UP Fintech Tops 1 Million Customer Accounts
NEW YORK, Nov. 25, 2020 /PRNewswire/ -- UP Fintech Holding Limited (with all of its subsidiaries, referred to as "UP Fintech" or the "Company", known as Tiger Brokers in Asia) (NASDAQ: TIGR), a leading online brokerage firm focusing on global investors, recently announced that it opened its one millionth customer account. Since launching its flagship APP, Tiger Trade, six years ago, the firm has invested heavily in innovation and now enables clients to trade securities across multiple global markets that span the U.S., China, Southeast Asia, and Europe. UP Fintech also reached the million-account milestone faster than any other online brokerage firm focusing on global Chinese investors, attesting to the value the firm delivers to its clients as well as its reputation in the market as a fintech leader.
Mr. Wu Tianhua, CEO and Director of UP Fintech commented, "Reaching one million client accounts represents an extremely exciting milestone for us and we want to thank our clients for trusting us. We delivered these results by growing from an online broker focused on securities brokerage services to a full-service brokerage firm with investment banking business, ESOP management services and other corporate services. By leveraging our strong technological capabilities and swift product launching ability, we will continue to provide clients efficient, first-rate and differentiated services by constantly expanding our product and enriching its features. In addition, we will continue to invest in growing our client base in new markets like Singapore.
Founded in 2014, the company began by offering online brokerage services and margin financing for U.S. equities in August 2015. By catering its platform to meet the unique needs of global Chinese investors, UP Fintech achieved significant growth, both in client base and total securities trading volume. The company continues to update its platform and now offers one of the most comprehensive ranges of securities among global online brokers; clients may currently trade equities in the U.S., Hong Kong S.A.R, Singapore, Australia, and the U.K., as well as futures, warrants, options, and mutual funds, among others.
Mr. Wu added, "Today, our clients may trade multiple currencies, multiple markets, and multiple classes of securities all in one integrated account on our trading platform thanks to our proprietary infrastructure and technology. Our firm is committed to innovation and we will continue to invest in technology as we are confident it will strengthen our market position in the online brokerage industry."
In addition, the firm has also expanded into new business lines, namely investment banking and ESOP management, as it seeks to diversify its business and provide more services to corporate clients. The company has already participated in more than 60 Chinese ADRs listings in the U.S. including Li Auto, Kingsoft Cloud, Pinduoduo and XPeng Motors. According to data from the SEC and Bloomberg, UP Fintech led the rankings of underwriters for U.S. IPOs of Chinese ADR issuers among brokerages in the first half of 2020, based on deal count. By further enhancing its underwriting capabilities, the company aims to provide its retail clients more opportunities to subscribe to Chinese ADR IPOs, as well as attract new clients who want to participate in the growth of leading companies.
In parallel, ESOP management also positions the company well to drive additional growth for years to come. ESOP participants may use UP Fintech's platform to exercise their stock options in the future, allowing the firm to capture a growing group of high-net-worth clients.
Reflecting on the firm's progress, Mr. Wu concluded, "Looking forward, we will continue to bring our clients innovative products and smarter features. Our commitment to innovation, combined with our global vision will continue to attract new clients across the diverse markets we operate in."
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