UP Fintech Turns Losses in Q4 despite 32% Revenue Jump

The broker reported a net profit of $14.7 million for the entire year.

It is expanding aggressively in the Asian markets (outside China) now.

The unaudited figures further revealed that there was a 36.1 percent yearly jump in the total net revenues to $58.4 million.

Despite the impressive revenue jump, the broker sank into losses in the last quarter of the year. The net loss of the company came in at $5.4 million compared to a net income of $8.5 million in the same quarter of the prior year. On an adjusted basis, the net income came in at $0.1 million, which is down from the previous years $10.3 million.

Considering the yearly figures, its revenue jumped by 91 percent to $264.5 million, with the net at $246.1 million. It ended the year with a net income of $14.7 million, which went down from the previous years figures of $16.1 million.

“The company delivered satisfactory results for the fourth quarter and year ended 2021,” said Wu Tianhua, the CEO and Director of UP Fintech.

Impressive Client Stats

In addition, the broker operator has detailed that it has ended December with more than 1.84 million customer accounts, out of which, over 673,400 were funded accounts. It added 61,400 funded accounts in the quarter, whereas the count for the year stood at 414,700.

“Of the newly funded accounts in the fourth quarter, over 90% came from outside China, and, of the 673,400 total funded accounts at our company, over half are from Singapore or other international markets,” Tianhua added.

“Given we only started to operate in Singapore two years ago, the rapid growth of our Singapore client base demonstrates our execution capability and the growing appeal of our platform across multiple countries and regions.”