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UP Fintech reports two-year high 2023 Q2 results

  • Revenue for the quarter reached US$66.1 million, marking a 23.5% year-over-year (YoY) increase

  • Non-GAAP profit soared to US$15.3 million, up 48.4% quarter-over-quarter (QoQ), achieving a two-year record high.

  • The launch of TigerGPT, an AI-powered investment assistant, in Singapore, New Zealand, Australia, and Hong Kong SAR, highlights the Company's commitment to cutting-edge fintech innovation.

SINGAPORE and NEW YORK, Aug. 29, 2023 /PRNewswire/ -- UP Fintech Holding Limited ("UP Fintech" or the "Company", Nasdaq: TIGR, and all its subsidiaries and consolidated entities), a leading online brokerage firm committed to redefining global investing through next-generation technologies, today announced its unaudited financial results for the second quarter ended June 30, 2023. Driven by a strategic global expansion and an unwavering commitment to fintech innovation, the Company's revenue for the quarter reached US$66.1 million, marking a 23.5% year-over-year (YoY) increase. The non-GAAP profit attributable to UP Fintech soared to US$15.3 million, up 48.4% quarter-over-quarter (QoQ) and nearly 3.4 times YoY, achieving a two-year record high, surpassing the previous year's total.

During the second quarter, 58,582 new customer accounts were added to UP Fintech's global portfolio, bringing the total to 2.12 million. A total of 29,077 new customers with deposits (funded accounts) were added this quarter, elevating the total number of funded accounts to 840,931, marking a 15% increase YoY.

The total trading volume by customers on the Company's platform reached US$65.1 billion during the second quarter, with US$19.3 billion attributed to stock trading. Additionally, 7.76 million options and futures contracts were traded by clients. Customer assets saw a significant increase, amounting to US$17.3 billion during the reporting period, a rise of 16.2% YoY. Moreover, the quarterly net asset inflow approached the substantial figure of US$1.6 billion, reflecting the strong trust and engagement the Company continues to foster within its client base.

CEO highlights: strong performance, global expansion, and innovation

Wu Tianhua, CEO and founder of UP Fintech, said: "The second quarter marked a period of gradual recovery in the overall market, and UP Fintech's performance mirrored this trend. 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.

"In the realm of international expansion, we are proud to report robust growth in our global customers with deposits. With nearly 60,000 funded clients acquired in the first half, we've surpassed the halfway mark of our ambitious 100,000 new customer target for the year. Our strategic launch of diverse wealth management products in pivotal markets such as Singapore and Hong Kong SAR has resonated well with our clientele. These initiatives offer more financial choices in an unpredictable market landscape. Separately, Australia's record growth underscores our global expansion success.

"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.

"Looking to the future, our commitment to product and technological innovation remains unwavering. We will continue to fortify our leading positions in existing markets through quality financial services, streamline operations, and enhance efficiency. Our confidence in this strategic direction is steadfast, and we believe it will fuel sustainable growth, forging greater value for our customers and shareholders alike."

Singapore: services introduced for high-net-worth clients
Hong Kong SAR, Australia: broadened product portfolio

In the second quarter, the Company further strengthened its presence in Singapore, a key strategic market. The Capital Market Services License (LMS) from the Monetary Authority of Singapore was obtained, followed by the subsequent launch of Tiger Fund Management (TFM) services.

Targeting Singapore-centric investment themes such as Real Estate Investment Trusts (REITs), banking, and technology, TFM aims to secure long-term returns for high-net-worth clients. This initiative enhances the firm's wealth management capabilities in Singapore, where a remarkable monthly sequential growth rate in fund sales of up to 43% was observed during the quarter.

Celebrating the Company's ninth anniversary, a series of offline events were hosted across Singapore's business districts, attracting over 10,000 participants and strengthening connections with clients.

The Hong Kong market experienced significant growth in Q2, with newly funded account numbers nearly tripling sequentially. The product portfolio was expanded, adding Hong Kong Hang Seng Index futures and global futures.  This quarter also marked the introduction of Tiger Vault, a cash management service featuring Hong Kong dollar and U.S. dollar money market funds. With a daily average yield of over US$ 1.3 per US$ 10,000 investment*, these innovative funds have outperformed similar products in Hong Kong SAR. Creative marketing efforts, including themed vehicles, resonated with the public, enhancing brand awareness and appeal.

The number of funding customers in Australia reached a record high in the quarter, nearly doubling sequentially. An innovative uninvested cash interest service, with a U.S. dollar annual interest rate of up to 3.25%, received widespread acclaim, reflecting our commitment to benefiting customers. Recognition also came through awards such as the 2023 Outstanding Value Award from Canstar and the 2023 Expert's Choice from Mozo.

In New Zealand, the company collaborated with Massey University and the University of Otago to extend educational initiatives, promoting financial literacy through simulated trading activities and special lectures.

Hong Kong stock AIP launched with investment threshold at HK$500

TigerGPT officially unveiled in Singapore, New Zealand, Australia, and Hong Kong SAR

In the second quarter, commission income reached US$22.0 million, and interest-related income climbed to US$39.3 million, marking a QoQ increase of approximately 5%. This financial performance coincides with the Company's ongoing commitment to innovation, demonstrated by the introduction of transformative features such as the Hong Kong stock automatic investment plan (AIP) and the AI-powered investment assistant, TigerGPT.

The introduction of the Hong Kong stock AIP lowers the entry threshold to the Hong Kong stock market to just HKD 500. With flexible investment plans available on a weekly, bi-weekly, or monthly basis, the Company is democratizing investment, leading the industry with unparalleled accessibility and adaptability.

TigerGPT, following a successful beta testing, was officially unveiled to users in Singapore, New Zealand, Australia, and Hong Kong SAR. TigerGPT's multi-round dialogue system delivers personalized content, enabling investors to rapidly access individual stock insights, distill key points from earnings calls, gauge market trends, and discern investor sentiment. This innovation significantly amplifies investment research efficiency and is seamlessly integrated with individual stock targets, alerting users to abnormal trading patterns or significant market events.

The Company's wealth management business also saw robust growth, with a quarter-over-quarter increase of 41% in assets under management (AUM) and a 29% growth in users. The cash management product, "Tiger Vault," experienced a 44% surge in AUM and a 36% growth in users. Tiger Vault's unique ability to directly purchase stocks, options, funds, and IPO subscriptions offers customers a seamless and integrated investment experience. Notably, around 17% of new customers who funded their accounts this quarter have included wealth management products in their portfolios.

UP Fintech in top three for Hong Kong stock underwriting
ESOP Client Engagement further strengthened

During the reporting period, the Company's other revenues, encompassing services such as investment banking and Employee Stock Ownership Plan (ESOP), amounted to US$4.8 million.

In the U.S., the Company's investment banking division acted as the exclusive lead underwriter for Ispire Technology Lmt.'s IPO. Meanwhile, in Hong Kong SAR, the Company underwrote six IPO projects during the quarter. Having underwritten 13 Hong Kong stock IPOs in the first half of the year, the Company now ranks among the top three for Hong Kong stock underwriting, confirmed by third-party data provider Wind.

On the ESOP front, the Company's brand UponeShare welcomed 30 new corporate clients during the quarter, elevating the total number of corporate clients to 478, a 31.3% increase YoY. The second quarter witnessed a substantial YoY growth in repurchase rate, exceeding 2.6 times, and a 15.7% QoQ growth, reinforcing client engagement.

*Example based on underlying Bosera USD Money Market Fund A shares. During 2023 Q2, the fund's recent 7-day average yield per US$10,000 exceeded US$1.3. Past performance data from a third party does not predict future performance.

About UP Fintech

UP Fintech Holding Limited (Nasdaq: TIGR), also known as Tiger Brokers, is a leading online brokerage firm with a focus on redefining global investing with technologies for the next generation.

Founded in 2014, the Company relentlessly offers superior user experience in pursuit of becoming a world-leading online brokerage, to let everyone enjoy efficient and smart investing. Currently, we offer a multitude of quality financial products and services across brokerage, employee stock ownership plan (ESOP) management, investment banking, wealth management, investor community, and investor education.
UP Fintech strives to elevate financial technology R&D to a new level. While we inherit the best traditions from the financial sector and blend them with the best minds of tech experts, we develop our own technology infrastructure—an aggregation that enables multi-currency trading of various products across markets, guaranteeing our reliable, secure, and scalable services are accessible to all with low latency.

In March 2019,  UP Fintech was listed on Nasdaq under the ticker TIGR. As of now, we serve over 9 million users and more than 2 million account holders worldwide on our flagship platform "Tiger Trade", own 70 licenses and qualifications in different markets, and have over 1,000 employees on the team in Singapore, New Zealand, the US, Hong Kong SAR, Australia, and Mainland China.
For more information about UP Fintech as a Company, please visit
For media inquiries, please contact

Safe Harbor Statement

This announcement contains forward−looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward−looking statements can be identified by terminology such as "may," "might," "aim," "likely to," "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements or expressions. Among other statements, the business outlook and quotations from management in this announcement, as well as the Company's strategic and operational plans, and expectations regarding growth, expansion of its business lines and customer acquisition, and the Company's plans for future financing of its business, contain forward−looking statements. The Company may also make written or oral forward−looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC") on Forms 20−F and 6−K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties, including the earnings conference call. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward−looking statements. Forward−looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward−looking statement, including but not limited to the following: the cooperation with Interactive Brokers LLC and Xiaomi Corporation and its affiliates; the Company's ability to effectively implement its growth strategies; trends and competition in global financial markets; changes in the Company's revenues and certain cost or expense accounting policies; the effects of the global COVID-19 pandemic; and governmental policies and regulations affecting the Company's industry and general economic conditions in China, Singapore and other countries. Further information regarding these and other risks is included in the Company's filings with the SEC, including the Company's annual report on Form 20-F filed with the SEC on April 26, 2023. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law. Further information regarding these and other risks is included in the Company's filings with the SEC.


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