In the fourth quarter of 2024, UP Fintech Holding Limited, the operator behind the online brokerage brand Tiger Brokers, reported its highest revenue ever, surpassing $100 million for the first time in a single quarter. Specifically, the net revenue reached $107.4 million, marking a 26% increase from the previous quarter’s revenue of $85.4 million. However, the company experienced a notable drop in net profit, totaling $10.9 million, which is a 68% decrease compared to the previous quarter’s profit of $33.9 million. This decline can be attributed to rising operational costs and significant foreign currency translation adjustments.
During the same period, trading volumes at Tiger Brokers soared to a record $198 billion, or about $66 billion per month. The firm also reported an increase in client activity, with the number of clients holding funded accounts rising to 1.09 million, an increase from 1.03 million in the prior quarter.
Tiger Brokers focuses primarily on catering to Chinese traders and select markets in various regions, securing licenses in multiple territories including the United States, Australia, New Zealand, Hong Kong, and Singapore. The brand’s international appeal has contributed to its rapid growth and expansion.
The company underscored its robust financial and operational performance for both the fourth quarter and the entire year of 2024. Total revenue for Q4 reached $124.1 million, showcasing a 22.8% increase sequentially and a remarkable 77.3% year-over-year growth. The total revenue for the full year amounted to $391.5 million, representing a 43.7% increase from the prior year. The net income for Q4 hit $28.1 million, marking a 58% growth quarter-over-quarter, a striking contrast to the net loss of $1.8 million reported for the same period last year.
Furthermore, the figures for non-GAAP net income attributable to ordinary shareholders in Q4 were reported at $30.5 million, increasing by 51.7% quarter-over-quarter and a staggering 2772.5% year-over-year. In total for the year, the net income accounted for $60.7 million, while non-GAAP figures reached $70.5 million, with both metrics showing significant growth compared to 2023.
The company also noted a surge in customer deposits, adding 59,200 clients with deposits in Q4, a growth of 17.2% from Q3 and 51.4% compared to the previous year, bringing the overall total to approximately 1.09 million clients. The net inflow of funds stood at $1.1 billion during Q4, mainly driven by retail investors, despite some losses due to market conditions. Consequently, the total account balance increased by 2.4% from the previous quarter and by 36.4% year-over-year, achieving a new high of $41.7 billion.
In terms of product diversification, the firm has been rolling out a variety of localized products aimed at improving the client experience. In particular, their cryptocurrency platform, YAX (Hong Kong) Limited, has received official licensing from the Hong Kong Securities and Futures Commission, enabling it to operate as a licensed digital asset trading platform. Additionally, the firm has upgraded its AI investment assistant, incorporating advanced AI models, which now sets it apart in the brokerage space as the first platform to adopt such technology.
The corporate side of the business continued to thrive, having underwritten 14 IPOs in the U.S. and Hong Kong during the fourth quarter, among them notable names like Mao Geping Company, Pony AI Inc., and WeRide Inc. By the year-end of 2024, the total number of IPOs underwritten reached 44, while the Employee Stock Ownership Plan (ESOP) services also expanded with the addition of 16 new clients, totaling 613 clients by the end of December 2024.
Overall, the results reflect a strategic execution of international growth and a commitment to enhancing the user experience, solidifying the firm’s position in the competitive online brokerage market.