UP Fintech Holding Limited today released its unaudited financial results for the quarter ended June 30, 2021. The company saw a significant jump in total revenue as the figure touched $60.2 million, 98.7% higher than in the same period in 2020.
According to the results, total net revenue increased by 95% year-over-year to $55.4 million in the second quarter of 2021. The company added 153,100 funded accounts in the last quarter, an increase of 353% compared to the second quarter of 2020.
Despite the recent jump in total revenue and the number of accounts funded, UP Fintech posted a net loss of $21.5 million last quarter, compared to net income of $4.4 million in the same quarter of 2020.
Commenting on the recent results, Wu Tianhua, CEO and Director of UP Fintech, said: “The market backdrop was relatively weaker compared to the first quarter, but I am pleased to report that the company still achieved significant expansion in the second quarter. As we continue to invest in our internationalization, there has been a significant increase in the number of newly funded accounts and the total account balance.
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“We added 153,100 funded accounts in the second quarter, an increase of 353.5% YoY and 30.4% QoQ; Of these newly acquired accounts, more than 60% came from international markets. The account balance totaled $23.9 billion despite challenging market conditions, nearly three times what it was in the same period last year and an 11.8% increase over the first quarter of this year.”
corporate business
In the official press release, UP Fintech highlighted the significant growth in its corporate business during the second quarter of 2021. Moreover, the company’s wealth management business and the company’s self-clearing system developed robustly in the last quarter.
We also participated in 17 IPOs in Hong Kong and the United States during the second quarter. “We look forward to collaborating with our next generation customers as they grow,” the company added in the press release.