Up Fintech Reports $87 Million in Revenue and $106 Billion in Trading Volume in the Second Quarter

UP Fintech Holding Limited is listed on NASDAQ as TIGR (UP Fintech). The company has reported its financial results for the second quarter ended June 30, 2024, revealing total revenue of $87.4 million, significantly up compared to previous quarters.

Increase in trading volume

For the quarter, non-GAAP net income was recorded at $5.2 million. Total trading volume surged to $105.9 billion.

Net asset inflows during the first half of the year were substantial. The total account balance hit a record $38.2 billion with commissions and interest-related income reaching $34.1 million.

The company’s revenue rose in Q2 due to heightened market activity, underlining Wu Tianhua’s leadership as founder and CEO of UP Fintech.

The number of funded clients globally increased significantly by early August as total client assets surpassed 1 million—marking all-time highs over the past three quarters—showing strong long-term growth potential for “Tiger Brokers,” according to statements made by officials.

Performance across all regions

UP Fintech rolled out T+0 Same-Day Settlement services in Singapore.The “Tiger Vault,” aimed at enhancing trading efficiency, has garnered positive feedback from users while money market funds in USD, HKD and SGD reported average annualized returns of 5.2%, 4.2% and 3.6%, respectively.

The TradingFront Turnkey Asset Management Platform’s assets under custody witnessed a remarkable increase of 26.5% quarter-over-quarter following a merger with Manulife aimed at providing custodial variable universal life insurance services.

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