NEW YORK, Aug. 30, 2024 /PRNewswire/ -- UP Fintech Holding Limited ((", UP Fintech", or the ", Company", , NASDAQ:TIGR, and all its subsidiaries and consolidated entities)), a leading online brokerage firm committed to redefining global investing through next-generation technologies, today announced its unaudited financial results for the second quarter ended June 30, 2024. In the second quarter, the company achieved a total revenue of US$ 87.4 million, reflecting a quarter-over-quarter (QoQ) increase of 10.8% and a year-over-year (YoY) increase of 32.4%, hitting a new record high. Non-GAAP net income attributable to UP Fintech was US$5.2 million. In the second quarter of 2024, the Company added 60,600 new global account holders, a QoQ increase of 17%, bringing the total number of global accounts to 2.3 million. 48,900 new funded accounts were added, bringing the total number of funded accounts at the end of the second quarter to 982,300, a YoY increase of 17%. Additionally, market trading activity continued to increase in the second quarter, with the Company's total trading volume growing 62.5% YoY to US$105.9 billion. Net asset inflow remained robust, reaching US$7 billion for the first half of the year, which drove total account balance up by 16.2% QoQ and 121.1% YoY to an all-time high of US$38.2 billion.

UP Fintech's founder and CEO, Wu Tianhua, stated, "In the second quarter, the company's business grew significantly as the market environment became more active, with revenue reaching a record high. As of early August, the number of funded clients worldwide has exceeded 1 million, and total client assets have continued to reach new highs for the past three consecutive quarters, fully demonstrating the long-term growth potential of Tiger Brokers."

"Tiger Brokers is always committed to a 'Customer First' approach and has continued to develop local products in markets such as Singapore and Hong Kong to meet the diverse needs of investors. Following the launch of Singapore's first debit card with fractional share rewards and the Cash Boost trading account in the first quarter, we have received widespread market acclaim, significantly boosting local trading volume and activity. In Hong Kong, after pioneering the offering of virtual asset trading services to professional investors, we have now fully extended this service to retail investors as well. In early August, we launched a 'Double Free' promotion, exempting commissions and platform fees, while supporting real-time USD settlement for virtual asset transactions. This provides users with a truly secure, convenient, and cost-effective one-stop global trading service, leading the way in the Hong Kong tech brokerage experience."

Singapore maintains a leading position with popular local products

Client assets doubled QoQ in Hong Kong in Q2

Singapore's leading position continues to strengthen, with a 112% QoQ increase in newly funded clients in Q2, a 50% YoY increase in the number of transactions, and a 548% QoQ increase in net asset inflow. US stock options trading also remained active, with the number of transactions increasing by 79% YoY.  In addition, Tiger Brokers is also deepening its focus on local products and services. Following the launch of Singapore's first fractional share debit card, the "BOSS Debit Card," in partnership with a local licensed institution* last quarter, we've continued to meet the demand for convenient payment solutions, earning positive feedback from the market. In Q2, BOSS Card usage surged, with transaction volumes and user numbers up 258% and 42% quarter-on-quarter, respectively. The card is ...