1. TIGR reported record revenue of $124.1 million, up 77.3% YoY. 2. Non-GAAP net income surged 2772.5% YoY to $30.5 million in Q4. 3. New account openings grew 70.1% YoY, reaching 2.4 million globally. 4. Total client assets hit $41.7 billion, a 36.4% YoY increase. 5. Expansion into Singapore and Hong Kong drives significant business growth.
TIGR's strong financial performance and growth metrics outshine competitor benchmarks and indicate robust market positioning.
With record growth and expanding client base, the article highlights key factors that could significantly increase investor confidence and stock value.
Sustained growth and client acquisition strategies will likely enhance customer loyalty and revenue streams over time, similar to previous high-growth phases in tech-driven financial services.
NEW YORK, March 18, 2025 /PRNewswire/ -- UP Fintech Holding Limited (NASDAQ: TIGR) ("UP Fintech" or the "Company"), today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024.
In the fourth quarter, the Company achieved a revenue of US$124.1 million, up 77.3% year-over-year (YoY), while full-year revenue reached US$391.5 million, a 43.7% YoY increase—both setting new record highs. Non-GAAP net income attributable to UP Fintech shareholders was US$30.5 million for the quarter, up 51.7% quarter-over-quarter (QoQ) and 2772.5% YoY, marking a record high. Full-year non-GAAP net income attributable to UP Fintech shareholders grew 65% YoY to US$70.5 million, reaching another record.
During the fourth quarter, UP Fintech added 81,300 new account openings globally, up 70.1% YoY, bringing the total number of global accounts to 2.4 million. During the quarter, the company added 59,200 new funded clients, marking a 51.4% YoY increase. For the full year 2024, UP Fintech added 187,400 new funded accounts, exceeding its annual guidance. As of the end of 2024, total funded clients reached 1,092,000, up 20.7% YoY. Supported by active market trading in the fourth quarter, total trading volume of the Company increased 142.2% YoY to US$198 billion. Net asset inflows from both individual and institutional clients reached US$1.1 billion during the quarter, while total client assets grew 36.4% YoY to a record high of US$41.7 billion.
Strengthening Singapore HQ, Accelerating Wealth Management for HNWIs and Family Offices
UP Fintech's founder and CEO, Wu Tianhua, stated, "Over the past year, we achieved strong growth across all business lines, with record-high revenue and profitability in both Q4 and full-year 2024—Q4 non-GAAP net income attributable to UP Fintech shareholders was nearly 28 times higher than the prior year. Over the past three years, funded clients and total client assets have achieved CAGRs of 17.5% and 34.7% respectively, demonstrating our deepening market penetration and the continued trust and support of our global clients—key drivers of our long-term success."
"2024 marked the Company's 10th anniversary. With expansion into Singapore, Hong Kong, New Zealand, Australia, and the US, our global strategy drove total client assets to a record US$41.7 billion and users past 10 million. Singapore, as the Group's headquarters, remains our largest market in terms of both new and existing clients. Hong Kong's client assets grew by double digits as of the end of February 2025 compared to the end of 2024. Over the past year, we have rapidly expanded our business, with retail brokerage, institutional brokerage, wealth management, investment banking, and corporate services working in synergy. Beyond retail investors, we continue to earn the trust of high-net-worth and institutional clients, with retail and institutional businesses each now accounting for half of the Group's total client assets."
In 2024, the Company continued to broaden the reach of its globalisation strategy, increasing overall market share and enhancing brand recognition. Singapore, the Company's headquarters, further solidified its leading position locally, delivering outstanding performance throughout the year. For the full year 2024, both total trading volume and commission income hit new records, increasing 196% and 66% YoY respectively. The fourth quarter set new records as well, with total trading volume and commission income surging 415% and 158% YoY, respectively.
The Hong Kong market continues to show strong growth momentum, with account openings rising by 48% YoY in 2024. In the fourth quarter, Hong Kong client assets increased by approximately 50% QoQ and surged sixfold YoY. The US and Singapore stock trading volumes grew by 165% and 81% YoY, respectively, while US stock options and futures trading volumes increased by 267% and 646% YoY. Meanwhile, virtual asset trading by Hong Kong users picked up notably in Q4, with cryptocurrency trading orders doubling QoQ and trading volume increasing fourfold.
In the US, TradeUP delivered strong performance across multiple business areas, maintaining steady growth. In Australia, UP Fintech achieved significant growth across key business metrics. New account openings increased 148% YoY, while the number of first-time funded accounts rose 243.6% YoY, nearly doubling QoQ.
In the fourth quarter, UP Fintech's commission income reached US$56 million, up 35.8% QoQ and 154.9% YoY. Interest-related income amounted to US$58.5 million, an increase of 35.7% YoY. The Company ranked fifth in the Hong Kong IPO underwriting rankings, completing 32 IPOs over the year.
UP Fintech Holding Limited (Nasdaq: TIGR)
UP Fintech is a leading online brokerage firm focused on redefining global investing with cutting-edge technologies. Founded in 2014, the Company offers superior user experiences and aims to become a world-leading online brokerage. Currently, UP Fintech serves over 10 million users globally and boasts 2.4 million account holders.