visimoney
TLDR:
- UP Fintech reported strong financial results for Q4 and full year 2023 with record assets and doubled total account balance.
- The company saw significant growth in revenues, trading volumes, customer accounts, net asset inflow, and total account balance.
UP Fintech Holding Limited (NASDAQ: TIGR), operating the Tiger Brokers trading brand, announced unaudited financial results for Q4 and full year 2023. The company reported total revenues of $70 million in Q4, up 9.6% YoY, and $272.5 million for the full year, up 20.9% from 2022. Despite not achieving profitability in Q4, UP Fintech reported a net income of $32.6 million for the entire year compared to a loss in the previous year. The adjusted net income for ordinary shareholders grew significantly to $42.7 million in 2023.
In Q4, UP Fintech added 39,034 new funded accounts, an increase of 58.6% QoQ and 42.8% YoY, bringing the total funded accounts to 904,600 by the end of 2023. The company also reported a record $8.2 billion net asset inflow in Q4, contributing to a substantial increase in total account balance to $30.6 billion. Additionally, UP Fintech underwrote 9 IPOs in Q4 and saw growth in its Employee Stock Option Plan business.
The company’s strong performance was attributed to its strategy execution and the high-interest rate environment. Furthermore, UP Fintech’s collaboration with Fintech Financial Technology enables investors to access real-time insights through the Tiger Trade app.
