Tiger Brokers Success in Q3: Impressive Revenue Growth, Significant User Base Expansion, Solidifying Industry Position
Tiger Brokers Success in Q3: Impressive Revenue Growth, Significant User Base Expansion, Solidifying Industry Position
Tiger Brokers Q3 Success – Unveiling Robust Growth and Notable Achievements in 2023 Financial Results. The company reported a quarterly revenue of US $70.1 million, indicating a 6.2% increase from the previous quarter and an impressive 26.6% surge compared to the same period last year. The non-GAAP net income for Q3 reached $16 million, showcasing a 4.3% quarter-on-quarter growth and an extraordinary 141.1% year-on-year increase. Particularly noteworthy is the cumulative non-GAAP net income for the first three quarters of 2023, which surpassed the sum of the company’s non-GAAP net income for the previous two years, amounting to US$42 million.
The user base of UP Fintech experienced significant expansion during the quarter. A total of 28,803 new global account holders were added, bringing the overall count to an impressive 2.15 million. Funded accounts also saw substantial growth, with an increase of 24,604, reaching approximately 865,500—an impressive 14.8% growth compared to the same quarter last year. The total account balance soared to about US$18.9 billion, reflecting a remarkable 45.7% year-on-year increase. Furthermore, the quarter witnessed net asset inflows exceeding US$1.5 billion, underlining the trust and confidence placed in the company by investors.
Wu Tianhua, Chairman and CEO of UP Fintech, expressed satisfaction with the third-quarter results, highlighting robust business growth in both revenue and net profit. The company’s market share in Singapore continues to expand, with approximately one in three residents utilizing Tiger Trade. In Singapore, the company maintained high customer retention and observed consistent average net asset inflows from each cohort of existing clients throughout the quarter.
Internationally, UP Fintech has seen increased recognition in markets such as Hong Kong and Australia, where the company has received multiple local awards. This further solidifies UP Fintech’s position as a key player in the online brokerage industry, successfully navigating and thriving in diverse and competitive financial landscapes. The positive financial results and user base expansion underscore the effectiveness of UP Fintech’s international growth strategy, positioning the company for continued success in the dynamic financial sector.
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