Tiger Brokers Parent Posts Record Revenue as Client Assets Hit $61B

UP Fintech Holding Limited, the company behind Tiger Brokers retail trading brand, reported its strongest quarter ever, with revenue and profit both reaching all-time highs as retail investors across Asia-Pacific increased their trading activity.

The publicly-listed firm (NASDAQ: TIGR) posted third-quarter revenue of $175.2 million, up 73.3% from a year earlier and 26.3% higher than the previous quarter. Net income attributable to shareholders came in at $53.8 million, roughly triple what the company earned in the same period of 2024.

On a non-GAAP basis, which strips out share-based compensation, profit hit $57 million.

Client Assets Jump 50% Year-Over-Year

The company's total client assets reached $61 billion by the end of September, climbing 17.3% from the previous quarter and nearly 50% from a year ago. The growth came from both new money flowing in and gains on existing portfolios as markets rallied. Funded accounts rose to 1.22 million, an 18.5% increase year-over-year.

Perhaps more notable was the quality of new customers. Average net asset inflows from newly funded clients hit a record $32,000 during the quarter. In Singapore, that figure reached $62,000, while Hong Kong new clients deposited an average of $30,000.Wu Tianhua, Founder and CEO at Tiger Brokers

"We continued to refine our customer acquisition approach to ensure long-term user quality," said Wu Tianhua, the Chairman and CEO. "Asset inflow remained robust, driven primarily by retail investors".

Singapore and Hong Kong Drive Growth

Singapore and Hong Kong together accounted for roughly 80% of new funded clients, with each market contributing about 40%. The company said it has already met its full-year target of adding 150,000 new funded accounts, having brought in more than 132,200 through the first three quarters.

Trading activity remained strong across the board. Total trading volume reached $209.4 billion during the quarter, up 28.5% from a year earlier. Options and futures contracts traded jumped 68% year-over-year to 25.6 million. The company reported that daily average revenue trades increased 71.5% compared to the prior year.

Revenue Mix Shows Broad-Based Gains

Commission revenue totaled $72.9 million, up 77% year-over-year as trading volumes increased. Interest income reached $73.2 million, rising 53% from a year earlier due to higher margin financing activity. Other revenues, which include investment banking and corporate services, surged 189% to $26.3 million.

Operating expenses grew at a slower pace than revenue, rising 51% to $89.4 million. The biggest increase came from employee costs, which jumped 64% as the company added staff to support its global expansion. Marketing spending rose 57% from the prior year.

The company ended the quarter with $580.7 million in cash, term deposits and long-term deposits, up from $396 million at the end of 2024. Margin financing and securities lending balances stood at $5.7 billion, a 27.5% increase from a year ago.