UP Fintech: Record-High Quarterly and Full-Year Revenue and Profit; Q4 Net Income Up Nearly 28x YoY; Global Client Assets Reach US$41.7 Billion
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.
Driving global expansion with dual focus on retail and institutional growth
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. Looking ahead, we will continue to drive growth through our strategy of expanding markets, products, and services. We aim to meet the diverse needs of individual and institutional investors with broader offerings, fast onboarding, multi-asset trading, and tailored solutions powered by our all-in-one management platform."
Singapore strengthens leading position with record-high annual trading volume and commission
Hong Kong full-year account openings up 48%, Obtained virtual asset exchange license
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. Net asset inflows climbed 119% YoY. The fourth quarter set new records as well, with total trading volume and commission income surging 415% and 158% YoY, respectively. Trading activity across stocks, options, and futures hit all-time highs across multiple indicators in Q4. 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. Alongside these achievements, the Cash Boost trading account—designed specifically for the Singapore market to provide investors with flexible wealth management and efficient trading—doubled its account openings QoQ in the fourth quarter. Launched in partnership with a local licensed institution*, the Tiger BOSS Debit Card—Singapore's first debit card offering fractional shares as rewards for everyday spending—saw card activations increase by over 30% QoQ during the quarter. To further expand its high-quality client base, Tiger introduced the High-Touch (Agency) Sales Module in November. Through enhanced customer onboarding, seamless trading experience and advanced risk management capabilities, the platform delivers more professional and personalized wealth management services to high-net-worth clients and institutional investors in
