Online brokerage UP Fintech Holding (NASDAQ: TIGR) reported its second-quarter financial earnings on Friday, revealing a significant rise in revenue.
The China-based firm, which is known as Tiger Brokers in Asia, reported total revenues of $60.2m, representing a 98.7% rise compared to the same period in 2020. Total net revenues increased 95% year-over-year to $55.4m.
Wu Tianhua, CEO and Director of UP Fintech, stated:
Market backdrop was relatively weaker compared to the first quarter, but I am happy to report that the Company still achieved substantial expansion in the second quarter.
UP also saw a rise in newly funded accounts, with Tianhua adding:
As we continue to invest in our internationalization, there was a significant increase in the number of newly funded accounts and the total account balance. We added 153,100 funded accounts in the second quarter, an increase of 353.5% year over year and 30.4% quarter over quarter; of these newly acquired accounts, over 60% came from international markets.
The total account balance rose to $23.9bn, up 188.9% from the same period in 2020, while the number of customers with deposits came in at 529,100, a 215.2% increase.
However, despite the surge in revenue and funded accounts, the company, which focuses on global Chinese investors, reported a loss of $21.5m compared to a net income of $4.4m in the same quarter of last year.
Elsewhere, UP said it has seen strong growth in its corporate business, where it is serving a more diverse range of clients, adding 51 Employee Stock Ownership Plan (ESOP) clients that it said are private firms valued over one billion dollars.
UP Fintech said in its statement:
We continue to focus on enriching the content our clients may engage with on our platform. We will continue to upgrade the products and services that we offer to both our individual clients, as well as our corporate partners, as we expand both our geographic footprint as well as the capabilities integrated into our leading fintech platform.
Having gained a degree in economics, Alan entered the world of financial services starting his career in London and then moving to New York for a number of years. His first post at a City bank saw him establish a reputation as an forex trader. Having recently returned from New York after eight successful years, Alan is now a prosperous trader in his own right concentrating on commodities and forex.