UP Fintech Posts 59.6% Yearly Revenue Gain in Q3November 30, 2021
UP Fintech Holding Limited (NASDAQ: TIGR), which operates as TigerBrokers, has published unaudited financials for the third quarter of 2021, reporting a 59.6 percent yearly jump in its revenue.
In absolute terms, the total revenue touched $60.8 million that remained almost flat when compared to the same figure of the previous quarter. Despite the yearly upward drag, the latest number came in much lower than Q1’s figure of $81.3 million.
The broker ended Q3 with net revenue of $56.6 million, which is 60.9 percent higher than the same quarter of the previous year. Out of the total, $33.5 million in revenue came from commissions, while $2.5 million and $17.6 million were generated from financing services fees and interest incomes, respectively.
In addition, the net income of the broker jumped to $20.5 million from $5.8 million. Moreover, the net income attributed to UP FIntech came in at $20.5 million, compared to last year’s $4.8 million.
Addition of New Clients
Apart from the revenue and income, the broker added 82,900 funded accounts in Q3, thus, adding a total of 353,300 funded accounts in the three quarters of 2021. Also, the broker highlighted that 80 percent of the newly added funded accounts came from outside of China.
“I am pleased to announce that the Company delivered notable accomplishments since the second quarter,” said UP Fintech’s CEO and Director, Wu Tianhua.
Meanwhile, UP FIntech expanded its presence in the Asian markets with the acquisition of Hong Kong-based Ocean Joy Securities in October.
“We are excited to formally launch our brand in Hong Kong and welcome local residents to invest globally in our innovative fintech platform,” Tianhua added. “Hong Kong is one of the world’s premier centers of finance and commerce, and the Company looks forward to building our local client base and contributing to the growth of its vibrant and dynamic capital market.”
Source: Read Full Article