UP Fintech Holding Ltd
NASDAQ:TIGR
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UP Fintech Holding Ltd
UP Fintech Holding Ltd., known more broadly as Tiger Brokers, has emerged as a significant player in the realm of online brokerage services, particularly for investors of Chinese descent navigating the global financial markets. Established in 2014, this Beijing-headquartered firm quickly capitalized on the burgeoning interest from retail investors in China and abroad who sought to tap into cross-border assets. Tiger Brokers offers a seamless digital platform that enables clients to trade in equities and other financial instruments listed on major stock exchanges, including those in the United States, Hong Kong, and China. The company’s strength lies in its user-friendly mobile and desktop applications, which amalgamate real-time trading data, research reports, and social networking functions, catering to a technologically savvy client base hungry for comprehensive market information and efficient trading capabilities.
Financially, UP Fintech generates revenue through a multifaceted approach that mirrors traditional brokerage models while also incorporating innovative technological offerings. Its primary income streams include commission fees from executing trades and interest income derived from margin financing and securities lending. The company also garners revenue from subscription fees for premium features and services, such as in-depth market analysis and advanced trading tools. In recent years, Tiger Brokers has ventured into asset management and wealth management domains, offering diversified investment products to enrich clients' portfolios. This strategic expansion not only bolsters its revenue base but also enhances client engagement by providing a comprehensive suite of financial services, positioning UP Fintech as a formidable force in the competitive landscape of fintech-driven international brokerage services.
UP Fintech Holding Ltd., known more broadly as Tiger Brokers, has emerged as a significant player in the realm of online brokerage services, particularly for investors of Chinese descent navigating the global financial markets. Established in 2014, this Beijing-headquartered firm quickly capitalized on the burgeoning interest from retail investors in China and abroad who sought to tap into cross-border assets. Tiger Brokers offers a seamless digital platform that enables clients to trade in equities and other financial instruments listed on major stock exchanges, including those in the United States, Hong Kong, and China. The company’s strength lies in its user-friendly mobile and desktop applications, which amalgamate real-time trading data, research reports, and social networking functions, catering to a technologically savvy client base hungry for comprehensive market information and efficient trading capabilities.
Financially, UP Fintech generates revenue through a multifaceted approach that mirrors traditional brokerage models while also incorporating innovative technological offerings. Its primary income streams include commission fees from executing trades and interest income derived from margin financing and securities lending. The company also garners revenue from subscription fees for premium features and services, such as in-depth market analysis and advanced trading tools. In recent years, Tiger Brokers has ventured into asset management and wealth management domains, offering diversified investment products to enrich clients' portfolios. This strategic expansion not only bolsters its revenue base but also enhances client engagement by providing a comprehensive suite of financial services, positioning UP Fintech as a formidable force in the competitive landscape of fintech-driven international brokerage services.
Revenue Growth: UP Fintech reported record Q3 2025 revenue of $175.2 million, up 73.3% year-over-year and 26.3% quarter-over-quarter.
Profits Soar: Net income hit $53.8 million, up 30% sequentially and tripling year-over-year; non-GAAP net profit reached $57 million, up 28.2% QoQ.
Historic Client Asset Levels: Total client assets reached $61 billion, up 17.3% QoQ and 49.7% YoY, with double-digit growth across overseas markets.
New Funded Accounts: 31,500 new funded accounts were added in Q3, with Singapore and Hong Kong leading; annual new account target already reached.
Take Rate Increase: Cash equity take rate rose to 7.1 bps from 6.4 bps last quarter, driven by changes in trading volume mix.
Cost Management: Clearing costs dropped to a historic low (6% of commission income), mainly due to the SEC waiving transaction fees.
Elevated CAC: Customer acquisition costs rose, especially in Singapore (over $400 per user), reflecting a focus on higher-quality, higher-value users.
Continued Product Expansion: New products and features launched in Hong Kong, Singapore, and New Zealand, including derivatives and crypto trading.
