Tiger Brokers published its unaudited financials for Q4 of 2020, showing a massive increase in business for the quarter and year. Tiger Brokers is a US-listed UP Fintech (NASDAQ: TIGR).
The total revenue for Q4, which ended on 31 December 2020, was $47.2 million. It was 135% higher than the reported figures for the same quarter the previous year.
Also, the net quarterly revenue of the multi-regulated broker rose by 132.4% to $42.9 million.
The significant revenue growth contributed to the brokerage’s earnings as the quarter’s net revenue stood at $9.4 million. The revenue growth also led to the broker’s recovery from losses in the previous year.
Rounding up figures for the year, Tiger Broker ended 2020 with total revenue of $138.5 million. The end of the year revenue was 1361% higher than the previous year. The broker also had a net income of $19.2 million compared to a $5.9 million loss in 2019.
Like most trading platforms, Tiger Broker’s business benefited from last year’s spike in demand triggered by the market volatility.
According to the company, they ended the year 2020 with more than 1.1 million customer accounts. They handled over $65.4 billion in trading volumes in the last quarter of the year.
The increase in demand was prominent because the total account balance with Tiger Broker increased by 215.9% to $16 billion. Customer deposits rose by 128.4%.
Wu Tianhua, the UP Fintech Director and CEO, commented on the impressive figures. He said continuous investment in the platform and innovative services drove robust financial performance for the company in Q4 of 2020.
Healthy increases in commissions, revenues, and interest income derived from their corporate business bolstered the revenue jump.