UP Fintech Holding Limited Reports Unaudited First Quarter 2022 Financial Results

SINGAPORE, June 10, 2022 (GLOBE NEWSWIRE) — UP Fintech Holding Limited (NASDAQ: TIGR) (“UP Fintech” or the “Company”), a leading online brokerage firm focusing on global investors, today announced its unaudited financial results for the first quarter ended March 31, 2022.

“The macro environment was more difficult in the first quarter versus a year ago, as investors were wary of geopolitical conflicts, high inflation in the U.S and Federal Reserve tightening,” stated Mr. Wu Tianhua, CEO and Director of UP Fintech, “Total revenues were US$52.6 million this quarter, decreased 35.2% year over year, primarily driven by a slowdown in trading commission and underwriting revenue, while interest income stayed flat thanks to the gradual buildup of self-clearing and securities lending business in the U.S. On a quarter over quarter basis, total trading volume increased by 6.0% with a moderate uptick in trading commissions.”

We added 30,150 funded accounts this quarter, bringing total number of funded accounts to 703,500, an increase of 87.1% from the same quarter last year. Total client assets decreased year over year due to mark-to-market loss, but we saw strong net asset inflow of US$3.5 billion this quarter, demonstrates user confidence in our platform even with increased market uncertainty.

We continued to invest in research and development to improve operational efficiency and to enhance user experience. In the first quarter, we started to self-clear Singapore…