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UP Fintech Holding Limited (Nasdaq: TIGR), a leading online brokerage firm, announced its unaudited financial results for the third quarter ended September 30, 2023. The company’s performance exceeded expectations with a remarkable revenue of $70.1 million in Q3, surpassing the projected revenue of $44.18 million.
This marks a quarter-over-quarter increase of 6.2% and a year-over-year increase of 26.6%. Notably, the non-GAAP net income for the quarter stood at $16 million, showing a growth of 4.3% from the previous quarter and an impressive 141.1% increase from last year. For the first three quarters of 2023, UP Fintech’s non-GAAP net income totaled an impressive $42 million, outperforming the combined non-GAAP net income of the past two years.
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The third quarter of 2023 was a period of significant expansion for UP Fintech, particularly in its customer base. The company added 28,803 new global account holders, reaching a total of 2.15 million. Funded accounts saw an increase of 24,604, totaling approximately 865,500 – a growth of 14.8% year-over-year. The total account balance rose to around $18.9 billion, a 45.7% increase from the previous year, with net asset inflows exceeding $1.5 billion during the quarter. This growth is a testament to the company’s expanding market share, especially in Singapore, where approximately one out of every three residents now uses Tiger Trade, UP Fintech’s flagship platform.
UP Fintech’s commitment to innovation and customer service continued to pay off in Q3 2023. The company launched several new products, including the Trading Sparks feature and the US stock multi-leg options feature, aimed at enhancing the trading experience for its users. The company’s leadership in Singapore was further solidified, and its presence in Hong Kong and Australia saw significant growth, reflected in the receipt of multiple local awards. The introduction of bond subscription services and educational courses in Hong Kong and the recognition received from various financial and media institutions highlight UP Fintech’s dedication to providing exceptional services and products to its clients.
The financial results for the first three quarters of 2023 demonstrate a strong performance, significantly surpassing market revenue and net income expectations. Its strategic focus on global expansion, customer base growth, and product innovation has positioned it well for continued success in the online brokerage sector.