UP Fintech Clocks Over 15% Sequential Topline Growth In Q4

UP Fintech Holding Ltd (NASDAQ: TIGR) reported a fourth-quarter FY22 revenue growth of 2.7% year-on-year to $63.85 million Wednesday. The revenue grew 15.2% Q/Q.
Segments: Commissions were $24.9 million, down 16.5% Y/Y due to decreased trading volume and market activities. Financing service fees were $2.7 million, up 17.6% Y/Y, primarily due to the decline in margin financing and securities lending activities.
Interest income was $30.4 million, up 50.2% Y/Y.
Drivers: The total account balance decreased 18% Y/Y to $14 billion. The total number of customers with deposits increased by 16.1%.
Total margin financing and securities lending balance increased 12.6% Y/Y to $2.0 billion.
Non-GAAP net income per ADS was $0.03.
UP Fintech held $278.6 million in cash and equivalents.
UP Fintech added 27,300 funded accounts in the quarter. The total number of funded accounts at the end of 2022 reached 781,500. Of the newly funded accounts in Q4, over 90% came from outside Mainland China.
Price Action: TIGR shares traded higher by 3.67% at $3.11 premarket on the last check Wednesday.

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