UP Fintech Registers 32% Revenue Growth In Q4

UP Fintech Holding Ltd TIGR reported fourth-quarter FY21 revenue growth of 31.7% year-on-year to $62.2 million, beating the consensus of $52.8 million.
Segments: Commissions were $29.9 million, up 18.3% Y/Y. Financing service fees were $2.3 million, up 44.5% Y/Y.
Interest income was $20.3 million, up 73.5% Y/Y.
Drivers: The total account balance rose 7.1% Y/Y to $17.1 billion. The total number of customers with deposits increased by 160.3%.
Total margin financing and securities lending balance decreased 11.3% Y/Y to $1.8 billion.
Non-GAAP net income per ADS of $0.00 missed the consensus of $0.27.
UP Fintech held $272.1 million in cash and equivalents.
UP Fintech added 61,400 funded accounts, of which over 90% came from outside China. By the end of Q4, UP Fintech acquired 414,700 funded accounts in 2021, surpassing the 350,000 new funded account guidance set.
Price Action: TIGR shares traded higher by 3.66% at $4.25 in the premarket session on the last check Friday.