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UP Fintech Holding Limited Reports Unaudited Second Quarter 2021 Financial Results BEIJING , Sept. 10 , 2021 ( GLOBE NEWSWIRE ) -- UP Fintech Holding Limited ( NASDAQ : TIGR ) ( " UP Fintech " or the " Company " ) , a leading online brokerage firm focusing on global investors , today announced its unaudited financial results for the second quarter ended June 30 , 2021 . " Market backdrop was relatively weaker compared to the first quarter , but I am happy to report that the Company still achieved substantial expansion in the second quarter , " stated Mr. Wu Tianhua , CEO and Director of UP Fintech . " As we continue to invest in our internationalization , there was a significant increase in the number of newly funded accounts and the total account balance . We added 153,100 funded accounts in the second quarter , an increase of 353.5 % year over year and 30.4 % quarter over quarter ; of these newly acquired accounts , over 60 % came from international markets . Total account balance reached US $ 23.9 billion despite challenging market conditions , nearly triple that of the same period last year and 11.8 % increase from the first quarter of this year . Total revenues were US $ 60.2 million , a 98.7 % increase from the second quarter of 2020. We increased investment in self clearing , user acquisition and talent recruiting , which are essential to our future growth , which resulted in increasing operating costs and expenses compared to same quarter last year . Our corporate businesses also demonstrated strong growth in the second quarter as we continued to serve an ever more diverse range of clients . In the second quarter we added 51 ESOP clients , many of which were private firms with valuations in excess of one billion USD . The swift development of our ESOP business is a testament to our Company's ability to rapidly scale and market innovative new products and services ; we launched ESOP just over two years ago and now already serve 216 corporate clients . We also participated in 17 IPOs in Hong Kong and the U.S. during the second quarter . We look forward to collaborating with our next generation clients as they grow . Our wealth management business and proprietary self - clearing system continue to develop nicely . By the end of the second quarter , over 50.0 % of clients were having their U.S. cash equities trades cleared by Trade UP Securities Inc. ( formerly known as Marsco Investment Corporation ) . We also added 48 funds to our digital wealth management product , The Fund Mall , during the quarter . Finally , we continue to focus on enriching the content our clients may engage with on our platform . We will continue to upgrade the products and services that we offer to both our individual clients , as well as our corporate partners , as we expand both our geographic footprint as well as the capabilities integrated into our leading fintech platform . Financial Highlights for Second Quarter 2021 Total revenues increased 98.7 % year - over - year to US $ 60.2 million . Total net revenues increased 95.0 % year - over - year to US $ 55.4 million . Net loss was US $ 21.5 million compared to a net income of US $ 4.4 million in the same quarter of last year . I Net loss attributable to UP Fintech was US $ 21.5 million compared to a net income of US $ 2.9 million in the same quarter of last year . I Non - GAAP net loss attributable to UP Fintech was US $ 4.4 million , compared to a non - GAAP net income of US $ 4.7 million in the same quarter of last year . A reconciliation of non - GAAP financial metrics to the most comparable GAAP metrics is set forth below . Operating Highlights for Second Quarter 2021 Total account balance increased 188.9 % year - over - year to US $ 23.9 billion . Total margin financing and securities lending balance increased 187.7 % year - over - year to US $ 3.5 billion . Total number of customers with deposits increased 215.2 % year - over - year to 529.1 thousand . Selected Operating Data for Second Quarter 2021 In 000's Number of customer accounts Number of customers with deposits In USD millions Trading volume Total account balance Second Quarter 2021 Financial Results REVENUES As of and for the three months ended March 31 , 2021 June 30 , 2020 833.9 167.8 46,755.7 8,283.1 1,400.2 376.0 123,831.5 21,414.6 June 30 , 2021 1,649.0 529.1 102,006.0 23,932.7 Total revenues were US $ 60.2 million , up 98.7 % from US $ 30.3 million in same quarter of last year . Commissions were US $ 30.9 million , up 63.7 % from US $ 18.9 million in same quarter of last year , driven by an increase in our user base and trading volume . Financing service fees were US $ 2.2 million , up 31.6 % from US $ 1.7 million in the same quarter of last year , primarily due to an increase in margin trading balance . Interest income was US $ 16.8 million , up 134.9 % from US $ 7.2 million in same period of last year . This was also due to an increase in our user base and margin activities . Other revenues were US $ 10.2 million , up 301.5 % from US $ 2.5 million in the same quarter of last year , primarily due to the growth of our underwriting business and currency exchange service . Interest expense was US $ 4.8 million , an increase of 153.8 % from US $ 1.9 million in the same quarter of last year , primarily due to an increase in our user base and margin activities .