UP Fintech posts record $182M revenue as client assets reach $60.7B

UP Fintech reported record Q2 revenue of $182.3 million, up 31.4% year-on-year, as client assets reached $60.7 billion.

"Our globally focused growth strategy continued to gain momentum in Q2, with client assets increasing sequentially across all global markets," Wu Tianhua, founder and CEO of UP Fintech, said.

Non-GAAP net income attributable to shareholders came in at $42.8 million, up 20% quarter-on-quarter excluding the impact of the first-quarter penalty. The company added 32,600 funded clients, bringing total funded accounts to 1.3 million, up 10.3% year-on-year. Commission income rose 20.9% to $78.3 million, while interest-related income climbed 35.1% to $83 million.

The results follow a difficult first quarter when UP Fintech swung to a $26.9 million loss after Chinese regulators imposed about $59.7 million in fines related to unlicensed cross-border brokerage activities. Revenue still increased 26.3% year-on-year to $154.9 million during that quarter.

Singapore trading volume rose 92% year-on-year and total orders increased 46%, with active trading accounts growing for the tenth consecutive quarter. US stock trading volume in Singapore jumped 114% quarter-on-quarter, while US options trading accounts rose 69% from a year earlier. The Tiger BOSS Debit Card, Singapore's first debit card to reward spending with fractional shares, saw card spending increase 37% year-on-year.

In Hong Kong, active trading accounts increased 132% year-on-year and total orders rose 70.9%. US options trading volume climbed 231%, while US and Hong Kong cash equity trading volumes rose 192% and 197%, respectively. Crypto assets under custody increased 84.8% year-on-year, and trading volume rose 154.8%. The company also partnered with Cboe to host an options launch event in Hong Kong.

In the US, assets under custody increased 58.1% quarter-on-quarter, total orders rose 215.7%, and trading volume grew 88.3%. Australia saw net asset inflows increase 124.8% year-on-year and trading volume rise 134.9%, while New Zealand active trading accounts grew 58%.

Hong Kong IPO subscriptions through the platform reached HK$968.8 billion ($124 billion), up 577% year-on-year and 78% quarter-on-quarter. The company underwrote 14 Hong Kong IPOs and completed two US SPAC IPOs during the quarter. Other revenue, including investment banking, ESOP and corporate services, reached $21.0 million, up 67.6% year-on-year.

The record quarter signals UP Fintech's recovery from the regulatory setback and its expanding footprint across Asia-Pacific markets. Investors will watch whether the momentum extends into the third quarter as the company continues to roll out new products including global ETF coverage and expanded derivatives offerings.

This article is for informational purposes only and does not constitute investment advice.