UP Fintech Holding Limited, the operator of the Tiger Brokers online brokerage brand, has reported impressive financial results for the fourth quarter of 2024, highlighting a milestone achievement with revenues exceeding $100 million for the first time. The generated Net Revenue for the quarter settled at $107.4 million, marking a marked increase of 26% compared to $85.4 million from the previous quarter.
However, this growth in revenue did not translate into a proportional increase in profits. The Net Profit for the fourth quarter stood at $10.9 million, a significant drop of 68% from the preceding quarter’s profit of $33.9 million. This decline can be attributed to increasing operational costs and a sizeable foreign currency translation adjustment.
During the same period, trading volumes on the Tiger Brokers platform hit a record of $198 billion, equating to approximately $66 billion in monthly trading activity. Additionally, the number of clients with funded accounts rose to 1.09 million by the end of Q4, up from 1.03 million in Q3.
Tiger Brokers operates across several licensed entities in the US, Australia, New Zealand, Hong Kong, and Singapore, focusing primarily on Chinese traders and select markets in the Asia-Pacific region. The brand has seen continued growth in customer acquisition, reflecting its expanding market presence.
In addressing the company’s performance, management highlighted that both financial and operational metrics experienced considerable growth in 2024. For the entire year, total revenue reached $391.5 million, showing a 43.7% increase compared to 2023. The net income attributable to ordinary shareholders in Q4 rose to $28.1 million, exhibiting a 58% growth quarter-over-quarter. Moreover, non-GAAP net income significantly increased to $30.5 million for the same period, showcasing a year-over-year growth of over 2700%.
The company also reported robust asset inflows, with a net inflow of $1.1 billion during Q4, mainly driven by retail investors. Although these inflows were somewhat offset by market losses, the total account balance still climbed to $41.7 billion—a 2.4% rise from the previous quarter and a 36.4% increase year-over-year.
In terms of customer engagement, the quarter saw the addition of over 59,000 new customers with deposits, representing growth of 17.2% from the previous quarter and 51.4% year-over-year. By the end of 2024, the cumulative number of customers with deposits reached approximately 1.09 million, a 20.7% increase from the previous year.
The brokerage also made strides in enhancing its product offerings. In January, the company’s cryptocurrency platform received approval from the Hong Kong Securities and Futures Commission to operate as a licensed virtual asset trading platform. Furthermore, the brokerage upgraded its AI investment assistant, now called TigerAI, incorporating advanced AI technology to optimize user experience.
UP Fintech’s corporate services also performed admirably, underwriting 14 IPOs across the U.S. and Hong Kong in the fourth quarter, raising the total for the year to 44. Additionally, 16 new clients were added to the Employee Stock Ownership Plan (ESOP) segment in Q4, resulting in a total of 613 ESOP clients by year-end.
Overall, the reported figures reflect a period of significant growth and operational success for the brokerage firm, emphasizing its strategic initiatives and commitment to improving customer offerings and expanding market reach. This positive performance signals a promising trajectory as the company continues to execute its internationalization strategy.