UP Fintech Holding Limited, operating under the Tiger Brokers brand and listed on NASDAQ with the symbol TIGR, has released its unaudited financial results for the fourth quarter and the entire year of 2023.
For Q4, the company reported revenues of $70 million, marking a 9.6% year-over-year increase, and closed the year with total revenues of $272.5 million, a substantial 20.9% growth from 2022.
Despite not achieving profitability in the last quarter, UP Fintech concluded the year with a net income of $32.6 million, a significant turnaround from a $2.2 million loss in the previous year.
“In 2023, our topline mix benefited from our strategy execution on internationalization and the high-interest rate environment,” stated Wu Tianhua, UP Fintech’s Chairman and CEO.
The company also reported an adjusted net income for its ordinary shareholders of $42.7 million for 2023, up from $12.7 million in 2022.
This figure excludes share-based compensation and impairment losses on long-term investments.
Adjusted net income per American Depositary Share (ADS) on a diluted basis rose to $0.270, from $0.082 per ADS the previous year.
The growth trajectory continued from the third quarter of the last year, highlighted by the addition of over 24,000 customers and a net profit that was 300% higher than in Q3 2022.
In the final quarter of 2023, UP Fintech added 39,034 new funded accounts, resulting in a 58.6% quarter-over-quarter and 42.8% year-over-year increase, pushing the total number of funded accounts to 904,600 by year-end, a 15.8% rise from 2022.
“In the fourth quarter, we added 39,034 new funded accounts, an increase of 58.6% quarter over quarter and 42.8% year over year, bringing our yearly total to 123,110, exceeding our yearly guidance of 100,000,” Tianhua added.
The fourth quarter also saw a record $8.2 billion net asset inflow and a $3.5 billion mark-to-market gain, leading to a 62.1% quarter-over-quarter and 118.5% year-over-year increase in total account balance to $30.6 billion.
On the corporate front, UP Fintech underwrote nine U.S. and Hong Kong IPOs in Q4, totaling 28 for the year.
The company’s Employee Stock Option Plan (ESOP) business expanded as well, adding 30 new clients in Q4 to serve a total of 535 ESOP clients by year-end.
Further expanding its offerings, Tiger Brokers announced a collaboration with Australian media fintech Grafa this week.
This partnership aims to provide investors using the Tiger Trade app with near-real-time insights into their investments, enhancing their decision-making capabilities in the market.