costs in line with revenue growth
Financially, total revenues rose to $78.9 million, marking a 19.0% year-over-year increase. Fees rose 9.2% to $27.8 million due to increased trading volume. Meanwhile, interest income saw a significant increase to $43.8 million, attributed to increased margin financing and securities lending activities.
Operating costs and expenses totaled $50.8 million, with notable increases in employee compensation and benefits, communications and market data expenses, and general and administrative expenses.
UP Fintech Holding Limited (NASDAQ:TIGR) has released unaudited financial results for the first quarter of 2024, ended March 31. Wu Tianhua, President and CEO, reported a 19.0% year-over-year increase in total revenue to $78.9 million.
Notably, net income attributable to UP Fintech’s common shareholders rose to $12.3 million, indicating solid performance in the first quarter. Additionally, the company’s non-GAAP net income reached $14.7 million, underscoring its strong financial position and operational efficiency.
Dedicated Forex cloud solutions with stable and fast cross-border connections capable of high-demand scenarios. Alibaba Cloud helps Forex traders trade securely and globally. Click to learn more!
During the UP quarter Fintech added 28,800 new funded accounts, for a total of 933,400 funded accounts by the end of the quarter, reflecting a 15% year-over-year increase. Additionally, asset inflow stood at $5.3 billion, contributing to a notable 103.8% year-over-year increase in the total account balance of $32.9 billion.
Previously, UP Fintech Holding Limited, operator of online brokerage Tiger Trade, has obtained the approval of the Securities and Futures Commission of Hong Kong to expand its license for virtual asset trading, as reported by Financial magnates.
One of the first in Hong Kong, UP Fintech now offers cryptocurrency trading services, including Bitcoin and Ethereum, to qualified investors. This move is in line with UP Fintech’s aim to provide a comprehensive trading experience, integrating cryptocurrencies with stocks, options, futures and funds on its Tiger Trade platform.
Increase in operating costs in line with revenue growth
Financially, total revenues rose to $78.9 million, marking a 19.0% year-over-year increase. Fees rose 9.2% to $27.8 million due to increased trading volume. Meanwhile, interest income saw a significant increase to $43.8 million, attributed to increased margin financing and securities lending activities.
Operating costs and expenses totaled $50.8 million, with notable increases in employee compensation and benefits, communications and market data expenses, and general and administrative expenses.