UP Fintech Reports More Than 60% of Newly Funded Accounts Acquired From International Markets
Leading online brokerage firm, UP Fintech Holding Limited (TIGR) , reported revenues of US$60.2 million for the second quarter ended compared to revenue of US$30.3 million in the second quarter of 2020. Notably, more than 60% of the Company’s newly funded accounts were derived from international markets in the quarter. Growth was driven by enhanced platform capabilities and rising demand for convenient access to global brokerage services.
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“We maintained our solid business momentum with a high client retention rate and increased operational synergies, “commented Mr. Wu Tianhua, founder and CEO of UP Fintech. “I am confident in the positive outlook for our Company and our industry. Our singular focus is to employ technology to make investing more efficient and we are committed to increasing the breadth and diversity of our product offerings, as well as leveraging our leading position in underwriting and ESOP (Employee Share Ownership Plans) to attract new clients.”
During the second quarter, the total number of funded accounts increased to 529,100. The Company added more funded accounts in the first six months of 2021 than it did in its entire cumulative operating history. The total account balance increased 188.9% year-over-year to US$23.9 billion as the Company continued to attract new clients from multiple international markets. In Singapore, UP Fintech’s local subsidiary, Tiger Brokers (Singapore) Pte. Ltd., launched new products and in-APP functions such as an industry heatmap, Mini USD/CNH futures, and OSE futures, supplementing the wide range of analytical tools and securities trading functions available on the Company’s platform.
The Company also recently announced that it has received approval-in-principle to be admitted as a Clearing Member of The Central Depository (Pte) Limited (CDP), and a trading member of Singapore Exchange Securities Trading Limited (SGX) and Singapore Exchange Derivatives Trading Limited. These partnerships aim to improve the user experience and further strengthen the Company’s presence in the Singaporean market.
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The Company’s ESOP business continued to exhibit healthy growth with 51 new clients, up from 41 new clients in the previous quarter; ESOP adoption is accelerating and in the first six months of 2021 the Company added more new clients than it did in all of 2020. The Company is a leader in providing extensive expertise and guidance for start-ups at every stage of their ESOP from initial establishment through to execution and reporting. In addition, the Company is now offering its ESOP service to A-Share companies, further expanding its prospective client base.
The Company served as an underwriter or member of the selling group in 17 IPOs, and in total provided subscriptions to 29 IPOs, including several high profile Hong Kong IPOs such as those of Angelalign (HK:6699) and Nayuki (HK:2150). In addition, The Company completed its own follow-on offering of 6.5 million American Depository Shares in the second quarter and even offered retail investors the opportunity to subscribe through its flagship mobile trading APP, Tiger Trade.
“While the market will have its ups and downs and competition will remain intense, our innovative platform and technology have been built to create long term value for our clients,” Wu stated. “User experience has always been our top priority and we see significant room for growth as we continue to broaden our global footprint in the near-term.”