UP Fintech Holding Limited Stock Jumps 60% Due to Newly Funded Accounts Acquired From International Markets
Sep 10, 2021 By MarketDepth
UP Fintech Holding Limited (NASDAQ: TIGR) stock jumped about 15% on Friday morning, after the online brokerage service provider focusing on Chinese investors reported revenues of US$60.2 million for the second quarter ended June 30, 2021 compared to revenue of US$30.3 million in the second quarter of 2020. More than 60% of the Company’s newly funded accounts were derived from international markets in the quarter.
“We maintained our solid business momentum with a high client retention rate and increased operational synergies.”Mr. Wi Tianhua, Founder and CEO of UP Fintech
“We maintained our solid business momentum with a high client retention rate and increased operational synergies, “commented Mr. Wu Tianhua, founder and CEO of UP Fintech. “I am confident in the positive outlook for our Company and our industry. Our singular focus is to employ technology to make investing more efficient and we are committed to increasing the breadth and diversity of our product offerings, as well as leveraging our leading position in underwriting and ESOP (Employee Share Ownership Plans) to attract new clients.”
Global Brokerage Services
According to the company the growth was driven by enhanced platform capabilities and rising demand for convenient access to global brokerage services. Overall, the Company added more funded accounts in the first six months of 2021 than it did in its entire cumulative operating history. In addition, the company’s Singaporean subsidiary, Tiger Brokers (Singapore) Pte. Ltd., launched new products and in-APP functions such as an industry heatmap, Mini USD/CNH futures, and OSE futures, supplementing the wide range of analytical tools and securities trading functions available on the Company’s platform.
“While the market will have its ups and downs and competition will remain intense, our innovative platform and technology have been built to create long term value for our clients. User experience has always been our top priority and we see significant room for growth as we continue to broaden our global footprint in the near-term.”Mr. Wu Tianhua, founder and CEO of UP Fintech