Online brokerage UP Fintech Holding Limited (NASDAQ:TIGR), also known as Tiger Brokers, today announced its unaudited financial results for the third quarter ended September 30, 2023.
In the third quarter, the company achieved revenue of US$70.1 million, an increase of 6.2% quarter-over-quarter and 26.6% year-over-year.
Non-GAAP net income for the quarter was $16 million, representing a quarter-over-quarter increase of 4.3% and a year-over-year increase of 141.1%. Non-GAAP net income for the first three quarters of 2023 reached US$42 million, surpassing the sum of the company’s non-GAAP net income for the past two years.
In the third quarter, UP Fintech added 28,803 new global account holders, bringing the total to 2.15 million. Funded accounts increased by 24,604 to approximately 865,500, a 14.8% year-over-year increase. The total account balance was approximately US$18.9 billion, reflecting a 45.7% year-over-year increase, with net asset inflows exceeding US$1.5 billion during the quarter.
Mr. Wu Tianhua, President and CEO of UP Fintech said:
“In the third quarter, the company achieved strong business growth, with both revenue and net profit showing QQ and YoY growth. Our market share in Singapore continues to expand, driven by continued growth in new funded customers. Currently, about one in three residents in Singapore have used Tiger Trade.
Meanwhile, customer retention in Singapore remains high and we saw steady average net asset inflows in the third quarter from each group of existing customers acquired from previous quarters. In other international markets such as Hong Kong and Australia, the Company’s recognition has grown further and we have received multiple awards locally.”