Tiger Brokers’ Parent Sees 255.5% YoY Revenue Jump in Q1 2021

UP Fintech, the operator of Tiger Brokers​, has posted its financial results for the first quarter of 2021, revealing a solid growth across all key metrics.

UP Fintech reported a revenue of $81.3 million in Q1 2021, which is 255.5 percent up compared to the same period last year. The net revenue of the company soared by 245.7 percent to $75.7 million for the first quarter of 2021 compared to Q1 2020. The quarterly profits stood at $21.1 million, while the company reported a loss of $0.5 million in the same quarter of last year.

Additionally, the broker added 296,100 new traders last quarter, taking the total number of its clients to 1,400,200 by the end of March. As a result, customer deposits with the broker soared to a total of $123.8 billion for the first three months of 2021 from the previous quarter's $65.4 billion.

Due to the increased trading activities in Q1 2021, UP Fintech's commission jumped siginificantly by 277.2 percent to $52.9 million compared to Q1 2020. Financing service fees came in at $2.2 million, which is 36.3 percent up compared to the same periord in the last year.

CEO and Director at UP Fintech, Wu Tianhua, said: "We are pleased to announce that our Company delivered strong growth in revenue, profits and client assets in the first quarter of 2021." 

Headquartered in China, Tiger Brokers is a major brokerage platform with services around the world. The broker is operational in Europe and the Asia-Pacific region, but its key markets remain in China, Singapore and New Zealand.