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With over 606,000 user accounts, UP Fintech’s total account balance footed 3.7 billion for the third quarter.
UP Fintech Holding Limited (NASDAQ:TIGR), also known as “Tiger Brokers” in Asia is an online trading platform built on proprietary mobile trading technology. The company reported a 52 percent uptick in revenues over the third quarter, rising to US$14 million as it reached over 606,000 user accounts and 25.7 billion in trading volumes.
As quoted in the press release:
“Our growth strategy remains the same: expanding our user base and increasing revenue per user. We officially opened our New York office this quarter and will use our newly granted licenses, such as U.S. underwriting license, to offer financial services to U.S. investors. In addition, we plan to commence providing securities trading for Singapore nationals in the first quarter of 2020. We are confident our expanding global footprint will help us acquire more users. We will also continue investing in ESOP, IPO distribution and wealth management services to build an integrated platform for retail investors, institutional clients and corporate issuers.
“In terms of increasing revenue per user, the most important thing is to achieve self-clearing so we may lower clearing expenses and generate more interest income from margin trading and securities lending. We completed the transaction to acquire Marsco Investment Corporation (“Marsco”) in the third quarter of 2019, and we are in the advanced stages of integrating Marsco with UP Fintech’s infrastructure; our goal is to self-clear U.S. cash equities in the second quarter of 2020.”